"We've spent the past three quarters focusing on our core business activities and developing new projects and releases for 2009 and 2010," said Dean Bornstein, Empire CEO. "We feel that the company is now ready to dedicate attention towards improving our investor relations and trading activities, which is why we're proceeding with the audit and plans to move to a larger exchange."

"Despite a limited DVD release schedule and a focus on new theatrical launch activities, the company generated sufficient sales and contracts to post a profit for the third quarter," said Eric Parkinson, CEO of Distribution for Empire. "This is our third consecutive profitable quarter, and indicates the positive trajectory for the company. As we move into the fourth quarter of 2008, as well as to the enhanced release activities for 2009, it's likely that our profits will grow exponentially. It makes sense at this time to allocate attention towards better communicating the Empire story to stock investors and funds."

In a related development, Bornstein reports that Empire is in the final stages of structuring agreements for substantial new financing, which will enable the company to significantly expand its acquisition, production and releasing activities for 2009.

"Based on our current results and positive trajectory, Empire's stock is currently trading at less than twenty percent of its value for our industry," said Bornstein. "As investors learn more about the company and our commitment to profitability, we feel that the stock price will ascend back to its representative value level."

Release activities continue for the Empire drama, "Hounddog," starring Dakota Fanning and Robin Wright-Penn. The controversial coming-of-age story was released to theaters on September 19th, and addresses the difficult issue of sexual assault. Despite resistance and criticism from groups objecting to the subject matter, "Hounddog" continues to outperform most other independent films on a per-screen basis, and is booked in theaters in key markets across the country through November. On December 5th, Empire will release the critically praised drama, "Local Color," starring Armin Mueller-Stahl, Ray Liotta, Ron Perlman and Trevor Morgan. Current DVD releases for Empire include the Sidney Poitier family feature, "The Last Brickmaker in America" and "The Superstars of Country Comedy" starring Bill Engvall, Jeff Foxworthy and Larry The Cable Guy. "Made in the USA," the highly anticipated book on economic analysis from best-selling author Barr McClellan, will also hit bookstore shelves during the fourth quarter from Empire's publishing division, Hannover House.

For more information, go to: www.EmpireFilmGroup.com