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Earthworks Entertainment Announces Equity Purchase in "Escobar," an Oliver Stone Movie

Posted on: Tuesday, 21 October 2008, 12:00 CDT

Earthworks Entertainment, Inc. (PINK SHEETS: EWKE) today announced that the Company has purchased an equity position in "Escobar," an Oliver Stone Movie. In making the announcement, EWKE's President & CEO Steven Humphries said, "This is our first of many acquisitions in the recession proof entertainment and film industry."

Simultaneously with the Escobar announcement, the Company also announced that James Reach has joined the Company as Vice President/Business Development and is also heading up the newly formed Earthworks Films, a subsidiary of Earthworks Entertainment, Inc.

Prior to joining the Company, Reach founded Beyond Reach Entertainment/James Reach Productions where he co-wrote and produced his first full-length feature film, Something's Wrong in Kansas. In 2006, Reach partnered with Sony Pictures Entertainment and produced the film, Blonde Ambition. Reach, along with partner Oliver Stone, is currently producing Escobar, a feature film that will chronicle the life of Pablo Escobar.

Reach commented, "I'm pleased to be joining Earthworks in this new position, as we already have many movie deals in the works that we will be announcing before the end of the year. Obviously, Escobar is an important part of our launch. This is the story of the notorious Columbian drug Lord, Pablo Escobar presented and produced by the legendary Oliver Stone."

In addition to the Escobar movie, Reach also said, "The Company is in negotiations with major industry video game developers to produce a video game, which will be released with the movie in 3Q, 2009."

Humphries further commented, "Earthworks Films will contribute a significant amount of revenue to Earthworks Entertainment over the next several months as we become a player in the exciting motion picture and film industry."

The statements contained in this press release that are not historical facts are forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934 ("the Securities Act"), as amended and the Private Securities Litigation Reform Act of 1995. Such forward-looking statements may be identified by, among other things, the use of forward-looking terminology such as "believes,""expects,""may,""will,""should," or "anticipates" or the negative thereof or other variations thereon or comparable terminology, or by discussions of strategy that involve risks and uncertainties. In particular, our statements regarding the anticipated growth of the company from our subsidiary divisions, the anticipated longer-term growth of our business, and the timing of the projects and trends in future operating performance are examples of such forward-looking statements. The forward-looking statements include risks and uncertainties, including, but not limited to, the timing of revenues due to the uncertainty of market acceptance and other factors, including general economic conditions, not within our control. The factors discussed herein and expressed from time to time in our filings with the Securities and Exchange Commission could cause actual results to be materially different from those expressed in or implied by such statements. The forward-looking statements are made only as of the date of this filing and we undertake no obligation to publicly update such forward-looking statements to reflect subsequent events or circumstances.

Source: Business Wire

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