UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C., 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16
UNDER THE SECURITIES EXCHANGE ACT OF 1934
For the month of March 2002
| PEACE ARCH ENTERTAINMENT GROUP INC. (Translation of Registrant's name into English) |
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#500, 56 East 2nd Avenue, Vancouver, B.C., Canada, V5T 1B1 (Address of principal executive office) |
[Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20F or Form 40-F.
Form 20-F [X] Form 40-F [ ]]
[Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to rule 12g3-2(b) under the Securities Exchange Act of 1934.
Yes [ ] No [X]
(If
"Yes" is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b):
82- )]
March 18, 2002
FOR IMMEDIATE RELEASE
PEACE ARCH ANNOUNCES FURTHER REPAYMENT OF DEBT
MANAGEMENT EXPECTS SUBORDINATED DEBT TO BE FULLY RETIRED
BY JULY 31ST
VANCOUVER, BC—Peace Arch Entertainment Group Inc. (AMEX: "PAE"; TSE: "PAE.A", "PAE.B"), a leading independent television production company in Canada, today announced that it has further reduced its outstanding subordinated debt by $1.2 million and reduced its current bank indebtedness by $6.6 million. During the past six months, the Company has reduced the amount of its subordinated debt by approximately 72% to $2.2 million, from $7.9 million on August 31, 2001. The Company reports that these repayments were made from general working capital.
"We are extremely pleased that we have realized our cash flow projections ahead of schedule, thus allowing us to reduce our total indebtedness by a total of $7.8 million," commented Garth Albright, Chief Financial Officer of Peace Arch Entertainment Group Inc. "We anticipate that the subordinated debt will be fully retired no later than July 31, 2002."
"This most recent repayment of subordinated debt is ahead of our planned repayment schedule," stated Juliet Jones, President and Chief Financial Officer of Peace Arch Entertainment Group Inc., "and confirms our commitment to eliminate high cost bridge financing as quickly as possible."
Peace Arch Entertainment Group Inc. creates, develops, produces and distributes proprietary television programming for worldwide markets and is headquartered in Vancouver, British Columbia. Additional information on its award-winning television series, feature films and documentaries can be found on the Company's website at www.peacearch.com.
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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. Factors that would cause or contribute to such differences include, but are not limited to, continued acceptance of the Company's products and services in the marketplace, competitive factors, dependence upon third-party vendors, and other risks detailed in the Company's periodic report filings with the Securities and Exchange Commission. 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.
| For media inquires, please contact: | For investor inquiries, please contact: | |
Carole Appleby, Media Relations |
RJ Falkner & Company, Inc. |
|
| Peace Arch Entertainment Group Inc. | Investor Relations Counsel | |
| Tel: (604) 681-9308 | Tel: (800) 377-9893 | |
| Email: cappleby@peacearch.com | Email: info@rjfalkner.com |
PEACE
ARCH ENTERTAINMENT GROUP INC.
Suite 500 - 56 East 2nd Avenue, Vancouver, BC Canada V5T 1B1
Tel: 604 681-9308 Fax: 604 681-3299 www.peacearch.com
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Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| PEACE ARCH ENTERTAINMENT GROUP INC. (Registrant) |
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Date March 15, 2002 |
By: |
/s/ JULIET JONES (Signature)* Juliet Jones, President and CEO |
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*Print the name and title under the signature of the signing officer. |
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A. Rule as to Use of Form 6-K,
This form shall be used by foreign private issuers which are required to furnish reports pursuant to Rule 13a-16 or 15d-16 under the Securities Exchange Act of 1934.
B. Information and Document required to be Furnished,
Subject to General Instruction D herein, an issuer furnishing a report on this form shall furnish whatever information, not required to be furnished on Form 40-F or previously furnished, such issuer (I) makes or is required to make public pursuant to the law of the jurisdiction of its domicile or in which it is incorporated or organized, or (ii) files or is required to file with a stock exchange on which its securities are traded and which was—ade public by that exchange, or (iii) distributes or is required to distribute to its security holders.
The information required to be furnished pursuant to (I), (ii) or (iii) above is that which is material with respect to the issuer and its subsidiaries concerning: changes in business; changes in management or control; acquisitions or dispositions of assets; bankruptcy or receivership; changes in registrant's certifying accountants; the financial condition and results of operations; material legal proceedings; changes in securities or in the security for registered securities; defaults upon senior securities; material increases or decreases in the amount outstanding of securities or indebtedness; the results of the submission of matters to a vote of security holders; transactions with directors, officers or principal security holders; the granting of options or payment of other compensation to directors or officers; and any other information which the registrant deems of material importance to security holders.
This report is required to be furnished promptly after the material contained in the report is made public as described above. The information and documents furnished in this report shall not be deemed to be "filed" for the purpose of Section 18 of the Act or otherwise subject to the liabilities of that section.
If a report furnished on this form incorporates by reference any information not previously filed with the Commission, such information must be attached as an exhibit and furnished with the form.
C. Preparation and Filing of Report
This report shall consist of a cover page, the document or report furnished by the issuer, and a signature page. Eight complete copies of each report on this form shall be deposited with the Commission. At least one complete copy shall be filed with each United States stock exchange on
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which any security of the registrant is listed and registered under Section 12(b) of the Act. At least one of the copies deposited with the Commission and one filed with each such exchange shall be manually signed. Unsigned copies shall be conformed.
D. Translations of Papers and Documents into English
Reference is made to Rule 12b-12(d) [17 CFR 240.12b-12(d)]. Information required to be furnished pursuant to General Instruction B in the form of press releases and all communications or materials distributed directly to security holders of each class of securities to which any reporting obligation under Section 13(a) or 15(d) of the Act relates shall be in the English language. English versions or adequate summaries in the English language of such materials may be furnished in lieu of original English translations.
Notwithstanding General Instruction B, no other documents or reports, including prospectuses or offering circulars relating to entirely foreign offerings, need be furnished unless the issuer otherwise has prepared or caused to be prepared English translations, English versions or summaries in English thereof. If no such English translations, versions or summary have been prepared, it will be sufficient to provide a brief description in English of any such documents or reports. In no event are copies of original language documents or reports required to be furnished.
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