HOLLYWOOD, CA--(Marketwired - May 7, 2013) - Medient Studios, Inc (OTCQB: MDNT) today announced that Prime Focus Limited ('Prime Focus') and Medient Studios, Inc ('Medient') have entered into an initial non-binding Memorandum of Understanding which provides that Prime Focus and Medient shall execute a definitive agreement within 90 days for the provision of equipment, technology and skill transfer by Prime Focus to Medient.
Prime Focus is a market leader in the provision of post-production and visual effects services and is a major supplier of production equipment. Under the terms of the joint venture, Prime Focus will provide production and post-production equipment, work flow technologies and skill transfer for Medient's megastudio project.
Mr. Manu Kumaran, chairman and CEO of Medient estimates that the Prime Focus contribution is worth in excess of $40 million.
Production & Post Production equipment and services will include:
- Cameras, lighting gear and other production equipment
- Cutting edge full service post production
- Offline and Online Editing, Color Correction and Grading Systems, Flame & Smoke suites and other post production equipment and software
- State of the art preview theatres with 3D
- Post production sound including mixing theatres
- Complete film and video transfer services
VFX & Animation equipment and services will include:
- Conceptual design, look development, on-set supervision, dynamics, on-location HDRI capture
- 3D animation/CGI, cosmetic enhancement, matte painting, compositing and finishing
This will form part of the initial $90 million Medient plans to invest in the 1500 acre site in Effingham, GA. Details under which Medient will develop the site, including its movie studios, entertainment facility and campus, were covered in the MOU signed with Effingham County Industrial Development Authority on March 19, 2013.
Mr. Namit Malhotra, founder and CEO of Prime Focus stated, "We are excited to be part of Medient's inspirational vision to reengineer the movie business."
Mr. Manu Kumaran stated, "This is the next level of firming up a very special relationship that has spanned the lifetime of Medient. Prime Focus has been a great partner of Medient and we are happy and proud that the relationship is progressing further."
About Prime Focus
Prime Focus Limited (BSE: 532748) (NSE: PFOCUS) (ISIN: INE367G01038) (www.primefocusworld.com) is a global visual entertainment services group that provides creative and technical services to the film, broadcast, and advertising market. The group offers a genuine end-to-end solution from pre-production to final delivery -- including visual effects, 2D to 3D conversion, video and audio post production, equipment hire, multi-platform content operations solutions and digital distribution.
Prime Focus has a team of over 4,500 people with state-of-the-art facilities throughout the key markets of North America, UK and India. Using its 'Worldsourcing' business model, Prime Focus provides a network that combines global cost advantages, resources and talent pool with strong relationships and a deep understanding of the local markets.
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.