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LASER PACIFIC MEDIA CORP. ANNOUNCES ITS PACIFIC VIDEO CANADA OPERATION, S.B. VANCOUVER STUDIOS HAVE EXECUTED A LETTER OF INTENT

LASER PACIFIC MEDIA CORP. ANNOUNCES ITS PACIFIC VIDEO CANADA OPERATION,
 S.B. VANCOUVER STUDIOS HAVE EXECUTED A LETTER OF INTENT
 HOLLYWOOD, Calif., May 20 /PRNewswire/ -- Laser Pacific Media Corp. (NASDAQ: LPAC) today announced that its Pacific Video Canada Ltd. ("Pacific Video Canada") operation and S.B. Vancouver Studios Inc. ("Vancouver Studios") have executed a letter of intent pursuant to which Vancouver Studios will acquire control of Pacific Video Canada through an acquisition of shares from Pacific Video Canada's controlling shareholder, Laser-Pacific, and a subscription of treasury shares from Pacific Video Canada.
 Laser-Pacific remains a major shareholder in Pacific Video Canada and, under the proposed transaction, will continue to provide marketing and technology support to the Canadian operation. In addition Pacific Video Canada, in the midst of a planned expansion, will benefit from a significant cash infusion.
 "This is a case of all sides winning," stated Robert E. Seidenglanz, Laser-Pacific chairman and chief executive officer. "Pacific Video Canada receives new funds, as does Laser-Pacific, while we enjoy continued participation and potential upside in the organization's growth."
 Completion of the transaction is subject to the receipt of board approvals from each of the participating corporations, the execution of a definitive purchase agreement and related agreements, shareholder approval and the receipt of all necessary regulatory approvals.
 Laser-Pacific, which won Emmy Awards in 1987 and 1989 for outstanding achievement in engineering development, provides post- production services for the motion picture and television industries.
 Its customer base includes global media companies, including every major Hollywood studio, independent production companies, domestic and pay-cable companies and more than 200 others. Through its investment in plant and equipment, the firm provides the technical functions of processing, editing, and finishing images and sound required for motion pictures and television.
 -0- 5/20/92 R
 /CONTACT: Robert Seidenglanz chairman and CEO of Laser-Pacific Media Corp., 213-462-6266; or Craig Parsons or Keith Karpe at Pondel Parsons & Wilkinson, 310-207-9300, for Laser-Pacific Media/
 (LPAC) CO: Laser-Pacific Media Corp. ST: California IN: ENT SU:


JH-EH -- LA024 -- 2526 05/20/92 17:21 EDT
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Publication:PR Newswire
Date:May 20, 1992
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