DATAMEG CORP. ANNOUNCES PRELIMINARY TERMS FOR ACQUISITION

WASHINGTON DC, Dec. 7-- DataMEG Corp. (OTC BB: DTMG) announced today that they
have agreed to and signed the Term Sheet that outlines preliminary terms for
the acquisition of the Company.

Mr. Andrew Benson, President DataMEG Corp. stated, "We have agreed to
preliminary terms with an interested acquirer regarding the purchase of
DataMEG Corp. and its assets. We will now enter an exclusivity period during
which we will work with the buyer to expand the CAS development project and
finalize an Acquisition Agreement between the parties. We have also received
sufficient information from the buyer that satisfies DataMEG Corp. of their
ability to conduct the proposed transaction from a financial perspective."

Mr. Benson continued, "The proposed terms include a purchase price of $13.50
per share for all of the Common Stock outstanding. There will be a cash
payment, not to exceed $2.50 per share as part of the purchase price.
Additionally, there is a deposit of $2,000,000 that will be made in the near
term, as part of the Agreement. The date on which the deposit will be made is
under discussion. We are working with the buyer to expand the CAS development
project. We have established project target dates and meetings with the buyer
and their corporate and institutional partners, to demonstrate the expanded
CAS technology improvements and progress. We expect this period, over the next
few of months, to result in an executed Acquisition Agreement. There are
additional terms that are under discussion, which we also expect will be
resolved. The terms being discussed are preliminary and subject to change,
however, we are satisfied with the basic intent of the agreement to date.
DataMEG Corp. will be making updated announcements regarding this transaction,
as appropriate."

DataMEG Corp., currently headquartered in Washington DC, is an
engineering/technology firm focused on Internet and telecommunications
technology solutions. DataMEG Corp. is developing proprietary technology, its
Communications Acceleration System, (CAS), which allows for the transfer of
information over POTS, DSL and other information transmission networks.

Except for the historical information contained herein, this press release
contains forward-looking statements within the meaning of Section 21E of the
Securities and Exchange Act of 1934, as amended that involve a number of risks
and uncertainties. These forward-looking statements may be identified by
reference to a future period by use of forward-looking terminology such as
"expect", "anticipate", "could", "may" and other words of similar nature.
There are certain important factors and risks that could cause results to
differ materially from those anticipated by the statements herein. Such
factors and risks include the successful completion of the CAS technology
development, and the business conditions and growth in related areas of
telecommunications, wireless and digital transmission arenas and in the
economy in general. Competitive factors include the rapid pace of alternative
technology advancements and the Company's ability to gain market acceptance of
its evolving product. Other risks, including the outcome of pending adverse
claims to the Company and it's subsidiary's technology that have been and may
be detailed from time to time in the filings of the Securities and Exchange
Commission. Neither DataMEG Corp. or its subsidiary undertake any obligation
to update or revise any forward-looking statements, whether as a result of new
information, future events or otherwise.