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News Release
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YALETOWN ENTERTAINMENT CORP. 407 - 535 Howe Street, Vancouver, B. C. V6C 2Z4 Tel: (604) 688-0118 Fax: (604) 688-3348 CUSIP# 984909101 Rule 12g3-2(b)# 82-4336 |
May 29, 1996 A.S.E Trading Symbol: YAL
CORPORATE UPDATE
In response to shareholder enquiries Yaletown Entertainment Corp. (the " Company") provides to shareholders and potential shareholders the following information update.
As previously announced, the Company's 50% owned comedy feature film Urban Safari is scheduled to open theatrically in Europe in Zurich, Switzerland on July 26, 1996. Distribution is being handled by United International Pictures. The Company is also in discussion with United International Pictures with respect to possible theatrical releases in Germany and Spain. No agreement has been reached in respect of either Germany or Spain and, in part, the ability to conclude any agreement is dependant upon certain trade regulations affecting the European Economic Community, in particular a determination as to the amount of European content in Urban Safari. A positive determination, if such in turn resulted in further theatrical releases, would have a positive impact in the value to the Company of subsequent television or video sales.
The Company is continuing to review additional product for further motion picture projects and, in particular, has made an offer to acquire rights to a popular detective/thriller. The agent for the author has asked to view Urban Safari but has not yet indicated whether the financial terms of the offer are acceptable. Any accepted offer would remain subject to completion of detailed contracts.
The Company has also been reviewing a number and investigating a few prospects in the mineral exploration sector and, in particular, has completed its due diligence review of a twenty-four square kilometre exploration prospect outside of Santiago, Chile. The Company intends to make a proposal for this prospect in the near future. No agreement has been reached at this time and shareholders and potential shareholders will be apprised as soon as any agreement in principle is reached with details of the agreement and particulars of the property. Any agreement in principle will be subject to formal contract documents and the approval of the Alberta Stock Exchange. The Company is looking at other potential mineral exploration acquisitions but no agreements are imminent.
Shareholders are cautioned that any acquisition in the mineral exploration arena would represent a diversification of corporate endeavour only and not a change in the Company's principle business activity.
For further information, please contact Mr. John Cumming, Chief Executive Officer, at (604) 688- 0118.
John C. R. Cumming, Director, Chairman & C.E.O.
THE ALBERTA STOCK EXCHANGE HAS NEITHER APPROVED NOR DISAPPROVED OF THE CONTENTS OF THIS PRESS RELEASE.
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Yaletown Entertainment Corporation, Vancouver B.C. Canada
tel: (604) 669-3543 - Executive/Production Offices
Canadian Venture Exchange: ECY