Medient Studios Announces Yellow Financial Update
June 06 2014 - 8:30AM
Marketwired
Medient Studios Announces Yellow Financial Update
EFFINGHAM COUNTY, GA--(Marketwired - Jun 6, 2014) - Medient
Studios, Inc. (PINKSHEETS: MDNT) ('Medient') announced today that
in preparation for the domestic and international release of
Yellow, directed by Nick Cassavetes, the company has made
substantial progress in paying off the debt associated with the
production and acquisition of the movie.
Most of the film's investors and related debts have now been
paid in full. These include the Screen Actors Guild ($311,000),
film investor Pankaj Rajani ($660,000), and Indion Finance, LLC
($600,000). The sole cash loan facility on the film was secured
from AMAG, Inc. A total of $812,236 out of a principal of
$1,000,000 has been paid to AMAG. The balance of the principal and
accrued interest is $551,432. Of this, a sum of $250,000 will be
deferred until after the release of the film. The film's principal
services creditor, the Prime Focus Group has been paid $1,125,000
out of the total outstanding invoice of $2,500,000. Prime Focus has
also agreed to defer $1,000,000 until after the film has been
released. The two other notes on the film -- Tommee May ($180,000)
and Derreck Lee ($720,000) are not due until after the release of
the film. In summary, $3,082,236 has been paid, $676,000 is to be
paid prior to release, and the balance of $2,150,000 has been
deferred to be paid out of film revenues.
Manu Kumaran, Chairman of the Board, stated, "Yellow is
a ground breaking film that we can all be very proud of. It was
absolutely necessary to eliminate the multiple debts on the film so
that the film can be released this summer. As a result of paying
off the majority of the investors the bulk of the revenues
generated by Yelllow will to come directly to our
treasury." Mr. Kumaran added, "We will reinvest these funds into
new productions, so that any future dilution related to film
production should be reduced or eliminated."
About Medient Medient Studios, Inc. (PINKSHEETS: MDNT)
('Medient') (www.medient.com) is an entertainment content creation
company with a strong presence in North America, Europe and India.
Medient's management team has approximately 150 years of experience
in the motion picture industry and is responsible for producing
and/or financing over 250 movies. Medient is realigning the content
creation process to enable efficiencies of scale and eliminate
process waste by building a fully integrated movie and electronic
game production facility as part of its Studioplex on a 1,560-acre
property in Effingham County, Georgia. Once operational this
production facility will be the largest of its kind in the United
States.
Safe Harbor Statement The Private Securities
Litigation Reform Act of 1995 provides a "safe harbor" for
forward-looking statements. Certain information included in this
press release contains statements that are forward-looking, such as
statements related to the future anticipated direction of the
industry, plans for future expansion, various business development
activities, planned or required capital expenditures, future
funding sources, anticipated sales growth, and potential contracts.
Such forward-looking information involves important risks and
uncertainties that could significantly affect anticipated results
in the future and, accordingly, such results may differ from those
expressed in any forward-looking statements made by, or on behalf
of, the company. These risks and uncertainties include, but are not
limited to, those relating to development and expansion activities,
dependence on existing management, financing activities, domestic
and global economic conditions, and other risks and uncertainties
described in the Company's periodic filings with the Securities and
Exchange Commission.
Investor Relations: David Waldman or Natalya Rudman Crescendo
Communications, LLC Phone: +1 (212) 671-1020
Ext. 304 Email: mdnt@crescendo-ir.com
http://www.crescendo-ir.com/