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Medient Enters Joint Venture With Tarantella Pictures to Tap Lucrative Pan Asia Entertainment Market(May 06, 2014)
EFFINGHAM COUNTY, GA -- (Marketwired) -- 05/06/14 -- Medient Studios, Inc. (OTCQB: MDNT) ('Medient') announced today that, as part of the Company's strategy to create a content and distribution pipeline for diversified audiences worldwide, Medient Studios has entered into a joint venture with Tarantella Pictures. Under the terms of the agreement, the two companies will jointly develop, finance, produce and distribute content for the Chinese and other Far East Asian markets.
Based in Kuala Lumpur, Tarantella Pictures is the leading production house in Malaysia, producing films such as Lagenda Budak Setan and Ombak Rindu. Ombak Rindu is the third highest box office grosser in Malaysia's history. Deeply entrenched in the Far East Market, Tarantella Pictures was established in 1995 in Indonesia by Sharad Sharan. The company has produced more than 70,000 minutes of programming. Out of the 38 television shows the company produced, 30 were listed on the top ten list of Indonesian television.
Several films from the region have broken out to be box office smash hits in the USA including last year's Raid Redemption and Ang Lee's Crouching Tiger Hidden Dragon which did $128M in US domestic revenue.
Manu Kumaran, Chairman of the Board of Medient Studios, stated: "Approximately 60% of the world's population lives in Asia. We see a comprehensive presence in Asia as a cornerstone of our strategy for the future. This relationship will leverage our existing strength in the Indian market and create a viable pan Asian platform. Tarantella's Founder Sharad Sharan's keen understanding of the Far Eastern market is the fundamental reason of this JV. Over the last 20 years Tarantella has built a formidable reputation in the region and we are excited by the possibilities. Medient continues its journey to build a truly global entertainment enterprise."
Sharad Sharan, Founder and Managing Director of Tarantella Pictures, said, "We are excited to be part of this dramatic re-engineering of the entertainment industry. With the Studioplex in Effingham County and Atlas International in Europe Medient have all the elements required for great success and we expect to play a vital role in this plan."
For more information on Tarantella Pictures, please visit - http://www.tarantellapictures.com/
About Medient Studios, Inc.
Medient Studios, Inc. (OTCQB: MDNT) ('Medient') (www.medient.com) is an entertainment content creation company with a strong presence in North America, Europe 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 over 250 movies. Medient is realigning the content creation process to enable efficiencies of scale and eliminate process waste by building a fully integrated movie and electronic game production facility as part of its Studioplex on a 1,560-acre property in Effingham County, Georgia. Once operational this production facility will be the largest of its kind in the United States.
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.
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