Peace Arch(R) Entertainment Provides Update Regarding the Filing of Its Annual and First Quarter Financial Information

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TORONTO--(MARKET WIRE)--Jan 14, 2009 -- Peace Arch® Entertainment Group Inc. (AMEX:PAE - News) (Toronto:PAE.TO - News), today provided an update with respect to the Company's SEDAR filing of its audited financial statements for the year ended August 31, 2008 and its first quarter period ending November 30, 2008.

As announced on November 28, 2008 and as updated on December 1, 2008, the Company has not filed its annual financial statements for the year ended August 31, 2008. As a result of not filing its yearend financial statements, it has yet to file its financial statements for the first quarter ended November 30, 2008. The late filing of the yearend financial statements is due to management's re-evaluation of the Company's investment in ten movie titles and its participation in their production during fiscal 2006 and possible restatement of its consolidated financial statements for fiscal 2006 and fiscal 2007.

As previously announced, a Notice of Temporary Order and Hearing was issued by the Ontario Securities Commission on December 4, 2008, halting trading in the Company's shares in Canada for a period of 15 days from the date of the Order. On December 18, 2008, the Ontario Securities Commission issued a cease trade order for all shares in Canada.

About Peace Arch Entertainment Group Inc.

Peace Arch Entertainment produces and acquires feature films, television and home entertainment content for distribution to worldwide markets. Peace Arch owns one of the largest libraries of top quality independent feature films in the world, featuring more than 2,000 classic and contemporary titles. For additional information, please visit www.peacearch.com.

Forward-Looking Statements

This press release includes statements that may constitute forward-looking statements, usually containing the words "believe," "estimate," "project," "expect," or similar expressions. These statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements inherently involve risks and uncertainties that could cause actual results to differ materially from the forward-looking statements. Factors that would cause or contribute to such differences include, but are not limited to, that the corresponding restatement of the Company's financial statements may change based upon the Audit or Special Committee's ongoing analysis, that the Company's ability to file required reports timely with the Securities and Exchange Commission and Canadian securities regulators will be impaired, that potential claims or proceedings may arise relating to such matters, that the Audit or Special Committee in consultation with the Company's independent auditors will determine that the proper accounting differs from the accounting treatment upon which the assumptions and forward-looking statements in this release are based and other risks detailed in the Company's periodic report filings with the Securities and Exchange Commission and with the Canadian securities regulators. By making these forward-looking statements, the Company undertakes no obligation to update these statements for revisions or changes after the date of this release.

Distributed by Filing Services Canada and retransmitted by Marketwire

     Contact:
     Gerry Noble
     Chief Executive Officer
     Peace Arch Entertainment Group Inc.
     416.783.8383
     Email: Email Contact