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ragingbull.com MVEE Overview
1st Miracle Group Inc. (OTC BB: MVEE)
OVERVIEW
The 1st Miracle Group Inc.,(OTC BB: MVEE), is engaged primarily in the development, production, and worldwide distribution of theatrical motion pictures and television programs. MVEE, is a Canadian Company presently reporting in Canada. As A Canadian company it can have an unlimited amount of shares issued shares making dilution a concern. The Last Canadian filing reports approximately 109 million Outstanding Shares with an estimated Float of 92 to 97 million shares. MVEE management has stated that it intends to become an U.S. SEC filing company and is expected to file to become US reporting with their year end results in May. Canadian Filings
MAGIC ENTERTAINMENT
Magic Entertainment is a wholly owned subsidiary of the 1st Miracle Group. It was founded in early spring of 1998. The company was developed, to develop and sell high profile low budget films in the 1 to 5 million dollar range, to resell. It was a long first year for the young company, as it developed three films; Speedway Junky, Delta Force One: The Lost Patrol, and The Letter a foreign film and experienced many ups and downs. The company has been short of cash its first year as it used most of its cash to make these first 3 films, but these films are ready to be sold and might already be.
MEGA COMMUNICATI0NS
When Acquiring a film business in 97', Mega Communications, Magic entertainment acquired the rights to "Grizzly Mountain" which was a highly successful film for the company. "Grizzly Mountain," was ranked number eight on the top 10 sell through return on investment list for the week ended April 26. Revenues generated in 1998 were directly attributable to film projects completed and sold by our Magic Entertainment , primarily ''Grizzly Mountain.'' Revenues for the year ended April 30, 1998, were $3,589,194. The company also sold off its Health Club division last year for a gain of 1.8 million, which they invested into their movies being in production.
MANAGEMENT
Tony Cataldo
1st Miracle Group has named Tony Cataldo as Chief Executive Officer. During his career, Cataldo has held management positions with a number of emerging growth, Nasdaq-traded companies, including Chairman and CEO of MTI Inc., a leading manufacturer and seller of trading systems software, and Senetek, a biotechnology company involved in aging-related therapies; and Executive Vice President and co-founder of Hogan Systems, a banking software manufacturer and retailer. Cataldo also served as President of Internet Systems, a pioneer in the Internet banking arena, and was responsible for growing the business from approximately $7 million to in excess of $70 million in revenues during his tenure.
Menahem Golan
In the 1980's, Golan helped build Cannon Group into a highly successful production and distribution company, and created the business model for today's low budget independent film company. According to the Academy of Motion Picture Arts and Sciences6 in 1996 Cannon was ranked first among all independent film studios and tenth of all major production companies in the US. with a 2.7% total market ' et share of box office receipts. Magic's business model incorporates modest, tightly-controlled budget productions with presale and licensing rights in the international arena to theatrical, TV and video for steady revenues with reduced risk just as Cannon Group started nearly twenty years ago.
John Salley
The Company announced the addition of John Salley, three-time NBA champion, to the Company's Board of Directors. Through his production company, UJAMMA Entertainment, Salley has several music and film projects currently underway, including: A production deal with Warner Brothers Records; pending recording contracts for various artists with Hollywood Records and Capitol Records; the production of ''A Fare to Remember'' starring Malcolm Jamal Warner (Star of UPN's ''Malcolm & Eddie''), John Ratzenberger (formerly star of ''Cheers'') and Tracee Ross (daughter of Diana Ross); and production of ''Book of Love'' featuring Robin Givens. Rumors are that Ujamma has been aquired already and joined forces with MVEE we are waiting further announcements.
