VANCOUVER, BRITISH COLUMBIA / May 15, 2014 - Gener8 Media Corp. (CSE: GNR) ("Gener8" or the "Company") is pleased to announce the Company has received the required advance from Tianjin Fu Feng Da Movie & Television Technology Investment and Development Co., Ltd. ("FFD"). The advance was provided to demonstrate FFD's on-going dedication to closing the partnership agreement, announced earlier this month.
"This advance demonstrates FFD's commitment to our partnership," says Rory Armes, CEO. "We respect and understand the time it takes for FFD to obtain the various Chinese government approvals to complete a deal of this magnitude outside of their homeland, and I firmly believe this partnership will be more than worth the small delay."
The partnership with FFD will help Gener8's 3D division scale to become an even bigger player in the 3D conversion space. This partnership is timed perfectly to capitalize on the growing 3D film market in China--in 2013 three of the top five grossing 3D films in China where original Chinese productions. With Gener8's recent announcement for converting Chinese film, The Grandmaster, the Company is already leveraging the FFD/Gener8 connection.
Rory Armes goes on to say, "Though this has been a long process, it has been an excellent opportunity for us to learn about FFD and Chinese culture and for them to learn about us. This will give us a huge head start when our companies come together."
This transaction has the added benefit of providing the capital to aggressively grow the Company's other two businesses--Cumul8 and Reelhouse.
Gener8 Media Corp. is a media technology company led by a team of gaming industry veterans. At the forefront of postproduction, the Company earned its stripes by developing a proprietary 3D conversion technology, garnering high-profile credits including "300: Rise of an Empire," "The Amazing Spider-Man," "Prometheus" and "Harry Potter." Gener8 has since expanded into offering visual effects services and a cloud-based data management and analytics solution called Cumul8. With its focus on developing disruptive solutions that combine design and technology, Gener8 funded and then acquired a majority interest in Reelhouse Media Ltd., an online entertainment distribution start-up. Gener8's head office is located in Vancouver, British Columbia and currently has over 200 employees. Visit the company website at www.gener8.com.
ON BEHALF OF THE BOARD OF THE COMPANY
Chief Executive Officer and Director
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Forward Looking Statements
Except for statements of historical fact, this news release contains certain forward-looking statements within the meaning of applicable securities law. Forward-looking statements are frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate" and other similar words, or statements that certain events or conditions "may" occur. In particular, forward-looking statements in this press release. Although Gener8 believes that the expectations reflected in the forward-looking statements are reasonable; there can be no assurance that such expectations will prove to be correct. Such forward-looking statements are subject to risks and uncertainties that may cause actual results, performance or developments to differ materially from those contained in the statements including, without limitation, risks with respect to: closing the definitive agreements respecting the transaction with FFD, obtaining all regulatory and third party consents, meeting our contractual timelines and milestones on our 3D film conversion contracts; general economic conditions in Canada and globally; film industry conditions; competition for, among other things, capital and skilled personnel; changes in economic and market conditions that could lead to reduced spending on 3D film conversion; potential delays or changes in plans with respect to deployment of services or capital expenditures; our ability to hire and retain qualified employees and key management personnel; possibility that government policies or laws may change; amount and timing of operating costs and capital expenditures; the success of certain business combinations engaged in by the Company or by its competitors; possible disruptive effects of organizational or personnel changes; technological change, new products and standards; risks related to acquisitions and international expansion; reliance on large customers; reliance on a limited number of suppliers; risks related to the Company's competition; the Company's failure to adequately protect its intellectual property; interruption or failure of information technology systems; the risk that the transaction may not be completed as planned, or at all; and business, legal and/or regulatory risks relating to Gener8's business, financings and strategic acquisitions. Except as required under applicable securities legislation, the Company undertakes no obligation to publicly update or revise forward-looking information, whether as a result of new information, future events or otherwise.
Release ID: 44699