PRESS RELEASE!
For Immediate Relase:
Date November 12, 1996 8:00am PDT
Contact : Paul Eberling, Chairman & CEO
Phone: 310-858-7123
Fax: 310-858-1852
Forms Joint Venture
Beverly Hills, CA-Tridon Enterprises Incorporated (TEIM)
Annouce that it has formed a joint venture for the production
of the remake of the Classic French comedy, "Charles et Lucie"
Options rights negotiations are complete and the joint venture
expects to begin production in January 1997.
Rights and production issue negotiations for "Madam Satitra"
continue with Jempsa Entertainment at this time. The company
expects these matters to be positively resolved in the near term.
In the event the parties do not agree on the direction of the
project, funds deposited in escrow on behalf of the production
will be refunded.
On October 25, 1996 the Company determined that Maingate
Entertainment, Inc. was not able to satisfy the various
conditions precedent to the acquisition. The Maingate
shareholdrs were notified, the relationship terminated, their
shares returned, and monies advanced to Maingate by Tridon were declared due nad owing. Pual Ebeling, Chairman & CEO
stated that the reasons for unwinding the transaction were: 1)
Maingate's accounts were overstated and unauditable, 2) Due
diligence discovered Maingate's contingent liabilities exceeded
$450.000, 3) All of Maingate's cash from the sales of the feature
films "Lethal Tender" and 'Conspiracy of Fear" was emcumbered,
and 4) Maingate misrepresented its interest in the properties
presented as Maingate's three year production slate. Mr. Ebeling concluded that the transaction was not in the best interest of
Tridon's shareholers and is proceeding with available remedies:
"We are acquistion minded and continue to be on the lookout for opportunities that will positively impact our company and benefit
our shareholders". No assurances can be given that the Company
will be successful in its loans to Maingate or in any of its endeavors.
Regards, William |
