First Look Studios, Inc. Announces Repurchase Program

First Look Studios, Inc. Announces Repurchase Program

LOS ANGELES, Oct. 26 /PRNewswire-FirstCall/ -- First Look Studios, Inc. announced today that its Board of Directors has authorized a program to repurchase up to $2 million of shares of its common stock, subject to increase in the Board's discretion. The repurchase program will commence on November 2, 2006. First Look's officers, directors and major stockholders (who hold approximately 86% of the total outstanding shares) have determined not to sell any of their shares pursuant to this program and have agreed not to purchase any shares during the duration of this program.

The repurchases will be made in open market or in privately negotiated transactions from time to time in compliance with applicable law. The number of shares purchased and the timing thereof under the program will be made at the discretion of management and are subject to market conditions, applicable legal requirements and other factors. The program does not obligate First Look to acquire any particular amount of common stock and the program may be suspended or terminated at any time at First Look's discretion.

First Look's Chief Executive Officer, Henry Winterstern, stated that "the Board and management are confident in the long term value of First Look and believe that the quoted pink sheet price of First Look's common stock (approximately $.60 per share on October 17, 2006) does not reflect the current or long-term value of such stock".

First Look is currently mailing all its stockholders a Disclosure Memorandum that sets forth information concerning First Look for stockholders to consider in connection with the repurchases. First Look does not make any recommendation to its stockholders regarding participation in this repurchase program. Each stockholder must make his own decision and should carefully review the disclosure memorandum before making any such decision. First Look may subsequently take steps to have its stock registered with the SEC and listed on a national stock exchange. There is no assurance First Look will do this or the timing thereof. There is also no assurance that First Look will be able to complete any capital raising transactions or that its shares will trade above their current price.

For further information relating to First Look, or for stockholders to inform First Look that they have not received the Disclosure Memorandum by November 1, 2006, please contact:

First Look Studios, Inc.
8000 Sunset Boulevard, East Penthouse
Los Angeles, CA 90046
Attention: Richard Shore,
Chief Administrative Officer and General Counsel
Telephone: (310) 337-1000
Facsimile: (310) 337-1037

First Look is a diversified independent distributor and producer of motion pictures and other specialty programming. During the past three years, in the U.S., the company has released an average of 5 motion pictures theatrically, 25 motion pictures on video and DVD and has licensed approximately 15 films to U.S. broadcasters which had not previously been released or licensed.

Forward-Looking Statements

Some of the statements contained in this press release and in the disclosure memorandum are "forward-looking" statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based upon First Look's current expectations, forecasts, and assumptions that are subject to risks, uncertainties, and other factors that could cause actual outcomes and results to differ materially from those indicated by these forward-looking statements. These risks, uncertainties, and other factors include, but are not limited to, changes in stock market conditions or in First Look's business as a result of which First Look may change or terminate its stock repurchases and the other risks and uncertainties discussed under the heading "Risk Factors" in First Look's disclosure memorandum. First Look undertakes no obligation to update any of the information included in this release or the disclosure memorandum, except as otherwise required by law.

First Call Analyst:
FCMN Contact: dgoldberg@firstlookstudios.com

Source: First Look Studios, Inc.

CONTACT: Richard Shore, Chief Administrative Officer and General Counsel
of First Look Studios, Inc., +1-310-337-1000, or fax, +1-310-337-1037

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