HOLLYWOOD, CA--(Marketwired - Apr 24, 2013) - Medient Studios, Inc. (OTCQB: MDNT) today announced strong revenues for 2012, and issued a shareholders letter as part of the Company's Annual Report.
For the year ending December 31, 2012, the Company recognized $3,267,485 in revenue, resulting from the release of its horror genre film Storage 24. In addition, long term liabilities were significantly reduced in the fourth quarter of 2012, and the first quarter of 2013, resulting in a improved stronger balance sheet.
As part of the Company's 2012 Annual Report, CEO and Chairman of the Board addressed all of Medient's shareholders and stakeholders with the following Letter:
2012 Annual Report
Change. We fear, detest, hope, yearn and even revere or despair of it. And irrespective of how we feel about change at any point in time we know it is inevitable. Medient is in the throes of big change and hopefully our transformation will help change the way films are made around the world.
My earliest memory is of a film set -- watching my father direct his debut feature. Over the years, through the many, many days that I have spent on the sets of various films in many different cities in many different countries across continents, one thing remained common -- the extraordinary amount of wastage that plagues the film production process. It remains a source of wonder why no one in the film industry ever talks of the extent of squandering in our business even as most movies lose money in every single language. This in spite of the fact that revenues remain robust and the industry continues to grow and the opening of the Chinese market will increase revenues significantly.
Surely something has to change.
Our plan for centralized production is borne of a belief that there has to be a way of making better movies at lower costs. After years of research and scouting in several countries and many states in the USA, we finally found a home for our ambitious studio project. The State of Georgia and Effingham County are partners in our game changing plan to realign the film production process and make it significantly more efficient through economies of scale.
The project will feature a vertically integrated movie and electronic games production facility with a fully functional campus in the style adopted by the technology industry. Through a combination of state-approved tax credits, technology and equipment efficiencies, our goal is to dramatically reduce movie production costs while continuing to generate high quality content in the most successful movie genres. Further, the scale of resources available to us will also enable a solid and sustainable business model with predictable and consistent revenue streams. The production plan has a narrow focus on the most profitable segment of the film business -- action, horror, sci fi fantasy and thrillers. Interestingly, these genres are also the most indifferent to the star system. Most studio tent pole releases over the past few years have featured unknown or relatively lower level stars in the leading role. The "star independent" nature of the genre allows Medient to ensure optimal utilization of the studio further enhancing profitability.
In preparation for our journey into genre specific filmmaking we produced a British horror film called Storage 24 and are proud to report that we were successful in selling the film to distributors across the world. Some of the world's leading distributors, including Universal Pictures, Magnolia Pictures, Klockworx and ICO purchased and released Storage24 in every major territory of the world.
The film was also well received by the critics with the Guardian newspaper in the UK giving it 4 stars. The Daily Express described the movie as "An ambitious Sci-Fi shocker with big frights".
"Serious scares and some excellent creature design work make this a superior British horror sci-fi," wrote Kim Newman of Empire magazine.
Our first venture in Hollywood, Nick Cassavetes' Yellow was showcased at the Toronto International Film Festival, rated by Time magazine as the most influential film festival in the world. Several other leading festivals including the Tokyo International Film Festival and SXSW have screened the film and the critics and audiences are raving. The Toronto festival described Yellow as "wildly inventive" and a "cinematic trip of mind-bending proportions" and Indiewire called it Cassavetes' best work.
We are also happy to report that the management team at Medient has been enhanced to prepare for the gigantic task ahead. Several highly skilled and experienced experts in various facets have joined the team inspired by our vision. Details of the team and specific plans are available on our website, www.medient.com.
So, as we enter the most exciting phase of Medient's history I promise you that we are ready for this momentous challenge and we are confident that we will achieve our goals, lofty as they are. I am honoured to welcome you on board a voyage that will challenge us completely but will be filled with fun, excitement and laughter, and hopefully deeply fulfilling for all us.
I salute you for your courage and support and promise you that the team will do everything we can to ensure that our goals are achieved and we create an enterprise that delivers the delightful promise of its purpose. We will be Disruptive in questioning every single belief, Opportunistic in our quest for progress and leverage, Loyal to all our stakeholders, Fearless in our dynamism and yet remain Fair in everything we do.
Welcome to the new Medient... Welcome to a new world.
Chairman & Chief Executive Officer
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.