Massive news just out on TNTU! $50 million contract signed.
(BSNS WIRE) Tengtu International Animation Unit in $50 Million Co-Produc
Tengtu International Animation Unit in $50 Million Co-Production Deals With
Leading Canada Studios; Sees Post-Release Licensing and Merchandising Potential
Business Editors
TORONTO--(BUSINESS WIRE)--Feb. 17, 2000--Tengtu International
Corp. (OTCBB: TNTU) today announced that its wholly owned animation
and film production studio TIC Beijing Digital Pictures Ltd. has
entered into a joint venture with two leading Canadian production
companies, Crawleys i Inc. and Boomstone Entertainment Inc., to
co-produce high quality prime-time entertainment programs worth US$50
million.
An animated series called "Germs" will be the first fruit of the
collaboration. Featuring leading-edge 3D animation production values,
the initial series of 26 half-hour episodes is expected to appeal to a
broad demographic and will be produced for release as family
entertainment in Asia, North America and Europe. Also being planned
are an animated movie based on the series, as well as an interactive
multimedia software application for home and school use to help
promote good health habits for children ages 3 and up.
TIC Beijing will conduct a major portion of the animation work
for the "Germs" project and will share as a producer in the
distribution rights and lucrative video and toy merchandising rights.
The Tengtu studio has already completed some developmental work on the
renderings of principal characters, including designs for
manufacturing prototypes of toy merchandise.
"Tengtu is as much about entertainment as it is about education,"
said chairman and CEO Pak Cheung. "We are gratified to have partners
in this enterprise as fine as in our educational software business.
Tengtu is committed to producing a quality entertainment product and
looks forward to its licensing and merchandising potential. We hope it
will be as outstandingly successful as the Pokemon phenomenon," he
noted.
Bill Stevens, president of Crawleys i stated, "Frankly, we were
impressed with the quality of TIC Beijing's leading-edge studio and
work, and we are very excited to be working with them on
state-of-the-art productions for the international marketplace --
especially for China, one of the largest and fastest-growing
entertainment markets in the world."
"This relationship is perfect," added Lee Williams, president of
Boomstone Entertainment. "TIC Beijing brings first rate 3D animation
skills to the table. We are very satisfied with the development
process on 'Germs,'" he noted.
The companies have also agreed to develop several other animated
programs, a live Chinese television weekly and a docudrama for
international distribution based on a well-known period in Chinese
history. The collaborative projects represent a total of some US$50
million in production. Most will qualify for funding support from
Canadian film agency programmes under official Canada-China
co-production treaties. Financing for the US$12 million co-production
of "Germs" will be undertaken primarily in the Canadian market and
from multinational corporate sponsorships.
Boomstone Entertainment Inc. is best known for its creative
directing skills on many internationally acclaimed prime time animated
productions such as "The Teddy Bear Adventures" for the Disney Channel
and for lending its pre-production talent on countless animated series
including "Ned's Newt," "Rainbow Fish," "Bob & Margaret" and "Mega
Babies."
Crawleys i Inc. has been involved with a number of animated
productions including "The Care Bears," "Teddy Ruxpin," "Babar,"
"Dennis the Menace" and "Heavy Metal: The Movie." President Bill
Stevens has previously co-produced award winning programs through a
sister company, Crawley Films, the oldest Canadian film and television
production entity with more than 500 international awards to its
credit including an Oscar for the feature length documentary "The Man
Who Skied Down Everest."
About Tengtu International Corp.
Tengtu International Corp. is a developer and distributor of
multimedia educational and entertainment software and related
services, operating through a joint venture and subsidiaries in the
People's Republic of China, Hong Kong and Canada.
Wholly owned subsidiary TIC Beijing Digital Pictures Ltd. holds a
leading position in the Chinese TV/film industry as the only domestic
production company offering a comprehensive range of services at its
million-dollar, state-of-the-art studios in Beijing. Services include
2D and 3D animation production, digital integration of visual effects
for TV/film post-production, TV program packaging, advertisement
production and music video editing/synthesis.
While TIC Beijing currently provides its graphics and animation
services and programs to major Chinese television stations such as
Central China Television and Beijing Television, its ultimate goal is
to become the leading producer of animated and live television
programs in China and a major provider of foreign programming for
Chinese television.
TIC Beijing has won numerous awards in China including a Golden
Child Award for its "Xiao Bei Family" cartoon series and some dozen
China Music TV Grand Competition Gold Awards for its music videos.
Tengtu International's other units include 57% owned Tengtu
United Electronics Development Co. Ltd. ("Tengtu United"); 44% owned
educational software developer Iconix International, Inc. and 55%
owned software marketer Edsoft Platforms (Hong Kong) Ltd.
Tengtu United is Tengtu International's joint venture with
Beijing Tengtu Culture & Education Development Co. Ltd. ("Tengtu
China"), the Chinese state enterprise mandated to develop and
implement a comprehensive information technology solution for the
national K-12 school system and to serve as the country's gateway for
electronic publishing. Tengtu United's strategic partners in
fulfilling this mandate include Legend Computer Group, Great Wall
Computer Group and Tai Ji Computer Group, China's three largest
computer companies, as well as the China unit of Microsoft (Nasdaq:
MSFT) and the People's Education Press, the sole source of materials
authorized for use in Chinese schools.
Note:
The statements made in this press release for Tengtu
International Corp. may contain forward-looking statements within the
meaning of Section 27A of the Securities Act of 1933 and Section 21E
of the Securities Act of 1934, regarding events, conditions and
financial trends that may affect the company's operating results and
financial position. Prospective investors are cautioned that
forward-looking statements are not guarantees of future performance.
Actual events or results may differ from the company's expectations,
which are subject to various risks and uncertainties some of which are
listed in the company's SEC filings.
This press release was prepared by The Cavior Organization, Inc.,
a public relations firm, based on information supplied by its client,
Tengtu International Corp. The information contained herein is
believed to be reliable, but has not been independently verified by
The Cavior Organization, Inc. None of the information contained in
this press release should be construed as an offer to buy or sell
securities, either directly or indirectly. The Cavior Organization,
Inc. or its officers or employees may from time to time acquire, hold
or sell a position in the securities of Tengtu International Corp.
--30--mj/ny*
CONTACT: Tengtu Int'l
Pak K. Cheung, Chairman & CEO
604/438-9729
or
Agency Contact:
The Cavior Organization
Warren J. Cavior, 212/687-6070
caviorg@aol.com
KEYWORD: INTERNATIONAL CANADA INTERNATIONAL ASIA PACIFIC
INDUSTRY KEYWORD: ENTERTAINMENT EDUCATION RETAIL SOFTWARE
TELEVISION/RADIO MARKETING AGREEMENTS PRODUCT
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