I have tried four times, I'm still doing something wrong !.
# mylivecd --gzip --nodir ^/home/remasters --tmp /home/remasters acer_laptop23062011.iso
mylivecd, version 0.9.4,
http://pclinuxos.com/Copyright (C) 2010, Texstar <texstar at gmail.com>
This program is free software; you can redistribute it and/or
modify it under the terms of the GNU General Public License
as published by the Free Software Foundation; either version 2
of the License, or (at your option) any later version.
Disabling Services not needed on the LiveCD
running: /sbin/chkconfig --list
running: /sbin/chkconfig --list
running: /sbin/chkconfig --list
running: /sbin/chkconfig --list
running: /sbin/chkconfig --list
Creating initrd: [100.00% 00:00:07/00:00:07]
Setting filesystem parameters: [100.00% 00:00:04/00:00:04]
Creating compressed image: [100.00% 00:14:10/00:14:10]
Creating isolinux boot: [100.00% 00:00:01/00:00:01]
Creating final iso: [100.00% 00:00:00/00:00:00]
Restoring Services on the installed system
ls: cannot access acer_laptop23062011.iso: No such file or directory
Argument "" isn't numeric in division (/) at /usr/sbin/mylivecd line 244.
Created 'acer_laptop23062011.iso' (0,000 bytes) in 00:14:25