Tickers: XCNQ:IP, PINX:IPNFF
Tags: Entertainment, Media
Vancouver, CANADA / TheNewswire / January 23, 2018 – Imagination Park Entertainment Inc. (CSE: IP) (OTC: IPNFF) (FRA: GMS1) ("Imagination Park" or "Company") is very pleased to announce the Company’s first revenue-generating production for the Chinese entertainment market with C$ 750,000 budget to be received on February 15, 2018. The Chinese primetime television series, Always With You, is to be filmed in Vancouver, Canada for distribution in China by one of China’s largest privately-owned media production companies, Hairun Media & Entertainment Group Ltd. ("Hairun").
Ben Lu, Director of Imagination Park, commented: "My personal goal when joining Imagination Park was to bring revenue from China and this is a great starting point. Working with a Chinese entertainment conglomerate such as Hairun is an honour for me personally and a significant step forward for Imagination Park and its blueprint for that market space."
Gabriel Napora, Chief Strategy Officer of Imagination Park, stated: "Always With You is China’s first prime time drama that prominently features Canada and displays of the Canadian lifestyle, a project that we believe showcases Imagination Park’s strong ties to the Chinese market as well the Company’s commitment to working closely with Chinese content producers."
Costa Vassos, Imagination Park’s Head of Production, will be helming the project. Gabriel Napora, Chairman of the Company stated: "Costa is one of Vancouver’s top producers having worked with companies such as HBO, Warner Bros, Disney, 20th Century Fox and Zee Studios International. With over 20 years-experience in the film industry, Costa started as a locations manager, and worked his way up to producing international feature films and TV series in Vancouver."
Simon Xu, General Manager of Focus Media Inc. ("Focus Media"), who also acts as Imagination Park’s Corporate Consultant for Content Business Development in China, as well as a co-producer for this production, said: "The ability to work with a group of experienced Canadian filmmakers who understand how to work with Chinese producers is what attracted Mainland China productions such as Always With You to come film in Vancouver. Imagination Park made that possible." His fellow Corporate Consultant for Content Business Development in China, Sarah Yu, co-founder of Focus Media group agreed: "With Imagination Park’s support and their commitment for China, we at Focus Media can confidently say there will be more opportunities like this in the future."
Always With You
Always With You is a primetime Chinese-language drama to be distributed and broadcast initially in Mainland China. It depicts the journeys of four mothers from China visiting their children studying in Vancouver, Canada. Featuring four of China’s best known television stars, Always With You is about courage, friendship and perseverance.
Terms of Transaction
Imagination Park and Focus Media, a Canadian production company, have agreed to create and fund a special purpose vehicle for the Canadian filming of the Chinese series Always With You. Under the terms of the agreement, Imagination Park will issue to Focus Media 62,500 common shares in its issue. The shares are subject to a four month and one day hold period.
Principal photography for Vancouver filming will begin on January 23, 2018 with the anticipated release date for the production being September 10, 2018 on Shanghai and Beijing TV. Director of the production, Chen Chang, specializes in Chinese productions of television melodrama. The budget of C$ 750,000 is to be received by Imagination Park for this one production.
Further, the Company has issued 250,000 incentive stock options (the "Options") to a director and consultants of the Company. The Options are exercisable at $ 0.97 per share. 100,000 are valid for a period of five years and 150,000 are valid for a period of two years from the date of grant. The Options have been granted under and are governed by the terms of the Company’s Incentive Stock Option Plan.
About Imagination Park
Imagination Park is an emerging digital content production company, working with talented filmmakers around the world to bring conventional as well as virtual reality content to life.
ON BEHALF OF THE BOARD,
Alen Paul Silverrstieen
President & CEO
The Canadian Securities Exchange has neither approved nor disapproved the contents of this press release.
This press release may include ‘forward-looking information’ within the meaning of Canadian securities legislation, concerning the business of the Company. The forward-looking information is based on certain key expectations and assumptions made by Imagination Park’s management. Although Imagination Park believes that the expectations and assumptions on which such forward- looking information is based are reasonable, undue reliance should not be placed on the forward-looking information because Imagination Park can give no assurance that it will prove to be correct. These forward-looking statements are made as of the date of this press release, and Imagination Park disclaims any intent or obligation to update publicly any forward-looking information, whether as a result of new information, future events or results or otherwise, other than as required by applicable securities laws.
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