Cinespace Film Studios released the following statement today:

    TORONTO, June 25 /CNW/ -

    "Cinespace Film Studios greets the news of the City of Toronto turning
Filmport over to British- owned Pinewood Shepperton with concern. Cinespace
welcomes competition but wonders how local studios are suppose to compete
against a taxpayer subsidized studio.

    So far, the City has kicked in millions of taxpayer dollars to keep
Filmport afloat. Cinespace is further concerned that the City has asked the
Province to contribute millions more in taxpayer dollars.

    How is any studio suppose to compete when Filmport has had its operating
expenses cut through taxpayer subsidies?

    The Toronto film business has so much to offer and Cinespace is baffled
about why the City is trying to drive Canadian companies out of business.
Filmport will be renamed Pinewood Toronto Studios.

    - Steve Mirkopoulos, President, Cinespace Film Studios

For further information:

For further information: Nancy Daigneault, (705) 220-0016

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