Monogram Pictures Announces Joint Venture Agreement with Film Services of Palm Springs, Inc.

Business & Entertainment Editors

PALM SPRINGS, Calif.--(BUSINESS WIRE)--March 24, 2001

Monogram Pictures, Inc. (OTCBB:MOPX) a classic film acquisition, production and distribution specialist focusing on the release of films from the 'Golden Age of Pictures' announces today that the Company has entered into an agreement of Joint Venture with Film Services of Palm Springs, Inc. in a non-arms length transaction.

The terms of the Joint Venture Agreement, subject to final documentation, provide for the Company to have the first right of refusal to participate in any and all releases of product derived from the extensive film libraries of Film Services of Palm Springs, Inc.

The terms of such participation call for the Company to provide the necessary upfront capital required to complete each project on a case-by-case basis and to provide capital and expertise in the marketing and distribution of the completed project. Each project will be subject to a Revenue Sharing Agreement whereby the company shall be reimbursed for all upfront capital expended per project on a case by case basis, with a revenue sharing agreement of Fifty Percent (50%) of the Adjusted Gross Revenues to the Company, and Fifty Percent (50%) to Film Services of Palm Springs, Inc. Film Services of Palm Springs, Inc has an inventory of over five hundred feature films in their original element form, some of which have never been released to the general public. In addition to feature films, the vault contains a significant list of documentary titles as well as millions of feet of film from projects dating from the early ages of film making to the present time.

"This joint venture will allow the Company to move forward in the film distribution business at an unprecedented rate. With a library of films as vast as this, the opportunities for the Company to expand as a major force within the film distribution arena are unparalleled." Stated Company President, Mr. John Anderson. Mr. Ken Mason, Chief Financial Officer of Monogram Pictures, stated, "this Joint Venture will provide the company with access to such a large amount of Content that the growth of the Company's business could be exponential."'

About Monogram Pictures, Inc.

Monogram Pictures is an acquisition, distribution and consolidation company in the film and entertainment industry. The Company's primary focus is the distribution of classic films, media footage and newly developed properties from its substantial film and footage library. Monogram focuses on foreign distribution with it's significant database of clients. The Company receives administrative support and additional revenues from its wholly owned subsidiary General Personnel Management (GPM). GPM is a profitable PEO firm that provides administrative, human resource and insurance services to its client companies.

"This Joint Venture will allow the management to focus on the Core business model of the Company, and further growth in the Entertainment Industry. Our current priority is to implement an effective marketing and distribution program, which will lead to increased revenues"' stated Mr. Mason. Safe Harbour Statement

This release contains forward looking statements relating to the development of the Company's products and services and future operation results, including statements regarding the Company that are subject to certain risks and uncertainties that could cause actual results to differ materially from those projected. The words "believe," "expect," "anticipate," "intend," variations of such words, and similar expressions identify forward looking statements, but their absence does not mean that the statement is not forward looking. These statements are not guarantees of future performance and are subject to certain risks, uncertainties and assumptions that are difficult to predict. Factors that could affect the Company's actual results include the progress and costs of the development of products and services and the timing of the market acceptance of those products and services. A more detailed description of certain factors that could affect actual results include those factors discussed in the Company's filings with the United States Securities and Exchange Commission, including its annual report on Form 10-KSB and quarterly reports on Form 10-QSB for the period ended Sept. 30, 2000. Monogram Pictures Inc. undertakes no obligation to update publicly any forward-looking statements to reflect new information, events or circumstances after the date of this release or to reflect the occurrences of unanticipated events. Readers are cautioned not to put undue reliance on forward-looking statements, which speak only as of the date of this release. The company disclaims any intent or obligation to update publicly these forward-looking statements, whether as a result of new information, future events or for any other reason.