LOS ANGELES, Jan. 11, 2005 (PRIMEZONE) -- Pacificap Entertainment Holdings (OTCBB:PFEH) is pleased to announce that they have closed an agreement for institutional financing of $2.8 million with a New York-based institutional investor. Pacificap Entertainment Holdings ("Pacificap") was awarded the first tranche of $1,400,000 (which it has received) upon signing with the investor, and is expected to receive the balance in two separate tranches over the next 90-120 days.
Pacificap will use the funds to finance the development of its corporate infrastructure and to escalate its activities and offerings in media and entertainment. "This financial transaction will enable rapid execution of our business model and growth," stated Pacificap's president Edward E. Litwak. "We are delighted to have established a strong relationship with an institutional investor who has the vision and ability to support us in reaching our goals and capital funding needs on a long-term basis," adds co-chair Michael S. Riley.
About Pacificap Entertainment Holdings
Pacificap's principal activities involve the financing and marketing of films including production, sale and distribution for theatrical motion picture, video/DVD and media marketplaces world-wide. The Company's future expansion is expected to include the financing, development, marketing and distribution of other media and entertainment products and services.
The statements made by Pacificap Entertainment Holdings, 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.