Odyssey Pictures Current & Compliant With SEC

Odyssey Pictures Current & Compliant With SEC

Company Continues Trajectory of Growth & Profitability Under New Business Model

PLANO, Texas, Sept. 23 /PRNewswire-FirstCall/ -- Odyssey Pictures Corporation (Pink Sheets: OPIX) (Odyssey), a media/marketing company, announces today that the Company has filed its Form 10-Q with the Securities and Exchange Commission for the period ending March 31, 2009. With this form, the Company is current on its periodic and annual reports due under the Act, as of this release.

This period exemplified the Company's new business model in action, resulting in revenues of $225,500 ($925,000 to date this fiscal year) as well as concurrently reducing certain outstanding debts of $981,000 due to settlements. The Company plans to continue with its recapitalization plans as well as its new business development and continue generating added revenues from its services of branding and marketing in media development and e-commerce networking business. Earnings this fiscal year are reported at $1,231,600 which includes the combination of revenues and restructured settlements.

Although initially an entertainment company that focused on the financing and distribution of motion pictures, Odyssey has adapted over the past two years to become a diversified media/marketing services company. The Company's business now encompasses branding & marketing services, online lead generation, entertainment content distribution, IPTV digital delivery technologies, IT platform management, and corporate finance.

"Restoring the Company's reporting schedule has been a top priority, not only for the shareholders but also for the sake of stabilizing our operations," stated Odyssey's President/CEO John Foster. "We have come from difficult times to enter new and progressive areas of business development which are very active. We look forward to continuing into other areas of growth we have been targeting for some time."

About Odyssey

Odyssey Pictures Corporation was founded in 1989 as a publicly traded entertainment company specializing in the financing and distribution of motion pictures. Texas-based Odyssey has re-strategized, re-financed and committed itself over the past two years to a more diversified and forward-leaning business model. Odyssey Pictures is now engaged in a full range of media and marketing related activities, including content acquisition, multi-platform distribution, new media technology, branding & marketing services and corporate finance. Under the Odyssey Pictures Corporation umbrella, the following operating divisions work both as independent profit centers and synergistic partnerships within the Company: 1) Odyssey Entertainment, 2) Odyssey Brand Marketing Services, 3) Odyssey Digital, 4) Odyssey Growth Capital.

Forward Looking Statements

Certain statements contained herein are forward looking. These forward looking statements are based on our current expectations and are subject to a number of risks, uncertainties and assumptions. Many factors could cause actual results to differ significantly from these statements, including our history of operating losses, our need for additional financing, a failure of our products to perform as expected, introduction of competing products by other companies, pressures on prices from competitors and/or customers, regulatory obstacles to new product introductions, lack of acceptance of our products and technology changes. These risks, uncertainties and assumptions are detailed in documents filed by us with the Securities and Exchange Commission. The Company cautions that the foregoing list of important factors is not exclusive. Any forward looking statements are made as of the date of the document in which they appear. The Company does not undertake to update any forward looking statement that may be made from time to time by or on behalf of the Company.

Source: Odyssey Pictures Corporation

CONTACT: Dan Spelling of Spelling Communications, +1-213-415-7400,
dspelling@spellcom.com, for Odyssey Pictures Corporation

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