Texas-based Premiere Cinema Holdings announced today that it is building a magnificent, new state-of-the-art cinema entertainment complex in El Paso's Bassett Place. The mall is owned and managed by Dallas-based Cypress Equities, the acquisition and development affiliate of Staubach Retail.

Premiere will operate the new entertainment complex which is set to open next year. The theater will offer residents of El Paso what is being called "a luxurious no-holds-barred movie-going experience with all-stadium seating, all-digital sound and what Premiere's custom-made high-back rocking reclining love-seats which according to company spokesperson Tony Delgado "makes going to the movies special every time." Ken Watters, Bassett's General Manager since 2000, says the building permit for the shell construction has already been issued by the City and work is set to begin in the coming weeks. "Our shoppers have been telling us for some time that they would like to have a movie complex at the mall and we're excited to be able to offer this new facility to our area residents. We're especially thrilled to have Premiere's vision, community involvement and commitment to entertainment. They build about the nicest theatre anywhere and truly know how to take care of their customers. It will definitely raise the bar for movie-going in El Paso."

Joel Davis, Premiere's VP of Operations agrees the location is terrific and the market is ready for something new. "We're definitely honored Bassett selected us to operate this new facility. Officials at Cypress Equities had already decided a cinema was in Bassett's future, and had begun interviewing prospective operators and chose Premiere. El Pasoans like going to the movies, and the Bassett Place Premiere is centrally-located and so convenient to most residents. We can't wait to unveil what's happening behind the walls when it opens . . . everybody will want to experience it."

Indeed Bassett Place has experienced a rebirth of activity with the overwhelming success of their anchor stores, Costco, Target and Mervyns according to Watters. "Our anchors have set records and been extremely popular with shoppers. Our food court is also as busy as it's ever been and the new Premiere Megaplex will make coming and staying at the Mall more enjoyable and entertaining."

The new theater complex will offer features such as:

All-stadium seating: Great views and more privacy.

All-digital surround sound: All 18 auditoriums feature magnificent DTS© surround sound with massive subwoofers, multiple stage speakers, and hundreds of surround speakers.

Texas' Most Comfortable Seats: All the chairs are extra-soft high-back rocking love-seat chairs with retractable padded cup holder armrests, lumbar supports, pillow supports, padded headrests and one of the industry's quietest and softest rocker/love-seat ever.

Grand Promenade Lobby: A visually-stunning grand entrance will be accessible from the Mall with giant 15' TV screens and story-telling murals. The entrance concept has been designed by renowned Texas-based cinema architects O'Brien and Associates.

Advanced Ticketing: Tickets can be purchased on-line, in advance at kiosks located near the theater, at concession stands in the theater lobby or at the box office.

ABOUT BASSETT PLACE--Bassett Place is the oldest regional shopping mall in El Paso. The 739,911 square-foot center is located at the intersection of I-10 and Geronimo three blocks from the Ft. Bliss entrance. Stores include Mervyns. Not including Ft. Bliss, there are some 228,510 residents within a five-mile radius and 565,375 within ten miles. Bassett Place's online website is www.BassettPlacemall.com.

ABOUT CYPRESS EQUITIES - Formed in 1995, Cypress Equities is the acquisition and development affiliate of Staubach Retail. Cypress Equities focuses on projects ranging in scope from mid-sized (15,000 square feet or larger) to large-scale (1,000,000 square feet or larger) retail centers. With development offices in Dallas, Atlanta, New York, Phoenix and San Francisco, it is an independent company with a dedicated staff that focuses on portfolio acquisitions, build-to-suits, project development, sub-investment grade sale-leasebacks and other development services for retail and automotive property. Cypress Equities currently has approximately $800 million worth of projects in its portfolio.

ABOUT PREMIERE CINEMAS - Premiere Companies design and operate cinemas in several southern states and is recognized by the National Association of Theatre Owners as the 30th largest circuit in the U.S. Premiere brings small-town roots and friendliness to big-city megaplex operations, entertaining its customers in grand fashion with exciting finishes and amenities and a commitment to high-quality exhibition always. Premiere accepts all major credit cards and it's Premiere Rewards Card, which rewards frequent movie-goers with discounts and free prizes on every visit.