NEWS RELEASE MAY 13, 1998
DJ: 1st Miracle Group's Grizzly Mountain Number Eight On List of Top 10 Sellthrough Return On Investment Video Rentals
HOLLYWOOD--(BUSINESS WIRE)--May 13, 1998--
Company Announces It Will Produce Sequel "Escape To Grizzly Mountain"
1st Miracle Group, Inc. (OTC BB:MVEE) today announced that its wholly owned subsidiary's video, "Grizzly Mountain," is ranked number eight on the top 10 sellthrough return on investment list for the week ended April 26. The video, produced by Magic Entertainment, formerly known and 1st Miracle
Pictures, and distributed on the LIVE Entertainment video label, has a return on investment of over 368% to video storeowners. The return on investment equals the title's profit expressed as a percentage of the
purchase.
Magic Entertainment also announced today that it will produce "Escape To Grizzly Mountain," the sequel to "Grizzly Mountain." The sequel will once again star Dan Hagerty, star of the successful television series "Grizzly Adams." The film, scheduled to be completed in the third quarter of 1998, will be released either theatrically or direct to video and will be distributed in the U.S. by Artisan Entertainment. Commenting on the announcement, Menahem Golan, co-chairman, stated, "We are pleased with the tremendous success of the "Grizzly Mountain" video and are hopeful for similar results with the sequel."
In a separate announcement, Magic Entertainment noted it had moved its corporate headquarters from Hollywood, California to New York City. The Company's offices are now located at 221 West 57th Street, directly above the famed Hard Rock Cafe.
Magic Entertainment, a wholly-owned subsidiary of 1st Miracle Group, Inc., was co-founded by Menahem Golan and Yorum Globus to produce and distribute feature length films.
CONTACT: 1st Miracle Group
Peter Benz, Chairman
(650) 340-1074
Rubenstein Investor Relations
Jeffrey Volk
(212) 843-8086
Magic Entertainment
Menahem Golan, Co-Chairman
(212) 713-0500
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