VANCOUVER, British Columbia, May 14, 2015 (GLOBE NEWSWIRE) -- GEONOVUS MEDIA CORP. (CSE:GNM) ("GeoNovus" or the "Company") is excited to announce the new Steven Seagal movie "Absolution" will be the first of six feature films that GNM (as part of the Company's agreement with Infinity Media) will be entitled to share in the net revenues of. Produced by Tim Marlowe, Absolution, will be officially released and distributed by Lions Gate on May 15, 2015 in Theatres and On Demand.
The Company's interest in the revenue of Absolution derives from a Production Revenue Participation Agreement (the "Participation Agreement") with Infinity Media and its principal, Academy Award® winning producer, Timothy Marlowe. In addition to his role with Infinity Media, Mr. Marlowe is a director of GeoNovus Media Corp. Under the terms of the Participation Agreement, the Company is entitled to receive five percent of the revenue earned by Infinity Media from "Absolution", and from five subsequent feature films from which Infinity Media is entitled to share revenue. The five subsequent films will be determined by Infinity Media pursuant to the terms of the Participation Agreement. In consideration for the acquisition of the participation rights under the Participation Agreement, the Company has agreed to issue up to 17 million shares from treasury to Infinity.
There can be no assurance that "Absolution" or any of the other films which the Company will have an interest in under the Participation Agreement will generate revenues for Infinity Media and the Company.
"Absolution" will be released by Lions Gate Entertainment on May 15, 2015, in Theatres and On Demand. The film was produced by Steven Seagal, Timothy Marlowe, Binh Dang, and Phillip B. Goldfine.
Tim Marlowe states: "We are thrilled that Lions Gate is set to release our film "Absolution" theatrically. This marks the beginning of our goal at GNM to follow in the footsteps of successful public media companies like Lions Gate. Working with such a popular actor like Steven Seagal was truly rewarding, and gives us the confidence to continue producing feature films that have predictable returns and serve loyal fans and niche movie buyers".
The official Lion Gate release can be read here: http://www.lionsgatepublicity.com/theatrical/absolution/
Watch the trailer now! https://youtu.be/OhOgH_Cczys
Our business relationship with Infinity Media is a key step in the pursuit of our goal to build value in our business through the acquisition of participation rights in feature films such as Absolution as part of our overall objective to become a substantial diversified media company.
GeoNovus Media Corp is a new digital media company with a focus on motion picture production and distribution, corporate services and music creation and music publishing.
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Academy, as the copyright owner of the Academy's "Oscar" statuette, and owner of its trademarks and service marks, including "OSCAR®," "OSCARS®," "ACADEMY AWARD®," "ACADEMY AWARDS®," "OSCAR NIGHT®," "A.M.P.A.S.®" and the federally registered "Oscar" design mark, is required to protect its properties against unauthorized uses and infringements.
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This news release may contain forward-looking information within the meaning of applicable securities laws ("forward-looking statements"). Although management of the Company believes that the expectations and assumptions on which such forward looking statements and information are based are reasonable, undue reliance should not be placed on the forward-looking statements and information since no assurance can be given that they will prove to be correct. Forward-looking statements and information are provided for the purpose of providing information about the current expectations and plans of management of the Company relating to the future. Readers are cautioned that reliance on such statements and information may not be appropriate for other purposes, such as making investment decisions. Since forward-looking statements and information address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks. These include, but are not limited to, the risks associated with the media and entertainment industry in general such as competition; incorrect assessment of the value of acquisitions and failure to realize the anticipated benefits of acquisitions; ability to access sufficient capital from internal and external sources; failure to obtain required regulatory and other approvals and changes in legislation, including but not limited to tax laws and government regulations. Accordingly, readers should not place undue reliance on the forward-looking statements, timelines and information contained in this news release. Readers are cautioned that the foregoing list of factors is not exhaustive. The forward-looking statements and information contained in news releases are made as of the date thereof and no undertaking is given to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws or the Exchange. The forward-looking statements or information contained in GeoNovus Media Corp. news releases, are expressly qualified by this cautionary statement.
Source:GeoNovus Media Corp.