SPRINGFIELD, GA--(Marketwired - Jun 24, 2013) - The Effingham County Industrial Development Authority ('IDA') has announced that the meeting of the Board held on the 19th of June 2013 approved the bond resolution with Medient Studios, Inc. ('Medient'). The bond resolution allows for the formal process to begin for the issuance of Industrial Development Bonds related to the movie studio mega-development in Effingham County. The IDA authorized the bond resolution as the terms and conditions of the Memorandum of Understanding ('MOU') previously executed with Medient are being successfully fulfilled by both parties.
The IDA approved the issue of Industrial Development Bonds of up to Three Hundred Million Dollars ($300,000,000) to facilitate the capital expenditure of the project.
Upon successful issuance of the bonds the project will be able to proceed with the construction phase of the nation's largest movie studio complex on a 1,500 acre site near Savannah, Georgia. The project will bring more than 1,000 direct jobs to the community.
The parties are now finalizing the remaining closing conditions and the definitive agreements due to be completed prior to the July 17th.
Mr. John Henry, CEO of the IDA, stated, "This is an extremely ambitious project, and I am pleased that Medient continues to demonstrate its ability to deliver on its commitments at every stage of the process. We are delighted that criteria we set in the MOU are being met and Medient can begin to develop the property as envisaged in the MOU."
Mr. Manu Kumaran, chairman and CEO of Medient, stated, "We are excited and happy that the operational phase of the project will soon commence and look forward to the opening of the facility. The IDA and Dennis and John have been extraordinary partners and we are privileged to have their support".
About Effingham IDA
The Effingham County Industrial Development Authority (www.effinghamindustry.com) serves as the County's economic development organization charged with promoting trade and industry for the benefit of the community.
Medient (www.medient.com) is a publicly listed company (OTCQB: MDNT). It is a global film production and distribution company with a strong presence in the world's two largest movie markets - North America 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 in excess of 250 movies. To date, approximately 14 movies, two music acts and several hundred live performance shows have been produced under the Medient banner. The company is in the process of significantly scaling up its operations, including its planned entry into the electronic games sector.