HOLLYWOOD, Oct. 11, 2004 (PRIMEZONE) -- Acme Entertainment (Pink Sheets:ACEE), a foreign film and television sales distribution company that acquires film and television product for sale outside the U.S., is pleased to announce that its founders, Dimitri Logothetis and Nicholas Celozzi, have just closed a deal to represent 15 films from Baby Dica, which are owned by Los Angeles attorney Mark Poland.
"The titles are mostly HBO and Showtime world premieres," commented Poland, who is a longtime friend of Celozzi. Some of the titles are cult classics like "Dumb Luck," "Wild Cactus" and "California Casanova." The actors in these pictures include Tyrone Power Jr., Burt Young from "Rocky," Michael Madsen, James Russo, Anna Nicole Smith, David Proval from "The Sopranos," and Joey Travolta. "These titles have a library value of between $350,000 and $550,000," stated Celozzi.
"Our goal is to continue to acquire film and television library material for Acme; this gives the company continuous cash flow as well as increases Acme's net worth. Our goal over the next three years is to acquire close to 500 titles," stated Logothetis.
"We are in negotiations to pick up an additional 200 title library from a very well-renowned producer," added Celozzi.
About Acme Entertainment (Pink Sheets:ACEE)
Acme Entertainment's principles, Logothetis and Celozzi, produced multiple television series for Warner Brothers, such as "Code Name Eternity" currently airing on The SCI FI Channel; and most recently "Dark Realm," a modern day Twilight Zone hosted by Eric Roberts. On the feature side they produced several major and independent features including, "Stephen King's Sleepwalker's," "The Lost Angel," "Champions Forever" with Mohammed Ali, "Quiet Kill," "Body Shot" with Robert Patrick, "Dark and Deadly," and the Showtime original movie "Hidden Obsession."
Nicholas Celozzi, as an actor, appeared in such films as "Risky Business," "My Bodyguard" and the Los Angeles production of "American Buffalo." The company recently went public and trades on the Pink Sheets exchange (ACEE).
Certain statements in this press release constitute "forward-looking statements" relating to Acme Entertainment and its subsidiaries (the "Company") within the meaning of the Private Securities Litigation Reform Act of 1995. All statements regarding future events, our financial performance and operating results, our business strategy and our financing plans are forward-looking statements. In some cases, you can identify forward-looking statement by terminology, such as "may", "will", "would", "should", "could", "expect", "intend", "plan", "anticipate", "believe", "estimate", "predict", "potential" or "continue", the negative of such terms or other comparable terminology. These statements are only predictions. Known and unknown risks, uncertainties and other factors could cause actual results to differ materially from those contemplated by the statements. In evaluating these statements, you should specifically consider various factors that may cause our actual results to differ materially from any forward-looking statements.