BTOW GTFN Holdings Inc (PK)

Belltower Entertainment Corp.'s (OTCBB: BTOW) feature film Little Treasure has been delayed due to scheduling conflicts involving recent policy mandates because of Shanghai World Expo's high security issues applicable to entertainment media. These changes have also had an adverse affect upon the project’s talent availability.

Little Treasure will star Academy Award winner Forest Whitaker (Last King of Scotland) and will be directed by Michael D. Olmos (Splinter). BTOW has used its credit facility – term loan with First Niagara Bank in Pittsburgh, PA, in part, to secure Forest Whitaker's attachment to the picture through William Morris Endeavor (WME).

Amalgamation Entertainment and Johnathan Adair are no longer participating as a co-financing and co-production partner with Belltower as it relates to Little Treasure.

The producers are entertaining alternative cities and locations to determine the feasibility of accelerating the production of Little Treasure and establishing a new production schedule. Belltower may incur additional financing and restructuring costs and expenses, which are currently unfunded in connection with these or any other present and future changes or delays. Furthermore, Belltower may be required to enter into additional arrangements with collaborative partners and/or others to complete the film and this may reduce revenues to the company.

Belltower continues to develop Times' best selling novel "Smokescreen" with screenwriter Paul Cuschieri and expects talent packaging to commence this Fall. Dance the Green negotiations are pending until definitive agreements are reached between BTOW and producers Claire Kupchak and Barry Morrow in determining a feasible finance structure as well as utilizing state tax subsidies and incentives to fund the picture.

[This release may contain statements that are forward-looking. Such statements are made based upon current expectations that are subject to risk and uncertainty. Belltower Entertainment Corp. does not undertake to update forward-looking statements in this news release to reflect actual results of and changes in assumptions or changes in other factors affecting such forward-looking information. The actual future plans and results of the company could differ significantly from such forward-looking statements.]

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