Belltower Entertainment Announces Credit Facility and Production Date
April 07 2010 - 09:00AM
Business Wire
Belltower Entertainment (OTCBB:BTOW) announced today that it has
been approved for a $1,000,000 credit facility from First Niagara
Bank in Pittsburgh, PA. The interest rate has been set at prime
plus one (4.25%) on a one-year term.
Belltower will take advantage of Mogul Mind Studios’ newly
constructed 330,000 square foot production facility, located two
miles from downtown Pittsburgh in the Strip District, as well as
the 25% Pennsylvania State Film Tax Credit/Incentive that is
currently being offered by the state to attract Hollywood
productions. Jared Leland, partner at Keevican, Weiss, Bauerle
& Hirsch LLC is the company’s East coast counsel and a board
member of Mogul Mind Studios.
Belltower sees the combination of both the state tax credit and
the newly constructed movie studio as an opportunity to reduce
production costs while building a banking and financing
relationship with First Niagara Bank and the city of Pittsburgh for
future productions.
Pre-production is currently underway on the film project
entitled Little Treasure to be filmed on location in China starring
Academy Award winner Forest Whitaker (The Last King of Scotland).
Whitaker is also attached to Executive Produce. Principal
photography has been re-scheduled to begin on May 3rd, 2010. The
company has replaced Taiwan-based Rouge Entertainment for
co-financing and co-production participation with Atlanta-based
Amalgamation Entertainment headed up by company CEO Johnathan
Adair. Details will be announced as soon as terms are finalized.
Whitaker is repped at William Morris Endeavor (WME).
Belltower is very pleased to announce that it has formally
engaged legendary Hollywood screenwriter Ronald Bass (Rain Man,
Entrapment, My Best Friend’s Wedding, Joy Luck Club) for writing
services related to the final shooting script for Little Treasure.
Mr. Bass brings a wealth of experience and success that will
further enhance the production. Belltower’s Nina Yang and Donald
Bell will produce, alongside Josh Goldstein who originally penned
the screenplay.
WME is in place to represent the project for North American
distribution with final negotiations coming to a close for
international sales. The company will begin worldwide sales at The
Cannes Film Festival in May.
Little Treasure, which will be filmed on location in China, is
an inspiring story about a bi-racial American couple who return to
the wife's homeland of China to rekindle their love and reignite
their marriage, only to encounter prejudices, humor, cultural
differences, and ultimately self-discovery...and along the way
meeting a Shanghai street kid who changes their lives. Michael D.
Olmos (Splinter) is attached to direct with cinematography by
renowned Director of Photography, Reynaldo Villalobos, of Risky
Business, A Bronx Tale, Urban Cowboy.
Belltower has two more feature films, which are currently in
various stages of development and pre-production, and are on the
company's production slate for 2010:
Dance the Green is written by Academy Award winner Barry Morrow
(Rainman) and starring Giovanni Ribisi (Avatar, Gone in 60 Seconds,
Boiler Room) with a budget of US$10 million. It's set to start
production late summer on location in Pittsburgh and Florida.
Belltower's CEO Nina Yang will produce with Claire Kupchak and
Barry Morrow. The company is currently in the final stages of
negotiations with a major Hollywood actor to co-star. Giovanni
Ribisi is repped by CAA and Management 360.
The Times' bestselling novel, "Smokescreen," about the true life
adventure of Allen Long, a documentary film maker who began
smuggling pot out of Colombia in the 70's to finance his movie, has
been adapted by Paul Cuschieri and will commence pre-production
later this year.
Belltower will retain copyright ownership in all three films
slated for production this year with majority control over
production, financing and distribution.
Belltower Entertainment Corp. is a fully integrated film
entertainment company based in Los Angeles with a satellite office
in Shanghai, China complemented by strategic production and finance
partners throughout the world. Our goal and focus is in securing
ownership of film projects to be developed and packaged in-house,
which attract premier talent from both behind the camera and in
front of it, while keeping costs down through tax friendly
production territories and other soft money avenues. Belltower
creates favorable studio participation for distribution and P&A
funding with critically acclaimed screenwriters and top talent
attachments.
With a focus on Asia and Latin America, Belltower is
strategically positioned to produce high quality content at
cost-effective budgets while maximizing profit margins and upside
potential for both the company and its shareholders by retaining
control and ownership of its feature film projects.
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