Family Room Pays Off Line of Credit
LOS ANGELES — Family Room Entertainment Corporation (OTCBB:FMLY) is pleased to announce that it has fully paid off its debt contracted through its line of credit with its banking facility. Family Room’s line of credit had originally stood at five hundred thousand dollars (US$500,000). Family Room announced on June 9, 2004 that it anticipated being able to pay off its line of credit by December 31, 2004 with a goal of strengthening its balance sheet. At this time, Family Room has successfully met this target.
Co-chairmen Randall Emmett and George Furla stated: “We are very excited about achieving our aim of entirely paying off Family Room’s line of credit by December 31, 2004. We are hopeful that Fiscal 2005 will be a very good year for Family Room Entertainment.”
About Family Room Entertainment
Family Room Entertainment Corporation, with its subsidiaries, Emmett/Furla Films Productions, Emmett/Furla Films Distribution and EFF Independent, is a publicly held company trading on the NASDAQ Bulletin Board under the symbol “FMLY.” Family Room Entertainment develops, produces and performs production related services for the entertainment industry. Family Room Entertainment’s aim is to create and produce high quality motion pictures with high profile talent that can be distributed to a worldwide audience. FMLY derives its income from producer fees, production consulting, service fees and royalties, as well as its participation in the profits of the various pictures it produces.
The FMLY co-founders, Randall Emmett and George Furla, believe that they have the expertise and contacts within the entertainment industry, specifically in the competitive production and distribution arenas, to profitably acquire content, package product by adding value to the content with top quality talent and produce motion pictures which are in the moderate to higher level budgets, which can be distributed to a mass worldwide audience. However, there is no assurance that any motion picture, which has not yet been released, will be released, that a change in the scheduled release dates of any such films will not occur or, if such motion picture is released, it will be successful.
Forward Looking Statement:
Safe Harbor: Statements contained in this news release which are not historical facts are forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are subject to risks and uncertainties, which could cause results to differ materially from those projected.
This news release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 (the “ACT”). In particular, when used in the preceding discussion, the words “plan,” “confident that,” “believe,” “expect,” “intend to” and similar conditional expressions are intended to identify forward-looking statements within the meaning of the ACT and are subject to risks and uncertainties, and actual results could differ materially from those expressed in any forward-looking statements. Such risks and uncertainties include, but are not limited to, market conditions, competitive factors, the ability to successfully complete additional financings and other risks.
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