Vancouver, British Columbia (FSCwire) - The Wonderfilm Media Corporation (“Wonderfilm” or “Company”) (TSXV: WNDR) is pleased to announce the Company’s newest subsidiary, Wonderfilm Korea with Peter Lee, appointed as its CEO and an office to be opened in Seoul, South Korea.
Wonderfilm Korea will immediately own and control the Korean and Vietnamese television, film and media release rights to Wonderfilm’s slate of future and current productions. All revenue from rights will be shared 50/50 between parent and subsidiary.
Working together, Wonderfilm Media and CEO of Wonderfilm Korea, Peter Lee has included a larger strategic alignment with Trueever Co. Ltd. (“Trueever”).
Through this new subsidiary, Wonderfilm Korea has a strategic agreement with Jong Hong Park, the CEO of Trueever Co. Ltd. to financially participate in mutually approved new Wonderfilm productions as an equity-investing partner primarily for movies and television series featuring South Korean Directors and/or actors or when the shooting location is Korea.
“Wonderfilm CEO Kirk Shaw brings a real progressive outlook looking for new and creative ways to get competitive advantage in the world market,” stated Peter Lee, CEO of Wonderfilm Korea.
Wonderfilm CEO, Kirk Shaw: “Wonderfilm Korea, is very much the first star in a constellation of similar opportunities Wonderfilm is forging around the globe. This unique global sales strategy is just one of the many ways the Company is adapting to and leading changes in the entertainment industry. Similar subsidiary discussions are now being formalized in the UK with advanced discussions on going with China, Brazil and Germany. Simply put, rather than looking at distribution as a one-way delivery, Wonderfilm is pioneering a new cooperative system in which the Company partners with local experts to blend creative energies and to support mutual production as well as gain direct creative and financial investment into the Company’s production slate.”
Wonderfilm Korea immediately increases the Company’s participation in the fast growing Asian film, television and media market. The structure of the agreement with Wonderfilm Korea and Trueever also forms a blueprint for the Company’s longer-term strategy of assembling similar pillar-based strategic distribution partners incrementally into a Wonderfilm branded global distribution and film investment network. This strategy represents a significant revenue advantage over traditional foreign sales method as the subsidiary strategy immediately benefits Wonderfilm profitability by establishing new distribution revenue and a lucrative film production investment stream.
Peter Lee is a Canadian Chartered Professional Accountant (CPA, CA) with more than 18 years of experience in both public practice and industry experience. Mr. Lee is currently the CFO and Director of several companies both public and private (an IT/Education company, a Concert/Entertainment company, a Marketing company, and two CPC’s on the Venture Exchange).
He is also an executive director of a non-profit society “Corea Canada Cultural Exchange Entertainment Society” which aims to deliver music festivals and concerts promoting the Korean heritage and culture in Canada.
He is bilingual in English and Korean and has been doing business between Korea and Canada for the last several years and has a wide network of business associates in both countries.
Neither the TSX Venture Exchange Inc. (“Exchange”) nor its regulation services provider (as that term is defined in the policies of the Exchange) accepts responsibility for the adequacy or accuracy of this press release.
Wonderfilm is a leading publicly traded (TSX Venture Exchange) entertainment company with offices in Beverly Hills and Vancouver. Wonderfilm’s main business is the production of high-quality feature films and episodic television that offer international appeal through the Company’s guiding philosophy of bringing new financing solutions to an entertainment industry increasingly looking for funding and co-production alternatives.
Trueever is a Korean movie distribution company with experienced management team in the movie finance and distribution industry. The management team of Trueever has years of experience in the Korean movie industry and brings wealth of distribution networks in both Korea and Vietnam. SuBong Moon, an executive director of WinBridge Capital, has over 20 years of professional experience in content investment, production and distribution such as movies, TV drama and animations, has recently joined Trueever. JaeHa Lee, a former manager of iMBC, was responsible for acquiring English-language content and distribution of MBC content both at home and abroad, has also recently joined the team.
This press release contains forward-looking statements that are subject to substantial risks, uncertainties and assumptions. All statements other than statements of historical fact contained in this press release are forward-looking statements. These statements often include words such as “believe,” “expect,” “target,” “anticipate,” “forecast,” “intend,” “plan,” “projects,” “seek,” “will,” “may” or similar expressions. Forward-looking statements are subject to a number of risks and uncertainties, many of which involve factors or circumstances that are beyond Wonderfilm’s control and Wonderfilm’s actual results could well differ materially from those stated or implied in forward-looking statements due to several factors.
Although Wonderfilm believes that the expectations reflected in the forward-looking statements are reasonable, the Company cannot guarantee that the events and circumstances reflected in the forward-looking statements will be achieved or occur. The timing of events and circumstances and actual results could differ materially from those projected in the forward-looking statements. Accordingly, one should not place undue reliance on forward-looking statements. All such reflect the date made only. Wonderfilm undertakes no obligation to update or publicly revise any forward-looking statements, whether as a result of new information, future events or otherwise.
Production budget reflects the amount of funds expended to complete a movie or TV series and is a calculation not made to Generally Accepted Accounting Principles (non-GAAP) that is not reported on the Company’s financial statements. For further details with respect to the financial information applicable to Wonderfilm please see the Company’s documents filed on the System for Electronic Document Analysis and Retrieval at www.sedar.com.
For further information, please contact:
The Wonderfilm Media Corporation, Chief Executive Officer
Telephone: (604) 638-4890