WESTLAKE VILLAGE, Calif., Jan. 10, 2012 (GLOBE NEWSWIRE) -- Empire Film Group, Inc. (Pink Sheets:EFGU) has announced that it is finalizing negotiations to enter into a joint venture agreement with Tayrona Entertainment Group involving a distribution slate in 2012 that covers Latin America and Spain. In addition, Tayrona plans to release a slate of feature films with Empire in 2013, 2014 and 2015. Both companies are currently working together on the development and production of several feature films and television projects that the companies will co-produce in 2012 and 2013.
"We are excited to be teaming with James Ordonez and his team at Tayrona Entertainment Group on their future releases along with co-productions that we have in development and pre-production. Tayrona is positioned to be a leading distributor alongside the Major Studios in Latin America," commented Mr. Dean Hamilton Bornstein, CEO of Empire Film Group, Inc.
Empire and Tayrona will announce its 2012 slate of films shortly along with current acquisitions that will be obtained at the upcoming sales markets and film festivals.
Tayrona currently manages a Latin American Print and Advertising Fund of $80,000,000 for theatrical feature film releases in Latin America and Spain. Tayrona also has direct co-financing capabilities for the development and production of feature films worldwide. Under the terms of the Empire joint venture Tayrona will arrange the production financing of these projects and commit up to $10 Million per project in Prints and Advertising in Latin America and Spain.
Empire Film Group, Inc. is a fully-integrated film and television production and distribution company with distribution capabilities to reach theatrical, video, television, video-on-demand and international markets. Empire Sports Group, Inc. is a wholly owned subsidiary of Empire Film Group set up to develop, acquire, produce, market and distribute sports related entertainment properties in film, television and in various multimedia and digital environments.
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This press release may contain certain forward-looking statements within the meaning of Sections 27A & 21E of the amended Securities and Exchange Acts of 1933-34, which are intended to be covered by the safe harbors created thereby. Although the company believes that the assumptions underlying the forward-looking statements contained herein are reasonable, there can be no assurance that these statements included in this press release will prove accurate.