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Thursday, May 22, 2008

SUN Announces NASDAQ Approved Stock Split, Shareholder Meeting And Filing Of Its Annual Financial Statements

Courtesy of SUN Sports & Entertainment Inc.:

DALLAS, TX--(May 22, 2008) - SUN Sports and Entertainment Inc. (PINKSHEETS: SSPE) announced today the approval by NASDAQ of a Reverse Stock Split, notice of a Shareholders Meeting, and filing of Financial Statements for fiscal year ending (FYE) 2007.

SUN received approval from NASDAQ to effectuate a 100:1 reverse of its issued and outstanding shares reducing the amount from 250,000,000 to 2,500,000. The change in the capital structure is required to complete ongoing discussions concerning the recapitalization of the Company.

SUN is also holding a Shareholders Meeting on Monday, June 9th, 2008 in Dallas, TX for shareholders to vote on a number of items listed in a Proxy that will be mailed to all shareholders of record as of May 9th, 2008. The meeting is restricted to Shareholders listed in the Proxy and will not be open to the General Public. The Company will be holding an Annual Shareholders Meeting to update and ratify items for approval and will issue notices accordingly.

The Company also posted its FYE 12/31/07 and FYE 12/31/06 (unaudited) Financial Statements and Balance Sheet on Pink Sheets (www.pinksheets.com). Revenue for 12/31/07 was $1,631,191 compared to Revenue for 12/31/06 of $170,906. In 2007 the Company invested heavily in marketing, event production, and brand development and as a result posted a Net Loss for 12/31/07 of $2,849,245 compared to Net Loss for 12/31/06 of $509,245.

As part of the continued reorganizational plan the Company has begun implementing a financial program intended to eliminate debt and provide new equity financing. The Company will seek to file a Form 10 with the intent to become a fully reporting company with audited financial statements. The ongoing restructuring plan involves revising the corporate strategic goals and new financing to provide the Company the necessary capital to implement its operating plans.

The Company has been working on building a foundation for its future to include new events, strategic relations in the media, venue, finance and global marketing partners. SUN Chief Operating Officer Clyde Gentry III stated, "With all the recent news of MMA in the media and the production of large scale MMA Events, the opportunity for SUN in this sport could not have come at a better time." Gentry added, "I am pleased with the progress of the Company since my appointment in this position and even more impressed with the strategic relations that we are in discussions with. I am confident that we are in the right place at the right time."


SUN (www.sunorganization.com) is a Professional Sports & Entertainment Production Company. SUN is a Licensed and Bonded Combative Boxing/MMA Promoter that produces world class Mixed Martial Arts (MMA) Events under the brands: Art of War (www.artofwarLIVE.com), USA MMA Men's National Team (www.teamUSAmma.com), UNDERGROUND Cage Fighting (www.undergroundcagefighting.com), and Steele Cage Promotions, (www.steelecage.com). The company also created the International Fighters Association (www.IFAPRO.com), a non-profit based in Luxemburg that ranks, rates and sanctions professional MMA Fighters and Events.

Safe Harbor Statement -- This release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 27E of the Securities Act of 1934. Statements contained in this release that are not historical facts may be deemed to be forward-looking statements. Investors are cautioned that forward-looking statements are inherently uncertain. Actual performance and results may differ materially from that projected or suggested herein due to certain risks and uncertainties including, without limitation, ability to obtain financing and regulatory and shareholder approvals for anticipated actions. Such statements are based on management's current expectations and are subject to certain factors, risks and uncertainties that may cause actual results, events and performance to differ materially from those referred to or implied by such statements. In addition, actual or future results may differ materially from those anticipated depending on a variety of factors, including continued maintenance of favorable license arrangements, success of market research identifying new product opportunities, successful introduction of new products, continued product innovation, sales and earnings growth, ability to attract and retain key personnel, and general economic conditions affecting consumer spending. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. SUN Sports & Entertainment Inc., does not intend to update any of the forward-looking statements after the date of this release to conform these statements to actual results or to changes in its expectations, except as may be required by law.

SUN Contact:
Clyde Gentry, III
Chief Operating Officer
Tel: 972.267.4300 X 12