PENTICTON, British Columbia, May 24, 2005 (PRIMEZONE) -- On Monday, a mistaken posting at Yahoo's financial page has caused some damage for ProDigital Film Studios, Inc. (Pink Sheets:PRGT). Specifically, Yahoo incorrectly posted an article from Morningstar.com, "Four Tiny Funds with Big Potential" under ProDigital Film Studios Headline News section -- tying the articles' symbol PRGTX to PRGT (ProDigital Film Studio, Inc.).
"Unfortunately, this mistake caused other mistakes. From what I can gather, someone purchased PRGT shares intending to purchase PRGTX. Discovery of this error prompted their immediate sellout which adversely affected our market," stated Darone Davis, ProDigital Film Studios, Inc.'s President and CEO. Yahoo and Morningstar were both immediately contacted to correct the mis-posted article to avoid any further mistakes. "Morningstar was very helpful and professional in working with us to resolve this issue," Davis continued.
Timing of this error could not have be worse as potential investors seriously looking at becoming PRGT shareholders this week are wondering what's going on.
"We just started to build steam and planned to announce a major effort and push for ProDigital this week. This is not the attention that we had planned to start the week with," says Davis. "The push is still on and announcements will follow soon."
About ProDigital Film Studios, Inc.
In May 2000, ProDigital Film Studios, Inc., (ProDigital) was created as a Nevada State Company for the purpose of developing and providing the missing two infrastructure elements of the Film Industry in British Columbia. ProDigital has been developed from scratch therefore eliminating and sidestepping all of "skeletons" usually accompanying the process of merging with existing shell-companies. Filings are pending to graduate to the OTC Bulletin Board.
ProDigital was carefully and strategically created to develop and build large, purpose-built, "Class A" production soundstages and, a complete digital post-production and animation facility. ProDigital will become a "New-Media Company" and a "One-Stop-Shop" for Production Companies and filmmakers. Penticton, BC, in the beautiful Okanagan Valley, has been chosen as the location of these facilities. From Vancouver, the Okanagan is a short 3-4-hour drive or a 45 minute flight and currently has everything needed to seriously attract Production Companies and the film industry, with the exception of the infrastructure mentioned above. In addition to the Okanagan's close proximately to Vancouver, a large talent pool of key and supportive film industry personnel currently reside in the Okanagan Valley and a local film school will serve as a resource of cutting-edge talent. The Okanagan also offers: vineyards, orchards, and towns that maintain the original building styles of their particular eras, semi-desert locales, beaches, alpine vistas and mountain lakes, ski hills, working paddle-wheelers and a steam locomotive running on 20 kilometres of track. Cities of the Okanagan Valley such as Kelowna and Penticton, are popular resort destinations for golfing, beach and water activities, and skiing. The Okanagan Valley is a very sensible and attractive business alternative to the congestion, stress, frustrating coastal weather/shooting conditions, and lengthy waits for urban "Class A" production sound stages: factors which negatively impact big city studio production, and will make ProDigital very competitive.
ProDigital can take pride that one of ProDigital's original goals or "raison d'etre" has been accomplished -- the establishment of the only professional postproduction facility or Post House in the Okanagan Valley. ProDigital has fulfilled half of it original commitment by setting the bar high by completely remodeling a commercial building in downtown Penticton and outfitting it with two complete Standard Definition, professional AVID digital post-production editing suites, a complete High Definition video editing suite, a professional audio editing/recording studio, a graphics and animation suite, video cameras and lights, plus additional related equipment, together constituting a complete and working professional Post House. With the completion of the post facility, ProDigital's focus is now on its second initial goal, building the Soundstages.
ProDigital has located and is currently going through the last stages of re-zoning 100-acres about 10 minutes from Penticton. It is a mountainous and very natural and secluded setting. ProDigital has plans to build five large, "Class A", architecture-specific soundstages. They will be fully soundproofed studios, having a clear-span interior of 15 ,000 to 20,000 square feet and about 40 ft. building-height ceilings. The soundstages will be equipped with ample three-phase power for shooting major movie productions. The site provides all of the amenities necessary for film production that can be found at any professional studio location with the added benefits accorded a more remote and spacious setting. Support buildings, executive offices, workshops, storage buildings, etc will complete each location to provide for all needs. On ProDigital's site, unique to other soundstage Studio lots, are log cabins and RV parking sites available as a substitute to the "circus" accommodations. Normally, because of limited space available in downtown city studio lots, the fifth-wheel trailers and RV's that accompany production companies (the circus) all park side by side like sardines in a can. ProDigital's studio site offers space for privacy and a unique alternative to crowded conditions and "trailer living." Our comfortable log cabins, furnished with all modern conveniences are more secluded, giving its tenant a peaceful refuge- an attractive creativity-generating alternative. Another feature of this 100-acres is its proximity to a gorgeous 18-hole golf course-literally, less than 2 minutes from the studio site entrance.
After the completion and development of the soundstages/studio site, ProDigital will create its own purely digital productions. There are several unique and very profitable projects that ProDigital has ready for development. ProDigital will become a technologically advanced Digital Movie and High Definition Television production company that uses only digital imaging processes in the production of movies and High Definition television production.
The greatest asset that ProDigital has right now is the expertise and experience of its Advisor Board. It is made up of producers, directors, pubic relations and media relations personnel, former studio site Operations Managers and postproduction supervisors each well know in each of their particular field. Their experience, knowledge, and networks are an incredible valuable asset. It is important to realise, and it should not be overlooked, that the successful past working relationships and repeat clients of the Advisory Board members would follow these members to ProDigital's facilities. They bring with them producers, directors and other industry people who feel very comfortable working with them which directly translates into business for the company even before the first facility is built.
Except for any historical information, the matters discussed in this press release contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These forward-looking statements involve risks and uncertainties, including activities, events or developments that the Company expects, believes or anticipates will or may occur in the future. A number of factors could cause actual results to differ from those indicated in the forward-looking statements, including the success of the Company's strategy to focus on the development and marketing of it proprietary product, the success of the Company's cost-containment measures, the success of the Company's outsourcing arrangements, the success of the Company's turnaround strategy, and the success of the new product initiative. Such statements are subject to a number of assumptions, risks and uncertainties. Readers are cautioned that such statements are not guarantees of future performance and those actual results or developments may differ materially from those set forth in the forward-looking statements. The Company undertakes no obligation to publicly update or revise forward-looking statements, whether as a result of new information or otherwise.