SOURCE: Peace Arch Entertainment Group Inc.

January 14, 2008 18:32 ET

Peace Arch Entertainment Updates Release of Year End Financial Information and First Quarter Financial Information

TORONTO--(Marketwire - January 14, 2008) - Peace Arch Entertainment Group Inc. (AMEX: PAE) (TSX: PAE), an integrated global entertainment company creating and acquiring critically acclaimed film, television and DVD content for worldwide distribution, today provided an update with respect to the Company's SEDAR filing of its audited financial statements for the year ended August 31, 2007 and its first quarter period ending November 30, 2007.

As announced on December 6, 2007 and as updated on December 17, 2007 and December 31, 2007, the Company has yet to file its financial statements for the year ended August 31, 2007. As a result of not filing its financial statements, it has yet to file its financial statements for the first quarter ended November 30, 2007. Given recent material events such as management changes and the required integration activities related to recent acquisitions, the Company requires additional time to complete its annual financial statements and audit. Once it files its annual financial statements, the first quarter will be filed shortly thereafter.

Peace Arch fully intends to continue to satisfy the provisions of the Alternative Information Guidelines until its scheduled release. On December 13, 2007, the Ontario Securities Commission issued a management and insider cease trade order which shall continue until such time as the statements are filed. Should the Company not file its financial statements on or before January 29, 2008, the Ontario Securities Commission may impose an issuer cease trade order.

Other than the release of the financial statements, the Company confirms that there is no other material information concerning the affairs of the Company that have not been generally disclosed as of the date hereof.

About Peace Arch Entertainment Group Inc.

Peace Arch Entertainment produces and acquires feature films, television and home entertainment content for distribution to worldwide markets. Peace Arch owns one of the largest libraries of top quality independent feature films in the world, featuring more than 1,000 classic and contemporary titles. For additional information, please visit www.peacearch.com. For more investor-oriented information about Peace Arch Entertainment, visit http://www.trilogy-capital.com/tcp/peace-arch/. For current stock price quotes and news, visit http://www.trilogy-capital.com/tcp/peace-arch/quote.html. To view an Investor Fact Sheet, visit http://www.trilogy-capital.com/tcp/peace-arch/factsheet.html. To read a transcript of a recent Peace Arch investor conference call or listen to an archived recording, please visit http://www.trilogy-capital.com/tcp/peace-arch/conference.html.

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.

Contact Information

  • Contact:

    Roy Bodner
    Senior Vice President
    Marketing and Communications
    Peace Arch Entertainment
    (310) 776-7208
    Email Contact: Email Contact

    or

    Financial Communications
    Trilogy Capital Partners
    Ryon Harms
    (800) 592-6067
    Email Contact: Email Contact