Mainframe Entertainment Inc -
Imax to make investment in Mainframe Entertainment
Mainframe Entertainment Inc MFE
Shares issued 14,148,182 1999-03-02 close $2.45
Wednesday Mar 3 1999
See Imax Corp (IMX) News Release
Mr. Brad Wechsler reports
Imax Corporation has agreed to make a strategic investment in Mainframe Entertainment Inc., one of the world's leading producers of 3-D computer-generated animation. Imax will invest $16-million (Canadian) to acquire an equity and convertible senior debt stake in Mainframe. Imax and Mainframe will also establish and co-finance a joint venture to co-produce 3-D animated films for release to IMAX theatres and other markets. The companies expect their first co-produced film, Gulliver's Travels, to be released to IMAX theatres by summer 2001.
The company believes that 3-D animation will be an integral part of Imax's future. Combining the network of IMAX 3-D theatres, the world's only theatrical 3-D distribution platform, and 3-D computer-generated imagery (CGI), will enable the company to make animated characters appear to come to life and virtually fly off the screen. This partnership with Mainframe allows the company to create, produce and distribute its own 3-D animation content cost-effectively and cross-platform that content into other markets. Mainframe also has the capability to create 3-D computer-generated animation for feature films of similar quality to those produced by the leading animation companies in the world and has already proven its ability to produce extremely high-quality, low-cost CGI for television.
The creative skills of Ian Pearson and production capabilities of Mainframe will allow the company to create cost-effective breathtaking 3-D animated films for the whole family. In addition, the company believe that it can help Mr. Pearson leverage Mainframe's animation talents with the major Hollywood studios to create films for both IMAX and conventional 35 millimetre theatres.
Recently, Imax has been rapidly moving forward on its strategy to bring animation to IMAX theatres. Last month, Imax announced a deal with The Walt Disney Company for an exclusive four-month release of Disney's newest animated classic, Fantasia 2000, to IMAX theatres beginning on Jan. 1, 2000. The company also recently began production on Cyberjam, scheduled for release in spring 2000, which will introduce audiences to a whole new animation experience by transforming into 3-D some of the world's greatest computer-generated animated shorts. Imax and Mainframe's co-production venture will continue development on three films previously in development at Mainframe including those based on the stories of Gulliver's Travels, The Pied Piper and Pandora's Box.
Mainframe is a leading animation studio that produces computer-generated 3-D product for television, motion picture and interactive media. Mainframe uses proprietary technologies and production processes which they believe provides a competitive advantage in terms of speed, volume and cost over other animation studios. Mainframe's on-air television series include ReBoot, Beast Wars, and Shadowraiders (also known as War Planets) which are televised on the Time/Warner cartoon network and the Fox Family channel as well as Weird-Ohs which is scheduled to premiere this fall on the Fox Family channel. |
