Devine Entertainment Announces Updated Market Valuation of Company's Proprietary Film and Television Library

    Library Asset Value Estimate of $10 Million, or $.20 - $.25 per Share,
    Indicates Company Stock Trading Below Value of Assets

    - Library titles have fully recouped $40 million production investment
    - Evergreen titles continue to sell and contribute to Company's bottom
    - New digital distribution channels offer expanded revenue potential

    TORONTO, Nov. 1 /CNW/ - Devine Entertainment Corporation (OTCBB:DVNNF),
seeking to capitalize on the burgeoning global demand for high quality film
and television content, has released a newly updated estimate of the value of
its film and television library at $10 million, further suggesting that the
Company's stock is currently trading significantly below the value of its
assets. That $.20 to $.25 per share value is even further below a customary
industry multiple that would reflect Devine's business plan and expected
    The updated $10 million valuation Devine's library of award-winning film
and television titles is considered a conservative estimate, and is based upon
a 2005 independent valuation by Canada's leading entertainment library
    "Understanding the value of our library is one of the keys to an accurate
understanding of Devine's true value in the investment marketplace," said
David Devine, President and Chief Executive Officer of Devine Entertainment.
"We believe we are presenting a conservative valuation that powerfully
demonstrates how our library can contribute to potential growth in shareholder
    Through sales and broadcasts into more than 50 countries, Devine has
already recouped its production investment in the library totaling more than
$40 million. All of Devine's titles continue to contribute to the Company's
bottom line.
    Devine has to date primarily developed film and television programs for
the children's and family markets worldwide. The Company's films about
important figures in history and culture experience robust continuing sales
through educational channels.
    Because of the timeless appeal to each new generation of children and
students, Devine's titles are considered evergreen properties. As a result,
most of Devine's properties retain far more of their potential sales and
revenue value year after year than do mainstream film and TV titles. These
sales contribute to the bottom line even though accounting practices require
that films more than 10 years no longer be reflected as assets. Such films
include Devine's interest in "Beethoven Lives Upstairs," which continues to
sell strongly even 15 years after its initial release.
    Other entertainment companies that produce similar evergreen titles
include Disney, which re-releases its classic and evergreen animated films to
new children's audiences every generation.
    New distribution channels, such as Devine's recently announced agreement
with online film distributor Netmovies, have the potential to increase the
value of the Company's library further through additional sales.
    "We have successfully built an internationally recognized brand through
Emmy-winning and critically acclaimed series such as The Artists Specials, The
Inventors Specials and The Composers Specials," said Mr. Devine. "Under our
integrated business strategy, we're expanding that core brand with anticipated
new productions about Writers, which we anticipate launching in 2008. We're
also developing future Specials series about leading Statesman, Explorers and
Sports Heroes."
    Importantly, Mr. Devine said, these planned new titles not only generate
additional new revenues, but they also stimulate sales of the existing library
titles, dramatically increasing the value of the Company's older titles.
    Under its high-growth business strategy, Devine also is building upon its
foundation of success in the children's and family markets with feature films
and primetime series. The Company has produced a theatrical feature, "Bailey's
Billion$." And in a major strategic milestone, Devine recently expanded into
the primetime marketplace, targeting the mainstream adult audience demographic
with a new miniseries entitled "Across the River to Motor City," premiering
November 22 across Canada.

    Revenue and Earnings Forecast

    Devine recently announced revenue and earnings guidance for the first
three quarters of calendar year 2007, projecting significant revenue growth of
CAN $5.5 million, representing a 1600% increase over the $363,529 for the
comparable period in 2006. The Company also projected earnings in excess of
$1 million for the first three quarters of 2007, a significant increase over
the $529,614 loss reported for the same period in 2006.

    About Devine Entertainment

    Devine Entertainment Corporation develops, creates, and produces
award-winning television programming and feature films for worldwide
distribution across multiple TV broadcast networks, cable and satellite
networks, DVD and Internet markets. Specializing in cultural and educational
programming as well as prime-time drama and comedy entertainment programming,
the Company's titles have garnered more than 120 international film and
television industry awards, including five Emmy and five Gemini Awards. The
Company partners with leading international distributors, broadcasters and
co-producers, such as Sony BMG, Rogers Media and The Carrere Group of France,
to produce and distribute its award-winning film and television titles.
    Among Devine's critically-acclaimed productions are its cultural and
educational film series on history's landmark Composers, Inventors and
Artists, which have been broadcast in more than 50 countries. The Company
continues to expand its proprietary library of high-quality film and
television content. Among its general-audience primetime programming is the
acclaimed one-hour mystery series, "Across the River to Motor City," delivered
to broadcasters worldwide in 2007. Headquartered in Toronto, the Company's
common shares trade on the NASD OTCBB market in the U.S. under the symbol
DVNNF. The Company's corporate website is

    For investor-specific information and resources, visit

    To view current stock quotes and news, visit

    To view an investor fact sheet about the company, visit

    Forward-Looking Statements

    This press release may contain forward-looking statements relating to the
future performance of Devine Entertainment Corporation. Forward-looking
statements, specifically those concerning future performance and the
achievement of operating profitability, are subject to certain risks and
uncertainties, and actual results may differ materially. These risks and
uncertainties include the market acceptance of the Company's products and
services; competition within the film and entertainment industry and the
introduction of new entrants and/or products in the Company's markets; adverse
changes in governmental regulations and policies affecting the film and
entertainment industry; product development risks and risks of technological
change; the risk of unanticipated expenses; and other risks and uncertainties
all as described in the disclosure documents filed with securities regulatory
authorities in accordance with applicable securities laws. Readers are
cautioned that the foregoing list of factors is not exhaustive. Although the
Company believes that the expectations conveyed by the forward-looking
statements are reasonable based on information available to it on the date
such forward-looking statements are made, no assurances can be given as to
future results, levels of activity and achievements. All subsequent
forward-looking statements, whether written or oral, attributable to the
Company or persons acting on its behalf are expressly qualified in their
entirety by these cautionary statements. The Company assumes no obligation to
update forward-looking statements should circumstances or management's
estimates or opinions change.

For further information:

For further information: Devine Entertainment Corporation: Arnold Tenney
or Richard Mozer, (416) 364-2282, Toll-free: (877) 338-4633,; or Trilogy Capital Partners: Financial Communications:
Ryon Harms, Toll-free: (800) 592-6067,

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