PROJECTS AND DEALS
1st Miracle Group, Inc. announced that it has entered into a multi-picture foreign distribution agreement with Cutting Edge Entertainment, Inc. a leading international distributor of films. Cutting Edge was founded in 1994. During the past year, Cutting Edge was responsible for the distribution of approximately 15 titles and financed six projects, with combined sales in excess of $20 million. The agreement includes several of 1st Miracle's films, among them recently completed ''Speedway Junky'' starring Darryl Hannah and Jonathan Taylor; and ''Roll the Dice'', a 1 1/2 hour comedy special showcasing comedian and actor Andrew ''Dice'' Clay for which the company has recently secured the rights.
SPEEDWAY JUNKY
Speedway Junky will be shown at two up coming advents. Cannes Festival one of Hollywood biggest advents which last year generated 3.2 million in presale. At the upcoming Fifth Annual Los Angeles Independent Film Festival Speedway Junky One of 25 films selected from a field of approximately 1,400 submissions. The screening will be held at 10 p.m. on Monday, April 19 at the 600 seat Directors Guild of America Theater in Los Angeles and will be open to the media. Attending the screening will be the movie's stars including Darryl Hannah, Jesse Bradford, Jordan Brower, Jonathan Taylor Thomas with rap singer Warren G, Tiffani-Amber Thiessen, and Patsy Kensit.
"Speedway Junky" is a film for today's youth, full of charm and erotic drama. A forbidden love story which we all dreamed of against the backdrop of the decadence and despair, wealth and success of Las Vegas. The film culminates in an exciting awe-inspiring ''opportunity.'' The film was executive produced by Gus Van Sant (the Director of Goodwill Hunting also Produced Speedway Junky). In November Magic took clips of Speedway Junky to MIFED and out of 250 -400 films was put on the Hollywood Reporter's, one of the film industry's most prominent publications, ''A'' list of films(1-9). The Movie, which cost near 2 million dollars, is rumored to be sold for 10 to 25 Million Dollars. Speedway Junky Website
DELTA FORCE ONE
MVEE also has, "Delta Force One: The Lost Patrol", which was completed in March, Staring Chuck Norris's Son Mike.
KENTARO and STEVEN SEAGAL
They also have a contract with Kentaro Seagal to make 5 movies in the future. There is rumor that they have signed his father to make an appearance in one of his films.
LA LETTRE (THE LETTER)
They are in the process of finishing the "Letter" it should be ready by Cannes in May. This is a foreign film.
KUMENTE
Pre production on Kumete has begun, this is most likely young Seagals first film.
ESCAPE TO GRIZZLY MOUNTAIN
Shooting on Escape to Grizzly Mountain has just started. Escape To Grizzly Mountain'' is the sequel to 1998's highly successful Grizzly Mountain which has recently been shown on the Showtime Cable Network as well as on Pay Per View. Additionally, Grizzly Mountain has sold over 235,000 videocassettes and was one of the top video rentals of last summer. Funding for film will be provided by Tomorrow Films which will also serve as the film's exclusive worldwide distributor.
ROLL THE DICE
"Roll the Dice", a 1 1/2 hour comedy special showcasing comedian and actor Andrew ''Dice'' Clay which the company has recently secured the rights to. The special, filmed during a recent Las Vegas show, will feature behind-the-scenes footage and live stand-up routine. The project was produced by George Furla and Randall Emmett and will be screened during the Cannes Film Festival during the week of May 13th.
40 FILM LIBRARY
They have a 40 film library which brings in roughly $500,000 a year from television contracts.
REVOLVING LINE OF CREDIT
Talks with Major Movie Companies for a swinging line of credit are also rumored to be taking place.
SUMMARY
After careful examination of 1st Miracle Group for the last month it is felt that the 1st Miracle Group has the potential to become to become a major competitor in the independent film industry. Golan brings his expertise and wisdom to the table as he has been in the business for over 40 years. John Salley brings youthful and exciting new projects to the table, along with his contacts in the television and music industry. It is anticipated that with sale of their first movie, the capital will allow them to do many great projects in the future. This provides the company with great future potential. At 5 cents this company is way undervalued as soon as they sell the 1st of many Movies. |
