SOURCE: LitFunding Corp.

September 04, 2007 07:55 ET

Global Universal Film Group Stretches Its Arms to the Bayou

HOLLYWOOD, CA--(Marketwire - September 4, 2007) - LitFunding Corp. (OTCBB: LFDG) announced today that its subsidiary, Global Universal Film Group, which is in the process of becoming a publicly traded company, has been granted approximately Twenty Two Million U.S. Dollars ($22 MUS) by the Louisiana Department of Economic Development and The Office of Entertainment Industry Development.

Earlier in the summer, Global Universal inked a One Hundred Million Dollar ($100 MUS) line of credit with a prominent asset backed lender and private equity fund which will be used with the Twenty Two Million Dollar State Certification(s) pursuant to Lap.s 47:600 7B (10) to make Global's slate of seven films in Louisiana, which include Actor Sean Patrick Flanery's original screenplay "SUNSHINE SUPERMAN" and Global's Jackelyn Giroux's original screenplay "THE ROLLING PAPERS."

Global Universal, which is headquartered at Paramount Studios in Hollywood, has opened branch production offices and established residency in Baton Rouge, Louisiana, and has entered a joint venture agreement with Third Coast Digital, a twenty-five year old post-production house in Baton Rouge, which is helmed by Ted Baldwin.

Along with Jackelyn Giroux, Global Execs Cory Hudson, James Paul and Peter Liapis will produce the seven films.

"Global Universal Film Group is currently in negotiations for an output deal for its slate of seven films," stated CEO Jackelyn Giroux. "We have exceptional talent on our team. In tandem with the Company's head of development, writer/director Peter Liapis, James Paul and Cory Hudson are invaluable additions to the creative team we are building in-house."

About LitFunding Corp.

LitFunding, until recently, has specialized in the funding of litigation, through its wholly owned subsidiary LitFunding USA. Fees are earned when any lawsuit it funds is settled or otherwise concluded by a court ruling. At that time, both the funds advanced and the fee contractually agreed upon are repaid. Last year, LitFunding acquired Easy Money Express, a startup in the payday loan advance business, to provide an additional business model in the money lending business. Additionally, LitFunding acquired Global Universal Film Group through a merger with its subsidiary, Silver Dollar Productions. Global Universal's goal is to produce a slate of films, back-to-back, using tax credits and asset-based lenders for financing. LitFunding is contractually obligated to effect a "spin-off" transaction whereby Global Universal will become a publicly held company by distributing a portion of Global Universal's shares to LitFunding shareholders.

About Global Universal Film Group

Global Universal is engaged in the finance, development and production of feature films intended for worldwide release in domestic and foreign markets. Global Universal plans to develop and produce a slate of six to eight motion pictures that will be financed by leveraging state tax credits received from each film's budget with debt financing from asset-based lenders and private equity funds. When LitFunding acquired Global Universal in March of 2006, it agreed to effect a "spin-off" transaction whereby Global Universal would become a separate publicly traded entity by distributing several million shares of Global Universal's common stock to all LitFunding shareholders of record on a date to be determined.

This press release does not constitute an offer of any securities for sale. Except for the historical information presented herein, the matters set forth in this press release are forward-looking statements within the meaning of the "safe harbor" provision of the Private Securities Litigation Reform Act of 1995, or by the Securities and Exchange Commission in its rules, regulations and releases. These forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially. These risks include the ability of LitFunding's subsidiary, Global Universal Film Group, to reach definitive agreements with respect to and close the transactions discussed in this release as well as activities, events or developments that the company expects, believes or anticipates will or may occur in the future. Such statements are subject to a number of assumptions, risks and uncertainties. Readers are cautioned that such statements are not guarantees of future performance and that actual result or developments may differ materially from those set forth in the forward-looking statements. In addition, other risks are detailed in the company's periodic reports. These forward-looking statements speak only as of the date hereof. The company disclaims any intent or obligation to update these forward-looking statements.

Contact Information

  • Contact:
    LitFunding Corp., Las Vegas
    Natalie Pokorny
    (702) 898-8388