Peace Arch(R) Entertainment Restructures Operations
December 09 2008 - 5:30PM
Marketwired
Peace Arch� Entertainment Group Inc. (AMEX: PAE) (TSX: PAE) today
announced a restructuring of its entertainment operations to reduce
overall operating costs and strengthen its financial position. The
first step in the cost reduction program will be the elimination of
23 positions over the course of the next two months that will
result in an annual saving of approximately $2.4 million.
About Peace Arch Entertainment Group Inc.
Peace Arch Entertainment produces and acquires feature films,
television and home entertainment content for distribution to
worldwide markets. Peace Arch owns one of the largest libraries of
top quality independent feature films in the world, featuring more
than 2,000 classic and contemporary titles. For additional
information, please visit www.peacearch.com.
Forward-Looking Statements
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 provisions of the
Private Securities Litigation Reform Act 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, that the corresponding
restatement of the Company's financial statements may change based
upon the Audit or Special Committee's ongoing analysis, that the
Company's ability to file required reports timely with the
Securities and Exchange Commission and Canadian securities
regulators will be impaired, that potential claims or proceedings
may arise relating to such matters, that the Audit or Special
Committee in consultation with the Company's independent auditors
will determine that the proper accounting differs from the
accounting treatment upon which the assumptions and forward looking
statements in this release are based and other risks detailed in
the Company's periodic report filings with the Securities and
Exchange Commission and with the Canadian securities regulators. 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.
Distributed by Filing Services Canada and retransmitted by
Marketwire
Contact: Gerry Noble Chief Executive Officer Peace Arch
Entertainment Group Inc. 416.783.8383 Email: Email Contact
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