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LOS ANGELES, CA--(MARKET WIRE)--Feb 29, 2008 -- Empire Film Group, Inc. (Other OTC:EFGU.PK - News) has entered into a co-production venture with Vancouver-based IndustryWorks for the financing, production and distribution of the supernatural suspense thriller, "Shadow Vision." The $2 million dollar production budget has been arranged through a combination of distribution presales, tax incentives, production services and credit, with Empire retaining the film's copyright and North American distribution and IndustryWorks handling international sales. "Shadow Vision" is one of three theatrical productions financed by Empire Film Group in the past two months to utilize tax incentives, partnerships and presales as the primary sources of production capital. Empire plans to finance nearly $20 million worth of productions in 2008 through co-productions, tax incentives, presales and service deferrals designed to conserve capital while building a valuable library of quality films for the company. "Utilizing these incentives and financing structures will enable Empire to quickly build a major asset base," said Dean Hamilton-Bornstein, CEO of Empire Film Group, Inc. "Unlike most of the other publicly traded companies involved in movie production, Empire actually will own these completed films as opposed to having a small fee or insignificant royalty. The wisdom of owning these movies will be proven over time as Empire builds up our already impressive film library." "Shadow Vision" is a supernatural-themed thriller about a blind woman's ability to remotely sense crimes and intentions. Second unit sequences with lead actress Vivian Schilling have already been filmed, with principal photography slated to occur in May and June in New York City, Los Angeles and Fayetteville, Arkansas. IndustryWorks plans to premier a promo reel of scenes at the Cannes Film Festival in May, with completed screenings slated for the American Film Market in November. Casting is underway, with an announcement of final cast expected in April. "Shadow Vision" was written by Eric Parkinson, who will also direct the film. Producers include Vivian Schilling, Fred Shefte and Dean Hamilton-Bornstein, with Andrew Parke as cinematographer and visual effects by Bruce Branit ("Sin City," "King Kong," "Ghost Rider"). About Empire Film Group, Inc. Empire Film Group, Inc. ("EFG") is a new independent film finance, production, and distribution company, fully integrated into all entertainment media, including film production, distribution, DVDs and books. Empire works with several, prominent international distributors and controls the North American distribution of its properties internally, with direct relationships with key theatre circuits, DVD retailers, mass merchants and television broadcasters. Learn more about Empire Film Group by visiting www.empirefilmgroup.com
CAUTIONARY STATEMENT ABOUT FORWARD-LOOKING STATEMENTS This press release contains "forward-looking statements," which are statements related to future, not past, events. In this context, the forward-looking statements often include statements regarding our goals, plans, projections and guidance regarding our financial position, results of operations, market position, pending and potential future acquisitions and business strategy, and often contain words such as "expects," "anticipates," "intends," "plans," "believes," "seeks" or "will." Any such forward-looking statements are not assurances of future performance and involve risks and uncertainties that may cause results to differ materially from those set forth in the statements. These risks and uncertainties include, among other things, (a) general economic and business conditions, (b) the level of strategic partner incentives, (c) the future regulatory environment, (d) our cost of financing, (e) our ability to complete acquisitions and dispositions and the risks associated therewith, and (f) our ability to retain key personnel. These factors, as well as additional factors, could affect our forward-looking statements. We urge you to carefully consider this information. We undertake no duty to update our forward-looking statements, including our earnings outlook.
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