Cinemax Pictures & Production Co., Intl., Inc. (CPPC) Announced Today the Signing of a Letter of Intent for the Purchase of Wagg
November 21 2007 - 6:30AM
PR Newswire (US)
TORONTO, Nov. 21 /PRNewswire-FirstCall/ -- Constantine
Papadopoulos, CEO and Tony Gouveia, CFO of Cinemax Pictures
&Production Co., Intl., Inc. announced today the signing of a
Letter Of Intent (LOI) for the purchase Waggaworld Entertainment
International Inc. for cash, shares, exchange of shares or a
combination thereof. Waggaworld owns intellectual property
including the animated series "Waggaworld" and the development,
storyline, hardware and software technology behind this project.
According to Mr. Papadopoulos: "Waggaworld is a new animation
concept developed for television but with multi-platform
applications. The storyline and appeal is designed to target the
lucrative 'pre-tween' and 'tween' markets. The cost effective
animation style and completed technological aspects of the project
will make this an interesting addition to Cinemax Pictures. The
creators spent a considerable amount of time, money and energy
developing the characters, storylines, animation and the
interactive media designs behind the multi-platform placement
potentials of Waggaworld. In the deal, Cinemax Pictures will
acquire an equal share of all rights, trademarks and copyrights.
Cinemax will also control all the broadcast marketing, production,
the animation software, the data base hardware, and the rights to
produce episodes. They will also share equally in the developed
on-line game and video game and the ancillary marketing rights for
the series, on line and video games revenue and the character
licensing. Waggaworld will be produced and available in HDTV. Other
applications, including potential broadcast, eventual release on
DVD's and the video game will also be available in 3-D animation.
Mr. Papadopoulos continued: "A story bible has been written and
will be made into 13 initial scripts. Our target is to market the
series for networks and have it ready for a launch in fall, 2008.
Terms of the acquisition will be announced a later date after
finalizing due diligence. Mr. Gouveia added: "This potential
acquisition is consistent with our business model and growth
strategy. We have been focusing our efforts on the acquisition of
multiple entertainment properties. We have been busy working with
our consultants, the Able Group, to work out the details with the
various funding sources that are available to us to purchase these
and other assets. We will provide more information once this
process is completed. We will soon be providing additional
information regarding our other potential and future deals that are
currently in active negotiations." For information about
Waggaworld, visit http://www.waggaworld.com/ and for further
information about Cinemax Pictures please visit
http://www.cinemaxpictures.com/. FORWARD LOOKING STATEMENTS This
press release contains statements that are made pursuant to the
Safe Harbor Provisions of the Private Securities Litigation Act of
1995. Certain statements in this press release may contain words
such as "anticipates," "believes," "could," "estimates," "expects,"
"intends," "may," "projects," "targets" and other similar language
that are considered forward-looking statements. These
forward-looking statements are subject to certain risks and
uncertainties and persons reading this press release are cautioned
that such statements are only predictions, and that the Company's
actual future results or performance may be materially different.
The Company disclaims any intention or obligation to update or
revise forward-looking information, whether as a result of new
information, future events, or otherwise. DATASOURCE: Cinemax
Pictures & Production Co., Intl., Inc. CONTACT: Constantine
Papadopoulos of Cinemax Pictures & Production Company Intl.,
Inc., +1-905-783-8883, Web site: http://www.cinemaxpictures.com/
http://www.waggaworld.com/
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