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COURT FILING PAVES WAY FOR RESTRUCTURING OF MINDS EYE

Released on July 29, 2003

Minds Eye Entertainment of Regina has received court approval to freeze all of its outstanding debt so the company can have the time to restructure and make arrangements to repay its suppliers and other creditors. Minds Eye voluntarily filed for creditor protection under the Companies' Creditors Arrangement Act (CCAA) in the Court of Queen's Bench for Saskatchewan.

"We support this action by Minds Eye because it will allow the company to continue to operate and provide employment for a large number of people in Saskatchewan's film industry while giving it time to continue the restructuring process that is underway," said Zach Douglas, Senior Vice-President of Investments for Crown Investments Corporation (CIC).

CIC has agreed to provide debtor-in-possession financing of $675,000 during the restructuring period.

"This is not new financing, but simply the remaining portion of the $2 million CIC committed to Minds Eye last December," Douglas said. "The company needs the money so it can continue to operate while it is being restructured. This is the best possible solution in difficult circumstances."

The restructuring period is expected to take between six and 12 months.

Minds Eye Entertainment was established in 1986. It has played a leading role in the development of Saskatchewan's film and video industry.

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For More Information, Contact:

Zach Douglas
CIC
Regina
Phone: (306)787-5908

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