Overseas Filmgroup Changes Name to First Look Media to Reflect New Commercial Production and Internet Divisions.

Business Editors/Entertainment & Multimedia Writers

NEW YORK & LOS ANGELES--(BUSINESS WIRE)--Jan. 16, 2001

- Common Stock to Trade Under New Symbol: FRST Effective January 17 -

Overseas Filmgroup, Inc. (OTC BB: OSFG) announced that it has been renamed First Look Media, Inc. (www.firstlookmedia.com) to reflect the expanded scope of its operations beyond the Company's core focus on the acquisition, financing, packaging and distribution of independently produced feature films.

Effective January 17, 2001, First Look Media's stock symbol will be changed to FRST. The symbol of the Company's outstanding warrants will also change - to FRSTW.

First Look Media, Inc. is now the corporate name for five operating divisions, consisting of Overseas Filmgroup, First Look Pictures, First Look Home Entertainment and two new divisions, First Look Artists (commercial production) and First Look Internet (Internet content development and production).

First Look Media is headed by Chris Cooney, Co-Chairman and CEO; Robbie Little, Co-Chairman and President; and Bill Lischak, COO and CFO.

Last year, Overseas Filmgroup secured a total of $57 million in new funding including an equity investment by Rosemary Street Productions, LLC, the investment vehicle of New York-based commercial production and studio facilities company, EUE Screen Gems Ltd., and a new revolving line of credit with Chase Manhattan Bank. The cash infusion and available borrowing capacity, combined with the depth of expertise of an expanded management team, forms the platform for First Look Media's expansion plans.

"First Look Media is uniquely positioned to exploit many segments of the entertainment market, including several areas that are new to the Company," said Cooney. "Our significantly enhanced capital base will facilitate our continued involvement with quality filmed entertainment as well to leverage our expertise by expanding into additional complementary businesses such as commercial and Internet content production."

Added Little, "Leveraging the experience and creative and industry relationships we have built over 21 years, we are very excited to expand our core business into new areas that reflect the growing scope of the media and entertainment industry. We are pursuing these new market opportunities with the same combination of experience, creativity and financial discipline that are essential to long-term success as an independent."

First Look Media's five divisions are:

Overseas Filmgroup, headed by Liz Mackiewicz and Brian O'Shea, continues the leading role that Overseas Filmgroup has played in the worldwide licensing of acclaimed independent films for over two decades. The upcoming slate includes Before Night Falls (directed by Julian Schnabel and starring Javier Bardem, Andrea di Stefano, Olivier Martinez, Johnny Depp and Sean Penn); Quicksand (starring Michael Caine and Michael Keaton); My Kingdom (directed by Don Boyd and starring Richard Harris and Lynn Redgrave); Cheri (adapted from the novel by Colette and starring Jessica Lange); Skins (directed by Chris Eyre and starring Eric Schweig and Graham Greene); Ed Gein (based on the true life story of serial killer Ed Gein); Proximity (starring Rob Lowe and James Coburn); and Greenfingers (starring Clive Owen, Helen Mirren and David Kelly). Previous films include Titus (directed by Julie Taymor and starring Academy Award-winners Anthony Hopkins and Jessica Lange); Waking Ned Devine (which grossed over $25 million at the U.S. box office); and The Prophecy (which starred Christopher Walken and grossed over $17 million in at the U.S. box office).

First Look Pictures, led by MJ Peckos, is the U.S. theatrical distribution arm of First Look Media. First Look Pictures currently has in release Me & Isaac Newton (directed by Michael Apted and produced by Clear Blue Sky Productions), Ratcatcher (directed by Lynne Ramsay), and The Opportunists (starring Christopher Walken). First Look Pictures next releases are A Question of Faith (directed by Tim Disney), Chopper (directed by Andrew Dominik), Bread & Tulips (directed by Silvio Soldini), Bark (starring Lisa Kudrow, Hank Azaria and Vincent D'Onofrio), and Skins (directed by Chris Eyre). Previous films include A Map of the World (starring Academy Award-nominees Sigourney Weaver and Julianne Moore, and produced by Kathleen Kennedy and Frank Marshall), Antonia's Line (Academy Award-winner for Best Foreign Language Film of 1995), Mrs. Dalloway (starring Vanessa Redgrave), and The Secret of Roan Inish (directed by John Sayles).

First Look Home Entertainment is quickly establishing itself as one of the premier independent distributors of home video and DVD under the leadership of Bill Bromiley, The current home video release schedule includes Lover's Prayer (starring Kirsten Dunst, Nick Stahl and Academy Award-nominee Julie Walters), Relative Values (starring Julie Andrews, William Baldwin, Jeanne Tripplehorn and Colin Firth), Full Disclosure (starring Fred Ward, Christopher Plummer, Virginia Madsen and Penelope Ann Miller), The Wedding Party (starring Academy Award-nominee and Golden Globe-winner Cate Blanchett, Richard Roxburgh, and Frances O'Connor II), Just One Time (starring Joelle Carter, Jennifer Esposito and Guillermo Diaz), Bongwater (starring Luke Wilson, Alicia Witt, Jamie Kennedy, Jack Black, Andy Dick, and Brittany Murphy), Chopper (starring Eric Bana), and Bread and Tulips. The division has previously released Quiet Days in Hollywood (starring Academy Award-winning actress Hilary Swank), The Designated Mourner (featuring legendary director Mike Nichols in his highly acclaimed on-screen acting debut), and Alegria (a film co-financed with the world famous Cirque du Soleil, and featuring the Cirque's acrobats). First Look Home Entertainment plans to release 20 new titles a year through the rental market. These titles are also available via a sell-through catalogue.

First Look Artists, led by Randy Lippert, is the commercial production division of First Look Media. First Look Artists has enlisted the talents of an elite group of feature film directors, artists, actresses and producers to meet the commercial advertising industry's increasing demand for talent. Artists include Julie Taymor ("The Lion King," Titus), Joan Chen (Autumn In New York, Xiu Xiu: The Sent-Down Girl), Julian Schnabel (Basquiat, Before Night Falls), Lisa Krueger (Manny & Lo, Committed), Darren Keith (Fashion Photographer), and Marleen Gorris (Antonia's Line, Mrs. Dalloway, Luhzin Defence).

First Look Internet, also headed by Randy Lippert, marks the Company's initiative into Internet entertainment. The division is currently developing high quality Internet sitcom shows that exploit the interactivity of the Internet and broadband technology to create exciting new entertainment forms. First Look Internet is linking forces with multimedia service provider, Electronic Global Broadcasting System (EGBS), to launch an online entertainment venture. The initial offering will be an episodic, live-action comedy about an Internet start-up, premiering later this year. Acclaimed commercials director Jeffery Cooney will direct the pilot webisodes. First Look and EGBS plan to produce a number of highly interactive shows where viewers can choose to follow the story lines of different characters, read their email and hear their thoughts. Each show will release 30 to 60 minutes of content a week, in three to eight minute pieces.

First Look Media, Inc. (formerly Overseas Filmgroup, Inc.) is a diversified entertainment company focused on worldwide independent film distribution, theatrical and video releases, commercial production and Internet content.