Peace Arch Announces US$2 Million Pre-production Financing Facility.TORONTO -- Peace Arch Entertainment Group Inc. (AMEX AMEX See: American Stock Exchange :PAE PAE Physical Address Extension Pae Pseudomonas aeruginosa PAE Power-Added Efficiency PAE Programa de Aperfeiçoamento de Ensino (Brazil) PAE Port Access Entity (IEEE 802. )(TSX TSX Toronto Stock Exchange (TSE before April, 2002) TSX Transfer from Stack Pointer to Index TSX True Space Extension :PAE) announced today that its subsidiary, Peace Arch Motion Pictures Inc. ("PAMP PAMP Pathogen-Associated Molecular Pattern (immunology; of receptors on dendritic cells that detect pathogens) PAMP Palo Alto and Menlo Park PAMP Printing and More Printing PAMP Pulse Address Multiple Access PAMP Personnel Automation Master Plan "), has closed a US$2 million revolving credit Revolving Credit A line of credit where the customer pays a commitment fee and is then allowed to use the funds when they are needed. It is usually used for operating purposes, fluctuating each month depending on the customers current cash flow needs. facility with a private financier that will be used to bridge finance preproduction costs across PAMP's growing slate of feature film projects. The agreement was negotiated by PAMP President Lewin Webb. Webb stated: "This new funding commitment gives Peace Arch the ability to readily put into production a number of exciting new projects that we currently have in development and also preserves working capital which would otherwise be used to support these activities. We are very excited by the new opportunities this facility creates for us." Peace Arch Entertainment Group (www.peacearch.com) and its subsidiaries produce and distribute top quality feature films and television programs in the theatrical, home video and television markets throughout the world. The company is the worldwide distributor of the action thriller "The Veteran," which is currently in production starring Ally Sheedy and Michael Ironside, and is now in preproduction on "Heartstoppers" and "Warriors of Terra," the first two of a dozen cutting edge horror films expected to be produced pursuant to the recently announced joint venture between PAE, England's Framework Entertainment and Germany's Global United Entertainment. This press release includes statements that may constitute forward-looking statements, usually containing the words "believe", "estimate", "project", "expect", or similar expressions. These statements are made pursuant to the safe harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. provisions of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. Forward-looking statements inherently involve risks and uncertainties that could cause actual results to differ materially from the forward-looking statements. Factors that would cause or contribute to such differences include, but are not limited to, continued acceptance of the Company's products and services in the marketplace, competitive factors, dependence upon third-party vendors, availability of capital and other risks detailed in the Company's periodic report filings with the Securities and Exchange Commission. By making these forward-looking statements, the Company undertakes no obligation to update these statements for revisions or changes after the date of this release. Peace Arch Entertainment Group Inc. (TSX:PAE) (AMEX:PAE) |
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