Miracle Entertainment in Deal With Blockbuster Stores to Distribute 'After Sex' Starring Brooke Shields
Company to Receive Fee of $1 Million for Movie
LOS ANGELES, Aug. 8 /PRNewswire/ -- Miracle Entertainment, Inc. (Pink Sheets: MVEE), a diversified film and production company, today announced that it has entered into an agreement with Blockbuster to distribute, After Sex, starring Brooke Shields.
The agreement will pay Miracle a non-refundable advance of $1,000,000 against royalties. Blockbuster will pay a 35% royalty of the net revenues received for the films. Rights acquired by Blockbuster include, video, DVD, pay-per-view, pay television and free TV. Blockbuster will be in charge of negotiating the sale of the additional rights to those markets. Miracle Entertainment still maintains all foreign rights. The video will be available in stores starting August 8th.
Tony Cataldo, CEO of Miracle Entertainment stated, ``We are extremely pleased with this transaction. Blockbuster's willingness to pay us such a significant upfront fee shows their confidence in our product. This our first significant distribution deal with Blockbuster and look forward to developing a long and profitable relationship with them in the future.''
This statement includes forward-looking information as that term is defined in the Private Securities Litigation Reform Act of 1995, and, therefore, is subject to certain risks and uncertainties. There can be no assurance that the actual results, business conditions, business developments, losses and contingencies and local and foreign factors will not differ materially from those suggested in the forward looking statements as a result of various factors, including market conditions, competition, advances in technology and other factors.
SOURCE: Miracle Entertainment, Inc. |
