Avenue Entertainment Group, Inc. Withdraws Appeal to American Stock Exchange

Business Wire, April 19, 2001

Business Editors

LOS ANGELES--(BUSINESS WIRE)--April 19, 2001

Avenue Entertainment Group, Inc. (AMEX:PIX) reported today that it has withdrawn its appeal to the American Stock Exchange's decision to proceed with the delisting of the Company. The hearing had been rescheduled for April 17, 2001 to allow the Company time to consummate one or more transactions that were intended to strengthen the Company's capitalization. The Company was not successful in consummating such a transaction. As a result the Exchange has filed an Application to Strike From Listing and Registration the Company's common stock effective at the opening of trading on April 25, 2001. The Company's common stock will trade on the OTC Bulletin Board effective April 25, 2001.

Safe Harbor statement under the Private Securities Reform Act of 1995: Except for historical information contained herein, the matters discussed in this press release are forward-looking statements that involve risks and uncertainties, including but not limited to economic, competitive, governmental and technological factors affecting the Company's operations, markets, products and prices, the inherent uncertainty of the film and television production business (in which success of a product depends upon unpredictable and changing factors such as competition and audience acceptance) and other factors discussed in the Company's various filings with the Securities and Exchange Commission.