Premier Concepts Inc. Announces Memorandum ofUnderstanding to Acquire Internet Direct MarketingSystem.

AURORA, Colo.--(BUSINESS WIRE)--June 22, 1998--PREMIER CONCEPTS, INC. (NASDAQ: FAUX) announced today that it has entered into a non-binding Memorandum of Understanding with Worldwide Web Network Corporation (OTC Bulletin Board: WWWX) to acquire the exclusive, world-wide marketing rights to a customized internet and electronic software technology that it owned by Kereitsu Corporation ("Kereitsu") a wholly-owned subsidiary of WWWX.

Consummation of the transaction is subject to the execution and closing of a definitive agreement as well as the review of the transaction by NASDAQ to insure that it complies with its Rules of Governance.

Under the terms of the Memorandum of Understanding, WWWX will form and organize a new wholly-owned subsidiary, WeblinX, Inc. ("WeblinX"), which will be granted the exclusive, world-wide marketing rights to the software technology owned by Kereitsu. WWWX would then convey 100% of the outstanding common stock of WeblinX in exchange for a number of shares of Premier Concepts Common Stock which will equal 19.9% of the total number of outstanding shares of Premier Common Stock immediately prior to the transaction. The shares of Premier common stock issuable in the transaction will be held in escrow and will be non-voting until and unless the market capitalization of Premier common stock exceeds $8,000,000 for sixty or more consecutive days within the first year following the closing, exclusive of the escrow shares. If the escrow shares have not vested after one year from the closing date, Premier will have the option, at its sole discretion, to rescind the acquisition by re-purchasing all of the Premier common stock issued to WWWX in consideration of payment of $1.00. During the one year vesting period, representatives of WWWX will be permitted to have one person designated to serve on the Premier Board of Directors. In addition, Mr. Robert Kohn, a principal stockholder of WWWX will become an executive officer of WeblinX during the vesting year. Under the terms of the agreement, WWWX will pay or provide services worth approximately $100,000 to support the development of a state-of-the-art web site for Premier.

Sissel Greenberg, President of Premier, stated: "We believe WWWX has the best turnkey internet direct marketing system available. Once the Company's new state-of-the-art web site is developed and on-line, we hope to be able to substantially increase our revenues and margins. In addition, through a planned joint venture with Kereitsu, we hope to be able to successfully and profitably market the turnkey internet direct marketing program and software to other retailers. The acquisition of WeblinX is designed to be a first step in Premier expanding its position as a national retailer into new and innovative products that have the potential of significantly impacting a much larger retail industry."

Premier Concepts, Inc. is a $13,000,000 retailer of high quality reproduction and bridge jewelry under the names Imposters(R) and Elegant Pretenders(R) and has retail operations throughout the United States. If consummated, the acquisition of the WeblinX technology has been designed not only to increase direct sales of Premier's products but also increase revenues by providing a turnkey internet marketing solution to other retailers engaged in electronic commerce.

    CONTACT: Corporate Relations Group, Inc.
              Peter Schreyer, (800) 444-4980