NEW YORK, Oct. 16 /PRNewswire-FirstCall/ -- Sibling Entertainment Group Holdings, Inc. (OTC:SIBE) (BULLETIN BOARD: SIBE) ["Sibling Holdings"] announced Sibling Theatricals, Inc. ["Sibling Theatricals"], a wholly-owned subsidiary of Sibling Entertainment Group, Inc., has signed an agreement with Garlin Holdings Limited to form Richfield Entertainment, LLC, (a Delaware limited liability company) for the purpose of developing and funding new projects. Sibling Entertainment Group, Inc. is the company with which Sibling Holdings has previously signed an Agreement of Acquisition and Plan of Reorganization, the closing of which is currently pending. (see "Note to Editor" below for an explanation of Sibling Holdings relationship to Sibling Entertainment Group, Inc. and Sibling Theatricals). Richfield Entertainment LLC ("Richfield Entertainment") is a joint venture between Sibling Theatricals and Garlin Holdings Limited (a Jersey private limited company) ("Garlin Holdings") which will allow Sibling Theatricals to expand its operations in the United States and to pursue entertainment ventures in Russia, Asia, and Europe. Sibling Theatricals will retain a twenty-five (25%) interest in Richfield Entertainment. Richfield Entertainment has been granted a limited option to finance and fund future projects developed by Sibling Theatricals with the primary source of funding to be provided by Garlin or sources introduced by Garlin Holdings. "We are excited to create a joint venture with Garlin Holdings Limited that will help fund some of our new projects being developed for Broadway. The creation of Richfield Entertainment supports our long range strategy to build a world-class entertainment company," said Mitchell Maxwell, Chairman and CEO of Sibling Entertainment Group, Inc. (and Sibling Holdings). In addition, "On September 30, 2007, Richfield completed the first round of financing of $700,000 for the development of new works by Sibling Theatricals with Richfield Entertainment," he said. Richfield Entertainment LLC will announce its plans for 2 upcoming Broadway productions shortly. Note to Editor: Sibling Holdings previously entered into an Agreement of Acquisition and Plan of Reorganization with Sibling Entertainment Group, Inc. (hereinafter referred to as "Sibling"). The above-referenced agreement provides for the acquisition of Sibling's subsidiaries: Sibling Theatricals, Inc., (STI); Sibling Pictures, Inc., (SPI); Sibling Music Corporation (SMC): and Sibling Properties, Inc., (SPPI). On February 9, 2007, the shareholders of Sibling Holdings approved the above-referenced agreement, the closing of which is subject to the filing, and effectiveness, of a Form S-4 registration statement with the SEC. The Form S-4 was filed on August 14, 2007 by Sibling Holdings. About Sibling Entertainment Group, Inc. Sibling Entertainment Group, Inc., a company filing voluntarily with the SEC as a 1933 Securities Act company, is an entertainment development and production company based in New York City that finances, develops and produces plays and musicals for the live stage, independent feature films and other entertainment projects through four wholly-owned subsidiaries: Sibling Theatricals, Inc., (STI); Sibling Pictures, Inc., (SPI); Sibling Music Corporation (SMC); and Sibling Properties, Inc., (SPPI). We seek to create synergies that will enable each subsidiary to build off of one another's successes. For more information, access the Sibling website at http://www.siblingentertainment.biz/. Forward-Looking Statements We caution readers that the statements contained in this release about our future business plans, operations, opportunities, or prospects, including without limitation any statements or factors regarding expected sales, margins, or earnings, are forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are based upon management's current knowledge and assumptions about future events and involve risks and uncertainties that could cause actual results to differ materially from anticipated results. Among the factors that could cause actual results and outcomes to differ materially from those contained in the forward-looking statements are the following: changes in the general U.S. or regional U.S. economy; intense competition within our industry; our ability to acquire suitable real estate; the significant loss of key employees; the efficient operation of our information systems; changes in the availability or cost of capital and working capital financing; the regulatory environment in which we operate; the effect of various litigation matters; the effect of new accounting requirements or changes to generally accepted accounting principles; and the occurrence of certain other material events. We disclaim any intent or obligation to update our forward-looking statements. For more details on factors that could affect expectations see our quarterly or current reports as filed with or furnished to the Securities and Exchange Commission. DATASOURCE: Sibling Entertainment Group Holdings, Inc. CONTACT: Investors and Financial Media, Bruce Nurse, Investor Relations, Sibling Entertainment Group Holdings, Inc., +1-866-925-SIBE(7423), Web site: http://www.siblingentertainment.biz/

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