SOURCE: Legend Mobile

October 17, 2007 08:00 ET

Legend Studios, Inc. to Acquire Midnight Movies Group

NEW YORK, NY--(Marketwire - October 17, 2007) - Legend Studios, Inc. ("LSI"), a wholly owned subsidiary of Legend Mobile, Inc. (OTCBB: LGMB) (Frankfurt Reg S AOJEGA) announced today that it has signed a Letter of Intent to acquire the assets of Midnight Movies Entertainment, Inc (www.midnightmoviesgroup.com), for a combination of cash and securities in Legend Studios, Inc.

Midnight Movies Group operates several entertainment and new media businesses including specialized motion picture production and distribution, the "Web 2.0" portal "ShortScreams" and New Broadway Cinema. Its most current film release is "Night of the Living Dead 3D" (www.notld3d.com), which was released on DVD in the US on October 9, 2007 by LionsGate.

"We believe that LGMB's recent commitment to diversify the Company into the entertainment sector, via mixed martial arts and its history of celebrity associated ventures, now makes it an ideal fit for our own operations and the combination and access to the public marketplace will help us to significantly grow our business," said T. Joseph Coleman, CEO of Midnight Movies Group.

Peter Klamka, CEO of Legend, said, "We are every excited to have the opportunity to acquire these assets. As we expand our business there are opportunities for comarketing, enhanced distribution, and other added value benefits to our shareholders and customers."

The letter of intent is subject to due diligence and the execution of a definitive agreement.

This news release contains forward-looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995 including statements regarding our planned entry into the mixed martial arts sport and immediately monetizing the promoter's existing library. These statements are based upon our current expectations and speak only as of the date hereof. Our actual results may differ materially and adversely from those expressed in any forward-looking statements as a result of various risks and uncertainties, including our ability to enter into a definitive agreement, the ability of Legend Mobile and Legend Studios to fund its obligation under the letter of intent, the public acceptance of mixed martial arts, rapid technological change in our markets, changes in demand for our future products, legislative, regulatory and competitive developments and general economic conditions. Our filings with the SEC include other risks that may negatively affect our business, results of operations and financial condition. We undertake no obligation to revise or update publicly any forward-looking statements other than as required by law.

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