Odyssey Pictures Corp. Posts First Profitable Year Since 1992

Odyssey Pictures Corp. Posts First Profitable Year Since 1992

Company's 2008 10K Filing Reflects Expanded Business Model

PLANO, Texas, Sept. 2 /PRNewswire-FirstCall/ -- Odyssey Pictures Corporation (Pink Sheets: OPIX) (Odyssey), a media/marketing company, recently announced in its audited financial statements filed with the Company's annual report with the Securities and Exchange Commission, the results for its fiscal year ending June 30, 2008. The Company posted profits for the first time since June 30, 1992. Gross revenues for 2008 of $400,000 generated $158,000 in profits after operating expenses and credits resulting from settlements.

General overhead and administrative expenses decreased to $278,500 for 2008, from $409,200 in 2007. This was partially due to Odyssey successfully negotiating full settlements of long-standing litigation matters and outstanding judgments.

Although primarily an entertainment company that focused on the financing and distribution of motion pictures, Odyssey has adapted its business model over the past two years and committed itself to becoming a diversified media/marketing services company. The Company's business now encompasses branding & marketing services, web site design and online business development services. Odyssey's reported earnings in fiscal 2008 are the result of a branding & marketing contract with a U.K. based client. Odyssey's other areas of planned expansion include entertainment content acquisition, IPTV digital delivery technologies, IT platform management, and corporate finance.

Odyssey's President/CEO John Foster stated, "The combination of the new revenue base and ongoing settlements will greatly assist Odyssey in establishing itself as a competitive and profitable player in the media and web branding markets."

About Odyssey

Odyssey Pictures Corporation was founded in 1989 as a publicly traded entertainment company specializing in the financing and distribution of motion pictures. Texas based Odyssey has re-strategized, re-financed and committed itself over the past two years to a more diversified and forward-leaning business model. Odyssey Pictures is now engaged in a full range of media and marketing related activities, including content acquisition, multi-platform distribution, new media technology, branding & marketing services and corporate finance. Under the Odyssey Pictures Corporation umbrella, the following operating divisions work both as independent profit centers and synergistic partnerships within the Company: 1) Odyssey Entertainment 2) Odyssey Brand Marketing Services 3) Odyssey Digital 4) Odyssey Growth Capital.

Forward Looking Statements

Certain statements contained herein are forward looking. These forward-looking statements are based on our current expectations and are subject to a number of risks, uncertainties and assumptions. Many factors could cause actual results to differ significantly from these statements, including our history of operating losses, our need for additional financing, a failure of our products to perform as expected, introduction of competing products by other companies, pressures on prices from competitors and/or customers, regulatory obstacles to new product introductions, lack of acceptance of our products and technology changes. These risks, uncertainties and assumptions are detailed in documents filed by us with the Securities and Exchange Commission. The Company cautions that the foregoing list of important factors is not exclusive. Any forward-looking statements are made as of the date of the document in which they appear. The Company does not undertake to update any forward-looking statement that may be made from time to time by or on behalf of the company.

First Call Analyst:
FCMN Contact: dspelling@spellcom.com

Source: Odyssey Pictures Corporation

CONTACT: Dan Spelling of Spelling Communications, +1-213-415-7400,
dspelling@spellcom.com, for Odyssey Pictures Corporation

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Profile: International Entertainment