Odyssey Pictures Enters Into New Business Arrangement

Odyssey Pictures Enters Into New Business Arrangement DALLAS, Dec. 28 /PRNewswire-FirstCall/ -- Odyssey Pictures Corporation, (OTC Pink Sheets: OPIX; Frankfurt: ODY) As a first result of new business strategy, Odyssey Pictures Corp. has entered into negotiations and has defined a term sheet to acquire 51% of the new German broadcaster Star! Entertainment Factory GmbH, of Berlin. The specialty channel concept is based on the experience of Chum Television Toronto, which has broadcasted the Star! concept successfully in Canada for more than 6 years and has launched it this summer in Scandinavia. Star! Entertainment Factory GmbH, Berlin will launch its program within the next weeks and will reach almost 20 million homes in the German speaking countries in Europe. Other shareholders of Star! Entertainment Factory GmbH are ChumCity Ltd, Toronto, one of the leading Canadian broadcasters (550 million Can$ turnover), VCL Film & Medien AG, Munich, distribution partner of Warner Bros., Germany, who specializes in the distribution of home entertainment content, and MME Me, Myself & Eye Entertainment AG Hamburg, key-supplier for television content in the German entertainment sector. Some of MME Me, Myself & Eye Entertainment AG clients are RTL, Sat1, ARD and ZDF. The company is producing leading music shows such as THE DOME and Top Of The Pops. This activity comes as a result of the new appointment of Mr. HansJoerg Finsterwald as Co-CEO and is an expression of Odyssey Pictures Corp's new strategy to extend and further develop the company's business areas. In addition to extending its sales activities, Odyssey will also be active in the promising related fields of content trade and distribution for television and multimedia. A group of Swiss investors supports Odyssey's expansion into these new businesses. This access to additional capital will enable the company to become one of the frontrunners in the very active and profitable international multichannel business, being the integration of content distribution via TV, Internet and Mobile Communications. Mr. Finsterwald and Odyssey's President, Mr. Foster, have known each other for some time and discussed the possibility of pursuing this endeavor as an added view to enhancing shareholder value as well as revenues in the short term, while keeping its growth pattern in the markets. Co-CEO John Foster states, "Although our efforts to grow have become very burdened with changes and new beginnings, this new business opportunity is a very positive way to begin building a foundation in the areas we have been trying to establish since I came on board. This opportunity is the end of a long road of development that has been supported by many well-known companies who have a stronghold in the international markets of television and multi-channel distribution. It is the right time to engage in this market and give our product excellent support." Odyssey is a Nevada Corporation, based in Dallas and operates as an international media sales company that has mainly been involved in the film distribution business, more specifically in the financing and distribution of more than 120 feature films since 1989. Statements in this news release that relate to future plans, financial results or projections, events or performance are forward-looking statements within the meaning of section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Act of 1934, as amended. Actual results may differ materially due to a variety of factors. Source: Odyssey Pictures Corporation CONTACT: John Foster, Chairman and Co-CEO of Odyssey Pictures Corporation, +1-972-818-7990, Fax: +1-972-818-7829 Web site: http://www.odysseypix.com/ ------- Profile: International Entertainment