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To: xbrent who wrote (9583)	11/4/1998 9:12:00 AM
From: Due Diligence	Read Replies (1) \| Respond to of 25711

(COMTEX) B: 1st Miracle Group Announces Sale of Assets of California B: 1st Miracle Group Announces Sale of Assets of California Health Clubs Inc.; Company to Focus Efforts on Its Core Film Business SAN MATEO, CALIF. (Nov. 4) BUSINESS WIRE -Nov. 4, 1998--1st Miracle Group, Inc. (OTC BB: MVEE), today announced the sale of the assets of its California Health Clubs, Inc. subsidiary to 24 Hour Fitness, Inc., the country's second largest chain of health clubs. Terms of the transaction were not disclosed. However, 1st Miracle anticipates reporting a gain on the sale of the assets. Commenting on the sale, Peter Benz, Chairman of 1st Miracle, stated, "The sale of the assets of California Health Clubs accomplishes two very important objectives. First, it enables us to devote all of our efforts to the Company's film subsidiary, Magic Entertainment, and second, it enables us to re-deploy these assets to Magic where they can be better utilized to enhance shareholder value." 1st Miracle Group, Inc. is the parent of Magic Entertainment, which was co-founded by Menahem Golan and Yoram Globus to produce and distribute feature length motion pictures. -0- tia/ny* mem CONTACT: 1st Miracle Group, Inc., San Mateo Peter Benz, 650/340-1074 or Rubenstein Investor Relations, New York Jeffrey Volk, 212/843-8086 KEYWORD: CALIFORNIA INDUSTRY KEYWORD: ENTERTAINMENT Today's News On The Net - Business Wire's full file on the Internet with Hyperlinks to your home page. URL: businesswire.com * end of story *