News Release

October 1, 2003 - Boston Corporate Finance Completes the Sale of WorldGate Communications' Interactive Television Assets to TVGateway, LLC

WESTWOOD, MA - Boston Corporate Finance, Inc., a technology-focused investment banking firm, announced today that it had successfully completed the sale of certain interactive television assets of WorldGate Communications, Inc. (NASDAQ: WGAT), the leading provider of interactive entertainment solutions for the cable television industry. On September 30, 2003, WorldGate's shareholders approved a proposal to sell to TVGateway certain of WorldGate's assets relating to its interactive television business. Subsequent to obtaining shareholder approval, WorldGate and TVGateway closed on the sale with WorldGate receiving $2.4 million in cash, the balance of the $3.0 million amount for the transactions with TVGateway, as set forth in the definitive agreements between the parties. WorldGate will use the net proceeds (after payment of associated transaction costs and expenses) to fund continuing operations, including the development and distribution of its Ojo video phone product.

About Boston Corporate Finance, Inc.

Headquartered in Westwood, MA, Boston Corporate Finance, Inc. is a private investment banking firm focused on providing traditional investment banking advisory services to high growth companies primarily in the technology sector. BCF's senior professionals have both global, as well as, regional investment banking experience with firms including KPMG Corporate Finance and Advest, Inc. Additional company information can be obtained on the World Wide Web at www.bostoncf.com or by calling (781) 320-3200.

About WorldGate Communications, Inc.

WorldGate Communications, Inc. is the leading provider of interactive entertainment solutions for the cable television industry, offering a complete product continuum of interactive TV solutions designed for one-way and two-way cable systems, including those using thin-client infrastructure. The company supplies technology, applications, and content for interactive television. WorldGate is traded on NASDAQ under the symbol WGAT. More information on WorldGate can be accessed at www.wgate.com. WorldGate, and Channel HyperLinking are service marks of WorldGate Service, Inc.

Boston Corporate Finance, Inc.
200 Lowder Brook Drive, Suite 2600
Westwood, MA 02090

Tel: (781) 320-3200
Fax: (781) 320-3220
E-mail: info@bostoncf.com

View this press release in PDF format.