NEW YORK, June 22, 2016 /PRNewswire/ -- Mark Lipsky, President of the newly formed film financing and production company WOF Entertainment, Inc., along with CEO Robert Agueli, are pleased to announce that they have recently signed a funding agreement with Capital Corp. Merchant Banking that will provide their Company with $24.5 million in production financing. The funding was arranged by Bruce Benjamin of Diversified Financial Services and Globix Funding. In addition, in a separate transaction, within the third quarter of this year the Company will be closing on additional production funding from a private investor in the amount of $15 million.
"Our first slate will feature an eclectic mix of genres – from comedy to horror," said Mr. Lipsky. "This is the first step toward achieving WOF's goal of becoming a trusted provider of quality motion picture content."
The combined financing will be utilized to produce a diverse slate of seven commercial films that the Company has been developing. Four of the films will be shot in the Syracuse area in order to maximize generous New York State film incentives and the other three will be shot in Puerto Rico to take advantage of its substantial tax benefits. Pre-production of the slate will begin in July.
The films Mr. Lipsky has Produced or Executive Produced have grossed approximately $1.5 billion at the worldwide box office level alone and include Coming to America, Another 48 HRS, Harlem Nights, The Nutty Professor, Boomerang, Vampire in Brooklyn, Beverly Hills Cop III, and Metro. Mr. Lipsky formerly managed the careers of Eddie Murphy, Arsenio Hall and Chris Rock, among others.
Contact: RJ Konner, Senior Vice President
Tel: 888.208.4565 ext 203
WOF Entertainment, Inc.
120 West 45th Street 7th Floor
New York, New York 10036
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SOURCE WOF Entertainment, Inc.