PALM SPRINGS, Calif., Sept. 23, 2004 (PRIMEZONE) -- Media Classics Group International Inc. (Pink Sheets:MCGI) announced that it has reached a definitive agreement to acquire a film library with 70 feature films. The closing for this transaction is scheduled for October 18, 2004 and is subject only to a final due diligence review.
Mr. Anderson added that, "This group of feature films when added to our existing library provides us with the critical mass of titles to launch our international distribution efforts. We expect revenue from the licensing of our existing and new titles to bring revenue from advances to the company before our year end."
Media Classics plans to market these new titles to the DVD/Video market as well as broadcast markets around the world. The markets for DVDs have shown a very high demand for feature film libraries. These new titles will be marketed along with other Media Classic film assets and its newly produced documentary series.
About Media Classics Group International, Inc
Media Classics Group International Inc. is a holding company for a variety of entertainment assets. MCGI currently owns over 2,000 hours of stock film footage and documentary film, 24 hours of animated programming, as well as sports programming, music rights, and various distribution rights to 110 feature films. The company is utilizing these core assets to create television programming, theatrical motion picture footage, and children's educational programming to serve a broad range of institutional and consumer markets.
Forward-Looking Statements:
This document contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such forward-looking statements may be included in, but are not limited to, various filings with regulating government agencies, press releases or oral statements, all are made with the approval of an authorized executive officer of the Company. The statements made in this press release, which are not historical facts, contain certain forward-looking statements concerning potential developments affecting the business, prospects, financial condition and other aspects of the company to which this release pertains. The actual results of Media Classics Group International Inc. and the commercialization of the company's assets as described in this release and the Company's operations generally, may differ materially from what is projected in such forward-looking statements. Although such statements are based upon the best judgments of management of the Company as of the date of this release, significant deviations in magnitude, timing and other factors may result from business risks and uncertainties including, without limitation, the company's dependence on third parties, general market and economic conditions, technical factors, the availability of outside capital, receipt of revenues and other factors, many of which are beyond the control of the company. The company disclaims any obligation to update information contained in any forward-looking statement.