NEWS RELEASE: Royal Pictures, Inc. (OTCB:RPIX) announced today that it has postponed production of its film, "Calle Ocho."
Production is tentatively scheduled to resume in early 2000,
subject to several factors including the availability of certain
actors, singers and crew, as well as the possible availability of
financing that may facilitate the inclusion of well-recognized
performers from the Latin music arena.
Company president Lizette Piedra stated, "We are reevaluating the
casting of several key roles in light of recent trends in popular
music, and believe that deferring this project for several months
could strengthen its appeal significantly. We also are reevaluating
the appropriate budget for this project and, accordingly, our funding
sources and financial ability. We strongly discourage the investing
public from speculating on specific artists who may or may not be
candidates for roles or cameos in this film, especially since we are
not in substantive negotiations with anyone at this time."
Ms. Piedra also noted that the Company is in the process of
finalizing its discussions with potential additions to its management
team, who, if retained, would assume active roles in the management of
the Company's corporate finance activities and other matters related
to the public markets and corporate structure. Among those matters
would be the development of distinct identities for the publicly-held
entertainment company and its motion picture production subsidiary,
paving the way for diversifying the Company's entertainment interests.
New web sites are anticipated for the public company, its motion
picture subsidiary, and its specific projects under development.
Royal Pictures, Inc. is both a multi-dimensional and a
multi-faceted independent film production Company, that plans to
develop and produce motion pictures for the big screen. All three
stages of motion picture production will be performed or arranged by
Royal Pictures, including funding, production and distribution of the
completed film. For more information please visit the Company's
website at rpix.com.
This press release contains certain forward-looking statements
that may be based on current expectations that involve a number of
risks and uncertainties. Accordingly, to the extent that this press
release contains forward-looking statements regarding the Company
plans for its film, Calle Ocho, or other aspects of the financial
condition, operating results, or business prospects of the Company,
please be advised that the Company's actual financial condition,
operating results and business performance may differ materially from
those projected or estimated by the Company in forward-looking
statements.
--30--KD/ch*
CONTACT: Royal Pictures, North Miami Beach
Lizette Piedra, President, 305/893-4440
royalpictures@mindspring.com |
