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BFS Entertainment & Multimedia Limited Announces Third Quarter Results

RICHMOND HILL, ONTARIO -- (Marketwire) -- 04/03/12 -- BFS Entertainment & Multimedia Limited (TSX VENTURE:BFS) of Richmond Hill, Ontario, announces its unaudited consolidated financial and operating results for the third quarter ended February 4, 2012.

Sales for the third quarter were $3,362,836 with net income of $28,840 ($0.00 per share) compared to sales of $3,139,121 and net loss of $70,547 ($0.01 per share) for the same quarter last year.

Sales for the nine months were $8,251,737 with net loss of $124,291 ($0.02 per share) compared to sales of $9,088,175 with net income of $38,076 ($0.01 per share) for the same period last year.

Denis B.E. Donnelly, President and CEO stated, "We are pleased to see an improvement in net income for the third quarter compared to last year. With reductions in overhead expenses, in line with current market conditions, we expect to see the next fiscal year fully benefit from these savings and return us to profitability."

(Unaudited and                                                              
 not reviewed by                                                            
 an auditor - in       Thirteen       Thirteen    Thirty-nine    Thirty-nine
 Canadian           Weeks Ended    Weeks Ended    Weeks Ended    Weeks Ended
 dollars)          Feb. 4, 2012  Jan. 29, 2011   Feb. 4, 2012  Jan. 29, 2011
Sales             $   3,362,836 $    3,139,121  $   8,251,737  $   9,088,175
Cost of goods                                                               
 sold                 1,394,083      1,387,573      3,259,640      3,652,414
Gross profit          1,968,753      1,751,548      4,992,097      5,435,761
Selling and                                                                 
 expenses             1,798,763      1,708,623      4,928,413      5,063,491
Amortization             86,410         89,234        253,561        259,538
Income (loss)                                                               
 from operations         83,580        (46,309)      (189,877)       112,732
Interest expense         10,861          7,613         32,824         20,151
Foreign exchange                                                            
 loss (gain)             30,244         56,301        (41,462)        32,273
Net finance                                                                 
 charges                 41,105         63,914         (8,638)        52,424
Income (loss)                                                               
 before income                                                              
 taxes                   42,475       (110,223)      (181,239)        60,308
Income taxes                                                                
 (recovery)              13,635        (39,676)       (56,948)        22,232
Net income (loss)                                                           
and comprehensive                                                           
 income (loss)    $      28,840 $      (70,547) $    (124,291) $      38,076
Basic and diluted                                                           
 income (loss)                                                              
 per share        $        0.00 $        (0.01) $       (0.02) $        0.01

BFS Entertainment & Multimedia Limited is a recognised independent North American entertainment company focusing on the acquisition, distribution and production of film and television media with head office in Toronto, Ontario.

Programming includes classic dramas, mystery, comedy, sports, documentaries and health and wellness and is sold under the BFS, American Home Treasures and Bodhi Lifestyle(TM) brands. North American retail distribution is through national retailers, distributors, mail order companies and BFS' direct to consumer division.

BFS' strategy is to continue to acquire new programming and to expand its proprietary programme development, international distribution and direct to consumer delivery.

(SEC Rule 12g exemption #82-4245)

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