DEL MAR, Calif., March 16, 2004 (PRIMEZONE) -- Pacificap Entertainment Holdings, Inc. (OTCBB:PFEH) www.pacificapentertainment.com announced today they are in the final stages of closing a $40 million co-financing agreement with NBA All-Star basketball sensation, Baron Davis, of the New Orleans Hornets.
The first picture to be co-financed will be in the 12-15 million dollar budget range and will net Pacificap fees in the seven-figure range.
Mr. Ed Litwak, President of Pacificap, stated, "This is a great opportunity for Pacificap as we anticipate a second project with Baron Davis to close within the next 45 days. With this co-financing agreement and the studio agreement that was signed last week, our second quarter looks to be very strong."
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 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.