Comerica Exercises Conversion Right to Acquire $1.075 Million in Peace Arch Shares
Wednesday April 5, 12:00 pm ET
TORONTO--(MARKET WIRE)--Apr 5, 2006 -- Peace Arch Entertainment Group Inc. (AMEX:PAE - News) (Toronto:PAELV.TO - News), one of North America's fastest-growing independent film and television companies, announced today that Comerica Bank ("Comerica") has agreed to exercise its right under a January 2003 debt restructuring agreement between Comerica and the Company to convert its US$1.075 million note in the Company for 215,000 shares of Peace Arch common stock. Peace Arch provided for the issuance of these shares in June 2004.
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"We are pleased that Comerica elected to convert its note at a time when we are making significant progress in accelerating our business plan, including such steps as the successful acquisition of kaBOOM! Entertainment, a leading distributor of DVDs, videos and other merchandise," said John Flock, President of Peace Arch Entertainment.
About Peace Arch Entertainment Group Inc.
Peace Arch Entertainment develops, finances, produces and distributes proprietary feature film and television programming for worldwide markets. Based in Toronto with operating divisions in Vancouver, Los Angeles and London, Peace Arch has put eight new films into production since September 2005, including five titles for its new genre label Archetype Films as well as "DELIRIOUS" starring Steve Buscemi, Michael Pitt, and Alison Lohman and "CHAPTER 27" starring Jared Leto and Lindsay Lohan.
Forward-Looking Statements
This press release includes statements that may constitute forward-looking statements, usually containing the words "believe," "estimate," "project," "expect," or similar expressions. These statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements inherently involve risks and uncertainties that could cause actual results to differ materially from the forward-looking statements. Factors that would cause or contribute to such differences include, but are not limited to, continued acceptance of the Company's products and services in the marketplace, competitive factors, dependence upon third-party vendors, availability of capital and other risks detailed in the Company's periodic report filings with the Securities and Exchange Commission. By making these forward-looking statements, the Company undertakes no obligation to update these statements for revisions or changes after the date of this release.
