HOLLYWOOD, CA--(Marketwire - Mar 20, 2013) - Medient Studios, Inc. (OTCQB: MDNT) today announced that the Effingham County Industrial Development Authority ('Effingham IDA') and Medient Studios, Inc. ('Medient') have executed a Memorandum of Understanding ('MOU') for the development of a movie studio, entertainment facility and campus in Effingham County, GA.
The MOU is the memorialization of an agreement with Medient that will create in excess of 1,000 permanent jobs with an initial capital spend in excess of $90 million on the 1,500 acre property known as the Interstate 16 Site, Northern Tract. The property is 15 miles from the Savannah / Hilton Head International airport.
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;
- a pipeline that will facilitate the simultaneous production of movies in multiple languages and electronic games allowing simultaneous release of the same content to diverse audiences, thereby maximizing revenue; and
- a combination of state approved tax credits, technology and equipment efficiencies, and insourcing to dramatically reduce the cost of film production while generating high quality content in the most successful movie genres.
Designed to be environmentally conscious and self-sustainable, the campus will include the application of solar and hydro technologies. The Master Plan has been completed and is being submitted to the County for formal approval. Construction is expected to commence in summer, 2013.
The project will be the largest in the US and as much of the site will be open to visitors, it is also expected to become a major tourist destination in the country.
The Effingham IDA will enter a 20 year capital lease with Medient and provide $1.25 million for site development.
John Henry, CEO of the Effingham IDA, stated, "This project truly has the potential to be a game changer for this entire region. We believe that our area will see significant benefit from this project for years to come."
Mr. Manu Kumaran, chairman and CEO of Medient, stated, "We are delighted that we have the opportunity to build our 'Disneyland meets Googleplex' mega campus in Effingham County, and we are grateful to the Effingham IDA in reaching this agreement in such a professional and efficient manner. We are confident that this exciting project will become a prototype of environmentally sustainable construction, management and living while also promoting a public/private partnership for the region and for the state. We look forward to the project enhancing and participating in the local community, becoming an undertaking of which we can all be proud."
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.
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.