FORT LAUDERDALE, Fla., March 7 /PRNewswire/ -- MADISON SPORTS 
& ENTERTAINMENT GROUP, INC. (OTC Bulletin Board: MSET) today 
announced it has entered into a letter of intent to complete a ten-
year joint venture agreement with AB "Siauliu Aviacija," a joint 
company entirely owned by the Republic of Lithuania and under the 
control of the Ministry of Transportation.  Under the terms of the 
anticipated agreement, AB "Siauliu Aviacija" will exclusively 
manufacture snowboards and related items for Madison's subsidiary, 
All Sports USA.

Jack Drury, President of Madison Sports & Entertainment, said, "The 
agreement will enable us to offer our products to the world market 
at very attractive prices.  In addition, we are negotiating a non-
compete clause which will give All Sports the right to be the only 
snowboard manufacturer to build in the Republic of Lithuania, giving 
us a great advantage over the competition.  Also, AB Siauliu is 
located in the Economic Free Zone so the joint venture offers special 
tax advantages.  Negotiations are continuing for AB Siauliu Aviacija 
to invest as much as $2 million in the joint venture." 

Continuing, Steven Gagnon, President of All Sports, added, "When the 
arrangement goes into effect, we will be able to manufacture high-
grade snowboard products at a much lower cost than at our factory 
in the United States and we intend to pass on the cost savings to our 
distributors and OEM customers." 

Madison recently announced that it plans to spin-off its All Sports 
USA subsidiary into a separate publicly held company in 1996 to 
maximize shareholder value and to concentrate on the fast growing 
extreme sports industry. 

In addition to Madison's sporting division, its other businesses 
include:  celebrity management and marketing, sports management 
and apparel marketing, import/export and computer security. 

CO:  Madison Sports & Entertainment Group, Inc.; AB "Siauliu 
Aviacija" 

ST:  Florida 

IN:  ENT 

SU:  JVN 

03/07/96 10:50 EST