Film and Music Entertainment, Inc. Completes Acquisition of Miracle Productions, Inc. HOLLYWOOD, Calif., Nov. 24 /PRNewswire-FirstCall/ -- Film And Music Entertainment, Inc. , announced today it has completed the acquisition of Miracle Productions, Inc., formerly a wholly owned subsidiary of Miracle Entertainment, Inc. for 20,000,000 shares of common stock of Film and Music Entertainment, Inc. (FAME) restricted under Rule 144 of the SEC on a tax free stock swap basis. Combined with the acquisition, FAME has announced a series of Management and Board changes. John Daly, whose films have won 13 time academy awards will now become Chairman as well as President of FAME. He replaces Michael Meyer, who remains on the Board and will now concentrate his time in producing and directing films in his role as Vice President of Productions. Michael Criscione and Satish Patel have also stepped down from the Board of Directors but remain in close association with the Company by joining the Board of Advisors along with world-renowned actor and producer, Martin Landau. Joining the FAME management team will be long time Industry veteran Peter Beale as Sr. Vice President and Chief Operating Officer, who will also join the Board. Corporate Secretary and Board member, Lawrence Lotman, will be adding to his duties those of Vice President, Finance. FAME, with its subsidiaries is an independent production and distribution company, which emphasizes high quality, low cost, contemporary films. The Company intends to have an aggressive slate of films for 2004, which Management hopes to announce in the near future. FAME intends to secure its film financiers with secondary collateral of follow real estate in emerging neighborhoods that appear to have a reasonable chance to develop before the end of the collateral period. Statements included within this press release that are not historical in nature constitute forward-looking statements for the purpose of the safe harbor provided by the Private Securities Litigation Reform Act of 1995. Investors are cautioned that this press release contains certain such 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 assurance that the Company will be able to market, sell or deliver successfully its services inside or 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, and fluctuations in currency exchange rates, any of which could adversely affect the Company's 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 operations and consequently, on the Company's business, results of operations, and financial condition. Contact Information: FAME: Michael Meyer (323) 904-5220 or email Miracle: Tim Shiner (323) 904-5200 or email DATASOURCE: Film And Music Entertainment, Inc. CONTACT: Michael Meyer of FAME, +1-323-904-5220, ; or Tim Shiner of Miracle, +1-323-904-5200,

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