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Microcap & Penny Stocks : 1st Miracle Group (MVEE) Facts Thread -- Ignore unavailable to you. Want to Upgrade?

To: Walter Morton who wrote (64)	12/21/1998 11:28:00 PM
From: Suzanne Newsome	Read Replies (2) \| Respond to of 257

1st Miracle Group Announces Fiscal 1998 Financial Results SAN MATEO, Calif.--(BUSINESS WIRE)--Dec. 21, 1998--1st Miracle Group, Inc. (OTC BB:MVEE - news), today announced financial results from continuing operations for its year ended April 30, 1998 which only includes the operations of its Magic Entertainment, Inc. subsidiary. As previously announced, the Company recently sold the assets of its California Health Clubs, Inc. subsidiary. The Company also recently announced plans to file an application with the Securities and Exchange Commission (SEC) in order to become a full reporting company according to SEC guidelines. Revenues for the year ended April 30, 1998 were $3,589,194 compared to no revenues in the same year ago period. The net loss from operations for the year ended April 30, 1998 was $309,885 or $(0.007) per share. 1st Miracle Group did not generate revenue from its entertainment business in the same year ago period as its Magic Entertainment, Inc. subsidiary was not formed until March 1998. Commenting on the results, Peter Benz, Chairman of 1st Miracle Group, Inc., stated, ''We are pleased to note that the revenues generated in 1998 were directly attributable to film projects completed and sold by our Magic Entertainment subsidiary, primarily ''Grizzly Mountain.'' Mr. Benz continued, ''We are extremely excited about what the future may hold for the Company. As previously announced, Magic Entertainment has completed principal photography on two films, ''Speedway Junky,'' which the Hollywood Reporter, one of the film industry's most prominent publications, placed on its ''A'' list of films at the recent Milan Film Festival (MIFED) and ''Delta Force One.'' Both films received excellent reviews at MIFED as well as MIPCOM and generated a lot of publicity. We are currently in discussions with several entities who have expressed interest in one or both of these films.'' 1st Miracle Group, Inc. is the parent of Magic Entertainment, Inc., co-founded by Menahem Golan and Yoram Globus, which produces and distributes feature length motion pictures. This release is covered under the ''Safe Harbor'' Statement under the Private Securities Litigation Reform Act of 1995: Certain information included in this release that are not historical facts are forward looking statements that involve a number of known and unknown risks and uncertainties, including but not limited to, the Company's ability to successfully implement a strategy of continued growth and other risks detailed in the Company's registration Statement on Form SB-2 and other Securities and Exchange Commission filings. The Company's actual results, performance or achievements may differ materially from any future results performance or achievements expressed or implied in any forward looking statement. Readers are cautioned not to place undue reliance on these forward looking statements, which only speak as of the date the statement was made. --------------------------------------------------------------------------------