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Magellan Filmed Entertainment, Inc. Announces the Closing of Its Acquisition of Magellin, Company; Tony Romano and Michel Shane Join Company as Management.

Business Editors

KIRKLAND, Wash.--(Business Wire)--Dec. 4, 2000

Magellan Filmed Entertainment, Inc., (OTCBB:MFLE) has completed the acquisition of Anthony Romano and Michel Shane's Magellin Company.

The two seasoned producers have joined MFLE's management team whose responsibilities will be content acquisition and business development.

With a public vehicle to raise funding, Romano and Shane believe that they will be able to bring high profile talent to the table and give Magellan Filmed Entertainment the recognition it deserves, as an alternative, independent movie making partnership for young talent. The depth of experience they bring to the company complements the vision and energy that exists with the young developing talent represented by the Nickel Palace management team. Nickel Palace is a Hollywood based production company acquired by MFLE earlier this year. Its first production, Rennie's Landing is scheduled for release the first half of 2001.

Rennie's Landing is represented to the off-shore market by Franchise Pictures, a major player in the film distribution business. The movie, Rennie's Landing, which was "shot" this past summer, has been sold to several foreign markets. Presently the film has been pre-sold to Spain and is included in Franchises output deals in Australia, New Zealand, Singapore, South Africa, Hong Kong and the Middle East. Franchise plans to exhibit the film at the AFM (American Film Market) in LA in February.

Magellan Filmed Entertainment Inc. is preparing to enter into production of two films in the coming months, a romantic comedy to be shot in Canada in the early spring and a thriller that the group is presently negotiating the rights to. The company is completing the script Dog Eat Dog with Eddy Bunker and is putting a final polish on a big Sci-Fi thriller that Michel Shane and Tony Romano have spent the last year developing entitled 10:17.

Catch Me If You Can to be produced by DreamWorks, has been put on temporary hold. Leonardo Di Caprio is scheduled to star in the DreamWorks feature for producers Michel Shane and Tony Romano as soon as he finishes his current commitments. DreamWorks has confirmed that they are committed to the film and will be making it as soon as possible.

Management of MFLE is very pleased to welcome Romano and Shane to the company. With their proven contact base and recognized talent for having access to excellent content the company should be in an enviable position to develop its properties.

Contact: MFLE can be reached by calling 800/549-6546.

This press release contains forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Act of 1995. Expression of future goals and similar expressions reflecting something other than historical fact involve risks and uncertainties. The actual results the company achieves may differ materially from any forward-looking statements due to such risks and uncertainties.
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Publication:Business Wire
Date:Dec 4, 2000
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