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Inception Media Group Closes Revolving Credit Facility With City National Bank

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  Published in Business and Finance on Tuesday, June 8th 2010 at 10:10 GMT by Market Wire
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SANTA MONICA, CA--(Marketwire - June 8, 2010) - Inception Media Group, LLC, a diversified media company specializing in the production, acquisition and distribution of entertainment content, today announced that it has closed its first revolving credit facility with City National Bank.

Inception Media Group, LLC and its wholly owned subsidiary Inception Digital Services, LLC are co-borrowers under the credit facility. Proceeds drawn from the credit facility will be primarily used to finance short-term working capital requirements and the acquisition of new revenue-generating content.

Inception Media Group recently announced the acquisition of the film "2:22" featuring Val Kilmer, as well as two Hallmark Channel Original films, "Growing the Big One" starring Shannen Doherty and "Mrs. Washington Goes to Smith" starring Cybill Shepherd.

"Inception's ability to enter into a new credit facility in the current capital market environment is testament to the company's short term accomplishments and long term promise," said David Borshell, partner of Inception Media Group, LLC. "City National Bank is a highly respected entertainment industry lender and we look forward to working with them as our business expands."

Andy Reimer, partner of Inception Media Group, LLC, added, "Inception is uniquely positioned in the industry as a lean, nimble distribution company that brings together a highly experienced team of industry veterans. City National Bank recognizes our ability to impact the marketplace in a very positive way."

Inception Media Group, LLC is based in Santa Monica, California and is a diversified media company specializing in the production, acquisition and distribution of motion pictures and other filmed entertainment across all media platforms and channels of distribution. Inception Media Group's management team has extensive relationships with exhibitors, retailers, distributors and technology companies, enabling the Company to maximize the services performed on behalf of its content partners. Inception Digital Services, LLC, a wholly owned subsidiary of Inception Media Group, provides a wide range of digital encoding, electronic packaging and high-speed delivery services and possesses certified delivery access to all major online, broadcast media and VOD platforms. More information is available at [ www.inceptionmediagroup.com ].

City National Bank is the wholly owned subsidiary of City National Corporation (NYSE: [ CYN ]). It is backed by $20.1 billion in total assets, and provides banking, investment and trust services through 73 offices, including 17 full-service regional centers, in Southern California, the San Francisco Bay Area, Nevada and New York City. The company and its investment affiliates manage or administer $55.8 billion in client investment assets, including nearly $36 billion under direct management. For more information about City National, visit the company's Website at cnb.com.