BEVERLY HILLS, Calif., Aug. 29 /PRNewswire-FirstCall/ -- Building on the
momentum of record sales and two new off-balance sheet financing arrangements,
Empire Film Group, Inc. (Pink Sheets: EFGU) (http://www.empirefilmgroup.com)
has announced an acceleration of the company's timeline for growth and the
achievement of long-term revenues. Revenue forecasts for 2009, which were
previously projected at $52-million, have been revised upward to $89.5-million
based on an enhanced theatrical and video releasing slate for next year.
Revenue forecasts for 2010, previously pegged at $93-million, have been
revised to reflect the company's expectation of $130-million also from an
accelerated and expanded release schedule.
"The Major Studios have neglected the marketplace for quality, intelligent
cinema," said Eric Parkinson, CEO of Empire's distribution operations. "With
the recently announced closings of Picturehouse, Warner Independent Pictures
and other specialty divisions, the quality and quantity of titles available
for Empire Film Group for distribution has dramatically increased. We intend
to move quickly on this substantial opportunity, and in doing, can reach
Empire's financial goals more quickly."
Empire will be releasing the critically-praised, highly anticipated film,
"Hounddog" to theaters nationwide on September 19th. The coming-of-age drama
stars Dakota Fanning, Robin Wright-Penn and David Morse. Empire will release
"Local Color" on November 7th, and plans an Oscar support campaign for lead
actor Armin Mueller-Stahl. Other theatrical titles acquired by Empire include
the World War II love story, "The Rocket Post" and the action-adventure
"Boilermaker." The company is pursuing a slate of other, high-profile
acquisitions, including discussions now underway for the new Terry Gilliam
feature, "The Imaginarium of Dr. Parnassas" starring Heath Ledger, Johnny
Depp, Jude Law and Collin Farrell.
"The acquisition and release of high-profile titles such as these will
build a solid, financial foundation for Empire," said Dean Hamilton-Bornstein,
CEO. "The Major Studios are all moving towards event-level films for release
in 4,000 or more theaters. But in doing so, they have left Empire with an
open market to distribute films meriting release to 1,000 or less theaters.
Empire can build a major operation with independent films such as 'Juno,'
'Little Miss Sunshine' or 'My Big Fat Greek Wedding' which have huge audiences
but do not fit the event-level model of the Major Studios. It's a tremendous
opportunity that we intend to fill."
Learn more about Empire Film Group at http://www.empirefilmgroup.com
SOURCE Empire Film Group, Inc.
Jim Townsend of Empire Film Group, Inc., +1-310-317-4456,
JTownsend@EmpireFilmGroup.com
