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PAE Peace Arch Ent Grp

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Share Name Share Symbol Market Type
Peace Arch Ent Grp AMEX:PAE AMEX Ordinary Share
  Price Change % Change Share Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 0.00 -

Peace Arch® Entertainment Receives Delisting Notice from NYSE Amex

21/09/2009 3:00pm

Business Wire


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On September 17, 2009, Peace Arch® Entertainment Group Inc. (AMEX:PAE) (TSX:PAE.TO) (the “Company”) received notice from the NYSE Amex LLC (“Amex” or the “Exchange”) of the Exchange’s intent to delist the Company’s common shares. The Company continues to review its options but has decided not to appeal Amex’s determination to seek delisting. If the Company does not appeal the determination, the effective date of delisting will be September 30, 2009.

The Amex notification states the following bases for the Amex delisting determination. First, the Exchange states that the Company is not in compliance with Sections 134 and 1101 of the Exchange’s Company Guide (the “Guide”) because it has not filed its Annual Report on Form 20-F for the year ended August 31, 2008 with the Securities and Exchange Commission. Further, the Exchange states that the Company did not complete a reverse stock split that the Exchange deemed appropriate pursuant to Section 1003(f)(v) of the Guide to address the Company’s low selling price. Given the continued low selling of the Company’s common shares, Amex stated that the Company’s common shares are not suitable for auction market trading. The Exchange also stated that the Company’s reduced market capitalization constitutes an additional deficiency.

The Company’s business operations will continue in the normal course and will not be affected by the status of its Amex listing. The Company is proceeding with its efforts to complete its Form 20-F for the year ended August 31, 2008, but there can be no assurance as to whether or when such a filing will occur. Upon delisting from Amex, the Company believes its common shares will be eligible to be traded on the Pink Sheets.

About Peace Arch Entertainment Group Inc.

Peace Arch Entertainment produces and acquires feature films and television content for distribution to worldwide markets. The Company’s award winning drama “The Tudors” airs on Showtime in the United States and the CBC in Canada, and its lifestyle series “Last 10 Pounds Boot Camp” and “Bulging Brides” both air on The Fine Living Network in the U.S. and Slice in Canada. Peace Arch’s recent feature film releases include “The Mysteries of Pittsburgh” starring Jon Foster, Peter Sarsgaard, Sienna Miller, Mena Suvari and Nick Nolte and “JCVD” starring Jean Claude Van Damme. For additional information, please visit www.peacearch.com.

Forward-Looking Statements

This press release includes statements that may constitute forward-looking statements, usually containing the words “believe,” “estimate,” “project,” “expect,” or similar expressions. These statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements inherently involve risks and uncertainties that could cause actual results to differ materially from the forward-looking statements. By making these forward-looking statements, the Company undertakes no obligation to update these statements for revisions or changes after the date of this release.

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