Have a read of this statement, almost looks too good to be true but the
company actually seems to generating an amazing amount of cash from a
business it has just acquired a few months back, if they are able to sustain
anywhere near these revenues then these shares will get re-rated soon.

ContentFilm plc
29 September 2005
CONTENTFILM PLC
('ContentFilm' or 'the Company')

Update on Fireworks acquisition and other progress

The Company is pleased to update the market on positive developments since the
acquisition of the Fireworks library ('the Library').

As announced on 21 July 2005, the Company acquired the Library from CanWest
Global Communications for a purchase price of $21.5million ('the Acquisition').
The Library consists of some 240 television properties and 45 feature films.

Since the acquisition date, the Library has generated cash flow of approximately
$ 8 million, which is better than our internal forecast. We have used this cash
flow to repay debt which the Company incurred to finance the acquisition, and as
a result, debt repayment is ahead of schedule.

Additionally, since taking ownership we have generated material new sales of
rights in the Library. Since 21 July, new contracts signed have been in excess
of $2 million and approximately another $1 million of sales are in the process
of being contracted.

The financial effect of these sales and collections will be felt in our interim
results for the six months ending 30 September 2005. We believe the Library
will continue to deliver strong cash flows, revenues and profits in line with
our expectations prior to the acquisition

The London based Fireworks staff have moved into our Heddon Street office and
have exited their London lease at no cost to the Group.

Operationally, Greg Philips (Head of TV Sales) and Jamie Carmichael (Head of
Film Sales) have been working hard to organise the Company's combined film and
TV library into the best configuration for presentation to buyers, and it will
be brought to the market at the upcoming MIPCOM 2005. The television sales
division, which manages the Library, has announced its first acquisition of new
rights, and we expect further new business will be announced shortly. Jamie
Carmichael is also pushing forward with the acquisition of new product, and we
expect to update the market in the near future on those activities.

John Schmidt, CEO of ContentFilm commented, 'We are very pleased with the
immediate financial results of the Acquisition, and so are our lenders. We have
also been pleased with the speed at which we have restructured and integrated
our combined film and TV sales operations. Greg Phillips has done an excellent
job with cash collections and new sales since the Acquisition and Jamie
Carmichael on the film side had a success at the Toronto Film Festival with the
sale of 'Thank You For Smoking' to Fox Searchlight worldwide. I look forward to
announcing an exciting mix of new business for both the television and film
divisions in the near future.'

The Company also announces that the Annual Report and Accounts for the year
ended 31 March 2005 will be posted to shareholders this Friday 30 September
2005. Contained within that document is the notice of this year's Annual
General Meeting which will be held on 1 November 2005.

ContentFilm issues profits warning
MoneyAM
ContentFilm plc warns full year revenues will be 10-12% below the previous 12 months and lower than forecasts.

The firm said that as it approached its 31 March year end it had become clear that the effects of the global recession were having an impact on the final quarter.

Fireworks International, the group's television distribution division, is expected to produce a positive and solid result but ContentFilm International, its film sales and distribution business, will have a disappointing year.

The company's US dollar net debt has increased marginally since the interim results statement and currently stands at around $34m.

The sterling equivalent of its US dollar senior loan has increased more significantly, predominantly due to the further devaluation in UK sterling against the US dollar.

Still at a low of 2.13, maybe worth a speculative punt! Any thoughts?