SOURCE: Imperia Entertainment, Inc.

May 05, 2008 09:05 ET

Imperia Entertainment Closes Warrant Offering and Seals Common Stock Count on Eve of Independent Film Development Corporation's Initial Public Offering

BEVERLY HILLS, CA--(Marketwire - May 5, 2008) - Imperia Entertainment, Inc. (PINKSHEETS: IMPN) announced today the closing of its warrant offering that, fully diluted, adds only 18 million common shares to the existing 1,935,347 shares for a total outstanding common share count of 19,935,347 common shares on a fully diluted basis, assuming the exercise of 100% of the warrants, each of which entitle the holder to purchase one share of common stock for $1.00. Its parent company, Independent Film Development Corporation (IFDC), announced the launching of its initial public offering tomorrow, May 6, 2008. In addition to sealing Imperia's common share capital at these levels, IFDC has also cancelled 80% of its 200,000 preferred convertible shares, converting 10% of its preferred shareholdings in Imperia to 200 million shares of common stock. "We would like to thank our current investors for their support of Imperia in this restructuring phase, and are committed to working together to achieve this company's full potential," said Jeff Ritchie, Chief Executive Officer of Imperia and IFDC. IFDC's initial public offering is for 625,000 units, each consisting of one share of common stock and one warrant to purchase one share of common stock at $4.00 per share, according to documents filed with the SEC on April 25, 2008. Interested parties can join daily investors' roundtable discussions with management at 1:30 p.m. Pacific Time, daily, by calling 1-605-990-0700, and entering access code 444636#.

ABOUT IMPERIA ENTERTAINMENT

Imperia Entertainment, Inc.'s (www.imperiaentertainment.com) plan of operations emphasizes three main areas of film production and finance: Co-financing projects with A-List talent attached, acquiring product in the development stage, and its own film production. This, coupled with film distribution through IFDC's new film distribution subsidiary, makes up the new revenue model for the Company. The Company will emphasize not only new projects with A-List talent attached, but also its own library of feature films and television programming, including, "Say It In Russian" starring Faye Dunaway, the award-winning "Autograph" television series, "The New Three Stooges," and seven other television movies.

ABOUT INDEPENDENT FILM DEVELOPMENT CORPORATION

Independent Film Development Corporation (www.independentfilmdevelopment.com) is a business development company, concentrating on investing in and lending management guidance to film related companies with an emphasis on film distribution. IFDC's plan of operations is to acquire the securities of portfolio companies engaged in independent film sales, distribution and production, with a goal toward our portfolio companies combining management, contacts and financing to become a significant competitor to mini-major studios, such as Lions Gate. www.independentfilmdevelopment.com.

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

  • Imperia Entertainment, Inc.
    George Ivakhnik
    310-275-0089
    Email Contact