VBII -- 5 x 5.375 -- Just something to keep an eye on.
The contract is worth at least $27.5 million in the first year alone.
Only 5.3 mil in float, if it gets some volume it could move nicely. It was as high $10.50 a month ago.
November 16, 2000 13:17
Visual Bible, Inc. and Stewart House Publishing, Inc. execute comprehensive distribution agreement
Jump to first matched term
TORONTO, Nov. 16 /PRNewswire/ - Visual Bible International, Inc. (OTCBB Symbol: VBII), is pleased to announce that its wholly owned subsidiary Visual Bible, Inc. has executed a distribution agreement (the "Agreement") with Stewart House Publishing, Inc.
The Agreement has a term (the "Term") beginning on the date of execution of the Agreement and ending December 31, 2005, unless earlier terminated pursuant to the terms of the Agreement, during which Visual Bible has appointed Stewart House as the exclusive distributor within certain distribution channels (as specified in the Agreement) of audio-visual devices embodying programs owned or controlled by Visual Bible, i.e. videocassettes and DVDs (a "Videogram") in the United States and Canada (the "Territory"). The Term of the Agreement may be automatically extended in the event that certain minimum purchase requirements (as described in the Agreement) are met by Stewart House. Stewart House has the right to terminate the Agreement upon 90 days written notice prior to the expiration of the first year of the Term. During the first year of the Term, Stewart House has agreed to purchase a minimum of 1,000,000 Videograms at a price of US$27.50 each. Assuming the Agreement is not terminated after the first year, Stewart House has agreed to other minimum purchases for subsequent years of the Term. Payment for Videograms purchased by Stewart House are to be made either on the date that Stewart House receives payment from the sale of such Videograms or 180 days after the date of shipment of the Videograms from Visual Bible to Stewart House, whichever occurs earlier, provided that Stewart House is permitted to retain a 20% holdback for the possibility of returns.
"The alliance between Stewart House and Visual Bible will allow for comprehensive distribution of our products throughout the United States and Canada," said John Hamilton, Chairman and CEO of Visual Bible International. "We are very pleased to be working with such a respected and influential company."
Visual Bible is the owner of certain exclusive license agreements with the American Bible Society, the International Bible Society and Broadman & Holman, which permit it to produce, distribute, market and sell, in word-for- word, visual format, the Good News and Contemporary English Versions of the Bible, the New International Version of the Bible and the Standard Holman Version of the Bible which was created by the Southern Baptist Convention. As a result of these intellectual properties and the associated strategic alliances, Visual Bible hopes to become the dominant provider of video/DVD versions of the Bible throughout the world.
To date, Visual Bible has completed production of two books of the Bible, Matthew and The Acts, which have collectively sold in excess of 560,000 copies. Matthew features Emmy Award winning actor, the late Richard Kiley and introduced Bruce Marchiano. The Acts features James Brolin, Jennifer O'Neill and Dean Jones. The suggested retail price of Matthew is $99.95, and it is available in both videocassette and DVD formats.
In accordance with its exclusive license agreements, Visual Bible plans to develop and produce high quality versions of the 66 books of the Bible for television broadcast, cable markets, and the home video/DVD market. The budget for each such production is expected to range between $1 million and $20 million depending on the nature of the production. Visual Bible has commenced pre-production activities for its next three productions, the books of Mark, Luke and John. Filming of the books of Mark and John is expected to commence on November 20, 2000, and Academy Award(R) winning actor F. Murray Abraham has accepted the role of Peter and Kevin Sage has accepted the role of Jesus.
Stewart House Publishing, Inc. is a former division of McClelland & Stewart Inc. In 1911, McClelland & Stewart co-founder George Stewart was dubbed "the best bible salesman in the country." Today, Stewart House Publishing distributes, in both the United States and Canada, a broad selection of books and products that specialize in the pursuit of information through entertainment.
This press release may contain certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Actual events or results may differ materially from those discussed in such forward- looking statements.
SOURCE Visual Bible International Inc.
/CONTACT: Todd Heinzl (416) 862-7168; Media: Naomi
Strasser, Aerial Publicity & Promotion (416) 787-6577 ext. 21/
(VBII) |
