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[shaolin]

MVEE PR this am. ~~~~~~~~~~~~~~~~~~~~~

LOS ANGELES, Aug. 29 /PRNewswire/ --
1st Miracle Group, Inc. (Pink Sheets: MVEE), a diversified Canadian film
production company, reported its 2001 financial results. For the year ended
April 30, 2001 revenues were $5.7 million as compared to $88,000 for the year
ended April 30, 2000. General and administrative expenses increased to $11.6
million from $8.4 million in the previous year. Development expense increased
to $7.4 million from $2.8 million for the same period last year and total
overhead increased to $26.3 million from $12.8 million for the same period
last year. Net loss for the year was $20.2 million compared to $12.7 million
last year and the loss per share on a fully diluted basis was ($0.004) as
compared to ($0.006) per share for the comparable period last year. All
dollar amounts are quoted in Canadian dollars.
Tony Cataldo, CEO of 1st Miracle stated "We have invested an aggregate of
$21.9 million in feature film titles and ancillary rights, ongoing operations
of the company and a 17% equity position in Alec Baldwin's feature film, "The
Devil and Daniel Webster". We believe that these investments will exemplify
the vision and determination we have of becoming a premier producer and
distributor of feature films."
1st Miracle has filed a Proxy and Management Information Circular for its
annual and special meeting of shareholders scheduled for October 3rd 2001 in
Toronto. The full text of the filings are available at http://www.sedar.com.

About 1st Miracle Group, Inc.
1st Miracle is an independent entertainment company dedicated to producing
and distributing quality motion pictures for distribution to theaters and
the home video market. Making a film does not end with the filming. The
company explores all options in releasing a film and making it available
worldwide.

This statement includes forward-looking information as that term is
defined in the Private Securities Litigation Reform Act of 1995, and,
therefore, is subject to certain risks and uncertainties. There can be no
assurance that the actual results, business conditions, business developments,
losses and contingencies and local and foreign factors will not differ
materially from those suggested in the forward looking statements as a result
of various factors, including market conditions, competition, advances in
technology and other factors.