VANCOUVER, BRITISH COLUMBIA--(Marketwire - Sept. 17, 2012) - Rainmaker Entertainment Inc. ("Rainmaker") (TSX:RNK) announced today that it has terminated the asset purchase agreement dated June 27, 2012 pursuant to which Rainmaker Studios Inc. ("RSI"), a wholly-owned subsidiary of Xing Xing Digital Corporation, had proposed to acquire certain assets comprising substantially all of Rainmaker's animation studio assets (the "Transaction").
Rainmaker delivered its notice of termination because the parties were unable to close the Transaction on or prior to September 14, 2012 as had been agreed. The board of directors of Rainmaker felt that due to the delay in closing the Transaction, it was in the best interests of Rainmaker and its shareholders that the company focus on its existing business operations and on exploring alternative transactions.
About Rainmaker Entertainment
Rainmaker Entertainment Inc. is one of Canada's largest producers of CG 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 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) changes in market conditions; (ii) general economic, market, financing, regulatory and industry developments conditions; (iii) 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.