SOURCE: Independent Film Development Corporation

August 26, 2008 16:26 ET

Independent Film Development Corporation and Imperia Entertainment Mutually Rescind Acquisition of Imperia

BEVERLY HILLS, CA--(Marketwire - August 26, 2008) - Independent Film Development Corporation (IFDC) announced today that it and Imperia Entertainment, Inc. (PINKSHEETS: IMPN) (Imperia) have executed a Rescission and Settlement Agreement, whereby IFDC and Imperia and certain shareholders of IFDC have rescinded the acquisition of a controlling equity common share interest in Imperia.

ABOUT IFDC

Independent Film Development Corporation (www.independentfilmdevelopment.com) is a business development company with an emphasis on acquisition of securities of portfolio companies engaged in independent film sales, distribution and production, with a goal toward building a portfolio of securities of portfolio companies cooperating with each other to collectively becoming significant competitors to mini-major studios, such as Lions Gate. IFDC owns 100% of Signature Entertainment, Inc., a distribution company, and is in the process of acquiring securities in Not By Sight Entertainment, Inc., a publicly held company trading on the pink sheets, and Basketball Tournament Enterprises, Inc., a privately held company.

ABOUT IMPERIA ENTERTAINMENT, INC.

Imperia Entertainment, Inc. (PINKSHEETS: IMPN) is engaged in the business of producing highly original television series and producing full length feature independent films. Along with its equity interest in the video movie "All That I Need," (www.allthatineed.net) which was released in theaters December 2, 2005, and its recently completed feature film, "Say It in Russian," starring Faye Dunaway, a main attraction at the Monte Carlo Television Festival in June 2008 and recently accepted for competition by "The Other Venice Film Festival," the company's media library includes the award winning "Autograph" television series, which won a Bronze Medal at the New York festivals in 2003 and a Gold Globe Award from the World Media Festival in Hamburg in 2003, The New Three Stooges cartoon masters, and seven other films.

This press release contains statements, which may constitute "forward-looking statements" within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934, as amended by the Private Securities Litigation Reform Act of 1995. Those statements include statements regarding the intent, belief or current expectations of Imperia Entertainment, Inc. and members of its management as well as the assumptions on which such statements are based. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ materially from those contemplated by such forward-looking statements. Important factors currently known to management that could cause actual results to differ materially from those in forward-statements include fluctuation of operating results, the ability to compete successfully and the ability to complete before-mentioned transactions. The company undertakes no obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results.

Contact Information

  • Independent Film Development Corporation
    Jeff Ritchie
    310-275-0880
    Email Contact