Pacificap Funding Agreement


DEL MAR, Calif., March 12, 2004 (PRIMEZONE) -- Pacificap Entertainment Holdings, Inc., (OTCBB:PFEH) (www.pacificapentertainment.com), announced today they have entered into an agreement with FinArt LLC for motion picture financing and production.

The agreement calls for funding in the amount up to $250 million for studio production under a joint capitalization agreement. This will allow the company to expand its capacity to include studio co-productions. Pacificap will look to close five $50 million films with the studios each year.

Mr. Ed Litwak, President of Pacificap, stated, "This new agreement allows the company to actively participate in studio production and profits in this $50 billion dollar filmed entertainment industry."

The fund is presently in negotiation with the studios to determine a film production schedule for the year 2004. Pacificap anticipates closing the financing of its first picture in the second quarter of this year.

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 expectation, and are based on assumptions and involve a number or risks and uncertainties, many of which are beyond the control of Pacificap Entertainment Holdings, 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 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.



            

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