[Answer]-Webfaction Django 1.4.1: easy_thumbnails 3.0b – "Couldn't get the thumbnail" error

The problem was because of by default pip install PIL on my Webfaction instance was linked with libjpeg so did pip install PIllow and followed the article at http://community.webfaction.com/questions/7340/how-to-install-pil-with-truetype-support