DEL MAR, Calif., Nov. 12 2003 (PRIMEZONE) -- Pacificap Entertainment, Inc. a film finance and marketing company that is a wholly owned subsidiary of Cavalcade of Sports Media, Inc. (OTCBB:CVCD) (http://www.cavalcadetv.com) has signed a co-financing agreement with Outlook Films.
Outlook Films, an independent film finance and production company based in Beverly Hills, California, was founded in 2003 by Adam Krentzman and Francois Lesterlin.
With its extensive industry relationships, an unparalleled management team and a select group of leading international partners, Outlook is dedicated to creating innovative and effective ways of financing motion pictures.
Under this financing agreement, the parties intend to co-finance four to six motion pictures annually with budgets from $10 to $60 million, focusing on the $25 to $40 million range with major U.S. studios.
Adam Krentzman, a partner of Outlook Films, is a former motion picture agent at Creative Artists Agency (CAA). During his tenure at CAA, he represented directors, writers, producers and actors, primarily for feature films. His clients included Michael Bay, Michael Mann, Bille August, Jonathan Mostow, Jamie Foley, Nicholas Pileggi, Jerry Bruckheimer, Antoine Fuqua, Spike Jonze, Sundance Films (Robert Redford), National Geographic, Radar Pictures, Anonymous Films, Crusader Films, Deep River Productions, Platinum Dunes, Renaissance Film UK, Palomar Pictures and Studio Babelsberg. Aside from his personal clients, Mr. Krentzman was part of a three-member team involved in the international financing and packing for all CAA clients.
Francois Lesterlin, a partner of Outlook films, has achieved the highest possible post-graduate curriculum in France (law, government and business). Following an early career in government (foreign affairs) and publishing (CFO, then CEO of a subsidiary) Mr. Lesterlin moved to the U.S. in 1980 from France to create his own company: European Communication Inc. (ECI). For more than 20 years, ECI's activities -- first in New York then in Los Angeles -- have been centered on developing and implementing innovate ways of financing films, especially through equity funds and international co-productions. Mr. Lesterlin's international relationships have uniquely positioned him to access the financing worldwide. Mr. Lesterlin has become a recognized expert in handling these complex transactions. He is also increasingly called upon by venture capital groups and large fund managers, both U.S. and European-based, to identify and structure viable investment vehicles for them in the film industry.
The management of Pacificap Entertainment, Inc. and Cavalcade of Sports Media, Inc. feel that this agreement will bring much value to the shareholders of the company. Ed Litwak, President and CEO of Cavalcade said, "We look forward to building a long and profitable relationship with Outlook Films."
About Cavalcade of Sports Media, Inc.
Cavalcade of Sports Media, Inc. (OTCBB:CVCD) is engaged in the nostalgic sports entertainment business. Cavalcade's goal is to broadcast nostalgic sports content 24 hours a day, 7 days a week, to cable and satellite providers as a digital network-programming provider. The company intends to utilize its comprehensive library of sports programming featuring a wide variety of popular sports. The Cavalcade library includes vintage sporting events and coverage dating back to the 1940's, with over 10,000 hours of programming available to the company. It is Cavalcade's mission to deliver compelling, informative and historic programming in an efficient fashion. Cavalcade will provide an entertaining and economical nostalgic sports programming alternative. Sports programming is big business. In 1997 ESPN paid $175 million to buy U.S. Classic Sports Network. In 2001 Classic Sports was valued at $1 billion and reached 43 million homes.
The statements made by Cavalcade of Sports Media, Inc. (the Company) may be forward-looking in nature and are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements describe the Company's future plans, projections, strategies and expectations, and are based on assumptions and involve a number of risks and uncertainties, many of which are beyond the control of Cavalcade of Sports Media, Inc. Actual results could differ materially from those projected due to changes in interest rates, market competition, changes in the local and national economies, and various other factors. The Company undertakes no obligation to update publicly any forward-looking statements to reflect new information, events or circumstances after the date hereof to reflect the occurrence of unanticipated events. Please refer to the Company's filings with the SEC for additional information regarding risks and uncertainties listed from time to time in such SEC reports. Copies of those filings are available through the SEC's electronic data gathering analysis and retrieval system (EDGAR) at www.sec.gov.