TORONTO/LOS ANGELES--(BUSINESS WIRE)--Nov. 10, 1999--Miracle Entertainment Group (OTCBB:MVEE):
-- Alliance With Amco Entertainment Group Brings International Pre-Sales of "Strike Zone"
-- Miracle CEO Cites Strong Partnerships and Revenue Streams
First Miracle Group (OTCBB:MVEE) today announced that the Board of Directors has approved a change of the company's name to "Miracle Entertainment."
The stock's trading symbol will remain MVEE. The Board believes that this change is in the best interests of the company, which recently made the transition from an owner and operator of health clubs to an entertainment company. The Board believes that the new name more clearly reflects the current business of the company.
Miracle Entertainment also announced today that a recent alliance with Amco Entertainment Group on the film "Strike Zone," starring Frank Zagarino ("Headshots," "Operation Delta Force," "Armstrong"), Joe Lara ("Deep Fault," "Tarzan the Epic Adventures" (Television), (LIMA) "Breaking the Silence") and Billy Drago ("Mad Dog Time," "Soccer Dog") has brought profitable pre-sales of the property in foreign markets through its exposure at the international film festivals MIPCOM in Cannes, France, the London Screenings and MIFED in Milan, Italy.
Miracle Entertainment's Chief Executive Officer Tony Cataldo commented, "We are very pleased with the profitable pre-sales arrangement for `Strike Zone.' This film, along with others in our pipeline, will generate strong income streams for the company in fiscal 2000."
Cataldo added, "Many concerns have arisen regarding the increase in the number of company shares outstanding. To restate a point from our recent earnings release, the company has paid consulting fees in cash and company stock to actors, producers and writers, fees that have brought value to its shareholders."
"That being said, I would point out that the recent alliance between Firestorm Pictures LLC, run by Academy-award(TM) winning actor Martin Landau and Richard Abramson, which has a $125-million fund for prints and advertising, did not include stock. In addition, the alliance with Amco Entertainment Group does not include a stock component either. Our innovative corporate structure allows us considerable leeway in using both stock and cash transactions to build shareholder value, and we continue to seek the most advantageous arrangements we can make on a case-by-case basis. Looking forward, we are encouraged by the company's prospects for profitability in developing its current and future filmed entertainment business."
Amco Entertainment Group was launched in 1995 by Ami Artzi, previously co-owner and president of Santa Monica Pictures. Amco's slate is comprised of approximately six films a year, with production budgets in the $3 million to $15 million range, funded through pre-sales and private investment. Besides action and thriller projects, Amco also handles more specialized projects, such as the comedy "Dirk and Betty," and the dramas "The Split" and "Across The Line."
Miracle Entertainment (formerly First Miracle Group) is an independent and diversified film company with a unique corporate structure based on strategic and exclusive alliances with high-quality content producers.
This news release includes forward-looking statements made based on current management expectations pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements are not guarantees of future performance and actual outcomes may differ materially from what is expressed or forecast. There are many factors that affect the company's business and its results of operations, including the factors discussed in the company's documents filed electronically at www.sedar.com. |
