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IMAGINE FILMS ENTERTAINMENT RELEASES STATEMENT

- ENTERTAINET - TO BUSINESS AND ENTERTAINMENT EDITORS:
 IMAGINE FILMS ENTERTAINMENT RELEASES STATEMENT
 LOS ANGELES, May 1 /PRNewswire/ -- Imagine Films Entertainment Inc. (NASDAQ: IFEI, IFEIU, IFEIW) today confirmed that it has been advised by Co-Chief Executive Officers Ron Howard and Brian Grazer that they do not intend to renew their employment agreements, which expire on Nov. 27, 1992. A special committee of two members of the company's board of directors is in the process of retaining an investment banker to assist it in evaluating and pursuing the strategic options available to the company. It is contemplated that the primary options to be explored will include the retention of new senior management to head the company's future operations or the sale, merger or liquidation of the company.
 -0- 5/1/92
 /CONTACT: Michael Meltzer, CFO of Imagine Films Entertainment, 310-277-1665; or Diana Brainerd or Christian Plunkett of The Abernathy/MacGregor Group, 212-371-5999, for Imagine Films Entertainment/
 (IFEI IFEIU IFEIW) CO: Imagine Films Entertainment Inc. ST: California IN: ENT SU:


CH -- LA047 -- 5732 05/01/92 23:24 EDT
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Publication:PR Newswire
Date:May 1, 1992
Words:175
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