Film and Music Entertainment to Acquire Miracle Entertainment Subsidiary HOLLYWOOD, Calif., Nov. 4 /PRNewswire-FirstCall/ -- Film and Music Entertainment, Inc. (OTC Pink Sheets: FLME) announced today that it has entered into a Letter of Intent to acquire Miracle Productions, Inc., a wholly owned subsidiary of Miracle Entertainment, Inc. (OTC Pink Sheets: MEMI). The acquisition is valued at $4,000,000 and includes script options, rights to production fees, U.S. and foreign distribution rights on various films in development, as well as other assets. Miracle will receive 20 million restricted common shares of FAME as well as participation points in revenues from the film rights acquired. FAME also announced that 13 time academy award winner John Daly, who is President of FAME, will also take over the additional duties of Chairman from Michael Meyer who has stepped down to devote more time as a producer and director of family oriented films. FAME is an entertainment company specializing in the production and distribution of "G" and "PG-13" rated, family oriented films that reflect positive moral values. Further information on FAME can be obtained by contacting: Michael Meyer, (323)904-5220 or Statements included within this press release that are not historical in nature constitute forward-looking statements for the purpose of the safe harbor provision by the Private Securities Litigation Reform Act of 1995. Investors are cautioned that this press release contains certain forward- looking statements that involve substantial risks and uncertainties. When used, the words "anticipate", "believe", "estimate", "expect", and similar expressions as they relate to the Company or its management are intended to identify such forward-looking statements. There can be no assurances that the Company will be able to market, sell or deliver successfully its services outside the United States, given risk factors including but not limited to unexpected changes in regulatory requirements, export restrictions, tariffs and other trade barriers, longer payment cycles, problems in colleting receivables, political instability, fluctuations in currency exchange rates, imposition of currency exchange controls, any of which could adversely affect the Company's international operations. There can be no assurance that one or more of these factors will not have a material adverse affect on the Company's current or future international operations and consequently, on the Company's business, results of operations, and financial condition. DATASOURCE: Film and Music Entertainment, Inc. CONTACT: Michael Meyer of Film and Music Entertainment, +1-323-904-5220,

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