NEW YORK, March 11 /PRNewswire-FirstCall/ -- Paradise Music &
Entertainment, Inc. (Pink Sheets: PDSE), today announced the closing of
$179,300 in supplemental debt financing.

    On March 3, Paradise Music & Entertainment, Inc. ("Paradise") entered
into an Agreement Concerning Convertible Debentures for its wholly-owned
operating subsidiary, Environmental Testing Laboratories, Inc. ("ETL"),
with Leaddog Capital L.P. for the issuance by Paradise to Leaddog of a
$179,300 convertible debenture. Leaddog previously had loaned the $179,300
to ETL, which used the net proceeds to pay off some of its higher-interest
rate indebtedness.

    The convertible debenture requires payments of $7,500 per month,
beginning September 1, 2008. The convertible debenture matures on February
28, 2010 and is convertible into Paradise Common Stock at the option of
Leaddog under certain terms. Interest on the convertible debenture accrues
at 14% per year and is payable in cash or shares of Common Stock, at the
option of Paradise. Any outstanding principal and interest on the maturity
date will be automatically converted into shares of Common Stock.
Paradise's obligations under the convertible debenture are secured by the
assets of ETL, subordinated to the senior lender. See Paradise's 8-K filing
of March 7, 2008 for further details.

    Dick Rifenburgh, CEO of Paradise, commented, "We are very pleased to
have partnered with Leaddog for this lower-cost financing and look forward
to expanding our relationship."

    Chris Messalas, Managing Partner of Leaddog Capital, L.P. and CEO of
Clayton Dunning Group, Inc. (Pink Sheets: CGGP) said, "Leaddog is excited
about working with Paradise and its environmental business. We look forward
to a long and exciting relationship."

    About Paradise Music & Entertainment, Inc.

    Paradise, through its wholly-owned operating subsidiary Environmental
Testing Laboratories, Inc., provides a wide range of
environmentally-related laboratory testing services. ETL operates
profitably in the nationwide $1.8 billion a year, environmental testing
industry. Expanding ETL's environmental testing business is a focal point
for ETL.

    This press release may contain forward-looking statements within the
meaning of Section 27A of the Securities Act of 1933, as amended, and
Section 21E of the Securities Exchange Act of 1934, as amended. Investors
are cautioned that these forward-looking statements involve uncertainties
and risks that could cause actual performance and results of operations to
differ materially from those anticipated. These risks and uncertainties
include issues related to the ability to: obtain sufficient funding to
continue operations, maintain adequate cash flow, profitably exploit new
ventures, as well as other factors set forth in Paradise's most recently
filed Form 10-K and Form 10-Q reports. The forward-looking statements
contained herein represent the Company's judgment as of the date of this
release and it cautions readers not to place undue reliance on such
statements. Paradise assumes no obligation to update the statements
contained in this release.

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