updated 1/11/2011 6:16:56 AM ET 2011-01-11T11:16:56

WESTLAKE VILLAGE, Calif., Jan. 11, 2011 (GLOBE NEWSWIRE) -- Empire Film Group, Inc. (Pink Sheets:EFGU) is pleased to announce the Company has entered into a multi picture film production joint venture with Tayrona Entertainment. The agreement was finalized last week in Cartagena, Colombia as Empire CEO Dean Bornstein and Tayrona President James Ordonez are on location commencing pre-production activities on their first joint venture co-production feature film "Havana Heat".

"Havana Heat" is an action adventure story about an ex-secret service agent who is called back into service on special assignment on the Island of Cuba. To benefit from tax incentives, currency exchange rates and lower production costs, the project will be filmed on location in Colombia in the city of Cartagena. The city closely resembles and will double for Havana.

"Did U Get My Text" is another Empire/Tayrona co-production in development. The contemporary comedy was written by former "Family Matters" star J.A. White with Joel Zwick attached as director. Zwick directed "My Big Fat Greek Wedding," one of the highest grossing independent films of all time with worldwide box office sales of over $350,000,000. 

A third project in development is "The Final Game," a $40,000,000 action adventure film. The film tells the story of an NFC championship team on its way to its first Super Bowl when the team is kidnapped to a remote area by mercenary soldiers of unknown origin and forced to play a real game of life and death.

"We are excited to begin our partnership with James and Tayrona and look forward to developing and producing several projects with them beginning in 2011," commented Mr. Dean Hamilton Bornstein, CEO of Empire Film Group, Inc.

Tayrona currently manages a U.S. P&A Fund of $100,000,000 and a Latin American P&A Fund of $80,000,000 for theatrical feature film releases in the United States and Latin America, as well as direct co-financing capabilities.  Under the terms of the agreement Tayrona will arrange the production financing of these projects and commit over $10 Million per project to P&A in the United States and Latin America.  Tayrona's recent successful releases include "Agora", the second highest grossing film in Spain in 2009 behind "Avatar".  Release schedule for 2011 includes international blockbusters "Kites," "O Apostolo," "Standing Ovation," "Four Saints" and "6 Days Dark," among others.  "Thanks to our current capacities, Tayrona Entertainment Group is one of the few distribution, financing and production houses providing wide release and studio marketing level capacities in Latin America.  Our movies are grossing an average of $30 to $50 Million in the region thanks to our formula of combining International themes, Hollywood talent and Latin American stars, major marketing campaigns and high quality pictures. Our Joint Venture with Empire Film Group will follow the same successful game plan, giving the three earmarked pictures the potential to become major international blockbusters. We're very excited," commented Mr. James Ordonez, President of Tayrona Entertainment Group.

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 through its wholly owned subsidiary Producers Releasing Organization. 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 multi media and digital environments.


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.

CONTACT: Empire Film Group, Inc.
         Jim Townsend

© Copyright 2012, GlobeNewswire, Inc. All Rights Reserved


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