HOLLYWOOD, Calif., Nov. 24, 2004 (PRIMEZONE) -- Film and Music Entertainment, Inc. (Pink Sheets:FLME), a publicly traded Hollywood based independent film producer and distributor, announced today that it had successfully concluded negotiations with a major stockholder, Michael Criscione, for the assignment to the Company of 13.5 million of his shares of the Company's Common Stock. In return, the Company agreed to relinquish its disputed claims to ownership of 19.6 acres of real property located in Riverside, CA which it had acquired in the acquisition of Myrob Properties, Inc. in May, 2003. In addition, the Company agreed to relinquish any minority interests it may have in a film currently entitled "The Biggest Fan."
The 13.5 million shares will be cancelled, thus reducing the total outstanding shares by 8.395% from the current 160.81 million to 147.31 million.
Michael Criscione was formerly a major stockholder and director of the Company and no longer has any official duties or relationship with FAME.
The Company also announced that upon completion of due diligence it has chosen not to proceed with the acquisition of a motel/restaurant in Thatcher/Safford, Arizona as previously announced in October, 2004.
FAME is an independent entertainment production and distribution company, which emphasizes high quality, moderate cost, theatrical feature films and television projects.
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.