FOR IMMEDIATE RELEASE
New York, NY, October 2002

New York- based Ambassador Publications, LLC, announced the successful completion of a $5 million capital raise, which was completed in August. Navigator Equity Partners, LLC and The Acadia Fund co-led this round of equity financing. These funds join three other institutional investors: Plum Capital, Threshold Capital, and NeXcomm Capital Partners. "We are excited to be part of the Ambassador yellow pages team, and we look forward to supporting the company's growth in the coming years," noted Bernard Markey, managing partner of Navigator Equity. "We view Manhattan, Queens and Brooklyn as key markets, which had been underserved by Yellow Pages advertising." This equity infusion will fuel Ambassador Publications' growth in the metro NY area. Ambassador is the fastest growing yellow pages company in the New York City area.

Ambassador also announced today the publication and distribution of its newest directory, The Complete 2002/03 Brooklyn Yellow Pages. This edition marks the Company's entrance into its third major market in as many years. It is the Company's sixth directory, including its niche directory, The Parents Yellow Pages. Until now, advertisers had no choice within the Brooklyn directory market except to advertise in the Verizon directory. The initial response to this directory -- from both consumers and advertisers -- has been tremendous, according to Kathy Hipple, Chief Executive Officer. The success of the Company's published directories, which have carried nearly $25 million in advertising revenue, result from its mission: to provide a superior alternative yellow pages at a lower cost to all New York City businesses. "New York is the world's largest advertising market supported by the most sophisticated and demanding advertisers. If the ads don't work, the advertisers don't come back and at Ambassador we have one of the best renewal rates in the industry," said board member Jim Cutie, former SVP, Marketing at The New York Times and Managing Partner of Plum Capital, a venture capital firm that specializes in media and led the first institutional round of private equity capital in Ambassador.

Ambassador's track record in Manhattan and Queens, with its strong renewal rates plus a new book in Brooklyn, underscores the fact that the ads work for advertisers and their customers. Ambassador's quality directories with a strong ad base and excellent distribution have quickly established it as a player in the City. Ambassador Publications is a privately held publisher of County-wide Yellow Pages and niche-directories. It was founded by one of the largest national yellow pages advertisers, Brad Steitz, Chairman of the Board. Ambassador's mission remains: to publish the most innovative and comprehensive directories with superior distribution. Currently, the company employs more than 50 associates in its Manhattan and Queens sales offices. Navigator Equity Partners, LLC is a private equity investment firm dedicated to providing growth and acquisition equity to established businesses across a range of industries. Navigator may be reached at 908-273-7733, further information is available at: www.navigatorequity.com.

For More Information Contact:

Aris Pesquira
212.564.3945