SOURCE: Film and Music Entertainment, Inc.

January 17, 2006 14:40 ET

Film and Music Entertainment Signs 11 Picture Co-Production Deal

LOS ANGELES, CA -- (MARKET WIRE) -- January 17, 2006 -- Film and Music Entertainment, Inc. (OTC: FLME) announced today the Company has signed a letter of intent with 100% Entertainment, Inc. and Red Hot Entertainment LLC, to co-produce up to 11 science fiction-horror genre films over the next four years. The first of these films is "Ancient Blood," a current-day tale of alien invasion, which is expected to commence principal photography on location this spring. Stanley Isaacs ("Raptor Island," "Last Gasp") and Pat Corbitt ("Megalodon," "Raptor Island") are set to direct and produce with Ric Zivic ("The Christmas Secret"). Unreal Productions ("Man With the Screaming Brain," "Alien Apocalypse") is set to provide digital video effects with Zivic's Z Music Entertainment set to provide the music supervision.

Film and Music Entertainment will executive produce and arrange worldwide distribution.

Film and Music Entertainment is a publicly traded independent entertainment production and distribution company, which produces high-quality, theatrical feature films for worldwide distribution.

Statements included within this press release that are not historical in nature constitute forward-looking statements for the purpose of the safe harbor provided by the Private Securities Litigation Reform Act of 1995. Investors are cautioned that this press release contains certain such forward-looking statements that involve substantial risks and uncertainties. When used, the words "anticipate," "believe," "estimate," "expect," and similar expressions as they relate to the Company or its management are intended to identify such forward-looking statements. There can be no assurance that the Company will be able to market, sell or deliver successfully its services inside or outside the United States, given risk factors including but not limited to unexpected changes in regulatory requirements, export restrictions, tariffs and other trade barriers, longer payment cycles, and fluctuations in currency exchange rates, any of which could adversely affect the Company's operations. There can be no assurance that one or more of these factors will not have a material adverse affect on the Company's current or future operations and consequently, on the Company's business, results of operations, and financial condition.

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