Family Room Entertainment Corporation (Pink Sheets: FMYR) announces FMYR’s convertible debt holders have agreed to the terms of a Debt Restructure Agreement whereby approximately $4.1 million of FMYR’s convertible debt and related interest will be restructured as convertible Series A preferred stock. The Series A preferred stock will be convertible into FMYR common shares at a fixed rate of $0.0175 per common share, which is approximately 500% higher than the stock’s December 14, 2009 closing price.

Mr. George Furla, CEO, states, “We believe this is a significant step forward for Family Room Entertainment Corporation. By cleaning up Family Room’s balance sheet, we believe that we can enable future growth for the Company through the development of new strategic partners and acquisitions.”

About Family Room Entertainment:

Family Room Entertainment Corporation is a publicly held company quoted on the Pink Sheets under the symbol “FMYR”. Family Room Entertainment develops and produces motion pictures and, also performs production related services within the industry.

Forward Looking Statement:

Safe Harbor: Statements contained in this news release, which is not historical facts, are forward-looking statements as that are defined in the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are subject to risks and uncertainties, which could cause results to differ materially from those projected. This news release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 (the "ACT"). In particular, when used in the preceding discussion, the words "plan," "confident that," "believe," "expect," "intend to" and similar conditional expressions are intended to identify forward- looking statements within the meaning of the ACT and are subject to risks and uncertainties, and actual results could differ materially from those expressed in any forward-looking statements. Such risks and uncertainties include, but are not limited to, market conditions, competitive factors, the ability to successfully complete additional financings and other risks.

Family Room Entertainment (CE) (USOTC:FMYR)
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