Rainmaker Entertainment Inc.

Rainmaker Entertainment Inc.

August 01, 2012 13:52 ET

Rainmaker Entertainment Announces Shareholder Approval of Sale of Animation Studio

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Aug. 1, 2012) - Rainmaker Entertainment Inc. ("Rainmaker") (TSX:RNK) is pleased to announce that the previously announced proposed sale of certain assets comprising substantially all of Rainmaker's animation studio assets to Rainmaker Studios Inc. ("RSI"), a wholly-owned subsidiary of Xing Xing Digital Corporation, (the "Transaction") was approved by 99.91% of the votes cast in person or by proxy at the special meeting of the Rainmaker's shareholders held yesterday afternoon.

The Transaction, which is expected to close during the fall, remains conditional upon, among other things, the receipt of all required regulatory approvals.

About Rainmaker Entertainment

Rainmaker Entertainment Inc. is one of Canada's largest producers of computer generated animation for all media. The studio is currently in production on its first feature film Escape from Planet Earth which will be distributed by The Weinstein Company in February 2013. It is also producing several DVD films for Mattel and developing its own properties. For more information, go to www.rainmaker.com.

Certain portions of this press release as well as other public statements by Rainmaker contain forward-looking statements. Such forward-looking statements include but are not limited to statements concerning the proposed Transaction, Rainmaker's business and the industry in which it operates. These statements are based on current expectations that are subject to risks, uncertainties and assumptions and Rainmaker can give no assurance that these expectations are correct. Rainmaker's actual results could differ materially from those anticipated by forward-looking statements for various reasons generally beyond our control, including but not limited to: (i) failure to complete the Transaction on the terms described herein or at all, (ii) changes in market conditions; (iii) general economic, market, financing, regulatory and industry developments conditions; (iv) the risks relating to Rainmaker's business; and (iv) other risk factors set forth in Rainmaker's Quarterly Reports or Annual Information Form. Rainmaker disclaims any intention or obligation to revise forward-looking statements whether as a result of new information, future developments or otherwise except as required by law. All forward-looking statements are expressly qualified in their entirety by this cautionary statement.

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