EXHIBIT 99.1

                                                                            NEWS
                                                          FOR IMMEDIATE RELEASE:

FOR IMMEDIATE RELEASE



                        THE PRODUCERS ENTERTAINMENT GROUP
                     TO FORM INVESTMENT LIMITED PARTNERSHIP


Los Angeles, April 27, 1999 - The Producers Entertainment Group Ltd. (NASDAQ:
TPEG; BSE: TPG) announced today that it plans to form a Limited Partnership
(IATR Internet Investments, L.P. #1) and to offer to accredited investors only
units in the Limited Partnership. The offering will be made on a best effort
basis. The Company plans to sell a minimum of $5 million and a maximum of $20
million of Limited Partnership units.

The Partnership, of which TPEG will be the General Partner, will offer units to
a limited number of accredited investors, at a price of $100,000 per unit. Each
unit will be divided into a Limited Partnership interest of $90,000 and an
equity investment in TPEG Common Stock of $10,000. TPEG will immediately
reinvest the proceeds it receives into the Partnership, giving the Company a 10%
interest.

The purpose of the offering is to raise capital to invest in Internet and
e-commerce related companies.

The Limited Partnership interests have not been registered under the Securities
Act and may not be offered or sold in the United States, absent registration or
an applicable exemption from the registration requirements. This press release
does not constitute an offer to sell or the solicitation of an offer to buy a
Limited Partnership interest, nor shall there be any sale of the Limited
Partnership interests in any state in which such an offer, solicitation or sale
would be unlawful prior to the qualification of such Limited Partnership
interests under the appropriate securities laws of any such state. Offers of
units in the Limited Partnership will be made only by means of an offering
memorandum.

This press release contains forward-looking statements within the meaning of
Section 27A of the Securities Act of 1933 and Section 21E of the Securities
Exchange Act of 1934. Such forward-looking statements relate to, among other
things, the successful consummation of the private placement. These
forward-looking statements involve risks and uncertainties. A number of factors
could cause actual results to differ from those indicated in the forward-looking
statements, including





the failure to attract investors. This and other risk factors are discussed in
the Company's filings with the Securities and Exchange Commission (including the
Company's Annual Report on Form 10-KSB). The Company undertakes no obligation to
publicly update or revise the forward-looking statements whether as a result of
new information, future events or otherwise.

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Contact:  Irwin Meyer
          (323) 634-8634