Effingham County IDA Approves Scaled Down Moon River Studios Project
RINCON, Ga., Oct. 26, 2015 /PRNewswire/ -- FONU2, Inc. (OTCQB: FONU) ("FONU2", "Moon River" or "Company") announced today that the Effingham County Industrial Authority ("IDA") has voted and approved a new Memorandum of Understanding ('MOU") with the Company. Some of the key terms of the new MOU are as follows:
- The initial leased area will consist of Phase One on the Master Plan, which allows for the construction of ten stages, four warehouses, support buildings, and offices.
- The annual lease payments will be reduced from $555,000 per year to $51,000 per year.
- The required capital investments have been reduced from Ninety Million Dollars ($90,000,000) to Ten Million Dollars ($10,000,000) over a five year period.
- Unless otherwise in use, the Company will have full access to the balance of the property for shooting, construction of back lots, etc.
- The IDA will be responsible for all of the construction costs of the roads and waterlines on the initial leased area.
- The IDA has authorized the transfer of the current contract with Preferred Site Construction to be transferred to their name as the client, and upon final review, for construction of the roads and infrastructure to begin as soon as possible.
"I would like to thank John Henry and all of the members of the Effingham County IDA," stated Jake Shapiro, Chairman of the Board of FONU2. "We have been working hard and in tandem with the IDA to finalize a plan that was a win-win for all parties, and that was structured for success with reasonable and attainable goals. The ten stages approved in the Phase One of the Master Plan could theoretically support five to eight films per quarter, or twenty plus feature films per year. I believe with this new agreement, the project is better 'scaled for success.'"
About FONU2 Inc.
FONU2 is a publicly traded company, that operates under the name Moon River Studios Moon River has a public private partnership with the Effingham County Industrial Development Authority, and the State of Georgia, to develop a full service film production facility in Effingham, Georgia. Moon River's camera, grip and electric equipment rental subsidiary serves coastal Georgia and beyond. For additional information, visit our Website, www.Fonu2.com. You can also follow us on our social network, Facebook, Google + and Twitter.
Safe Harbor Statement
The Private Securities Litigation Reform Act of 1995 provides a "safe harbor" for forward-looking statements. Certain information included in this press release contains statements that are forward-looking, such as statements related to the future anticipated direction of the industry, plans for future expansion, various business development activities, planned or required capital expenditures, future funding sources, anticipated sales growth, and potential contracts. Such forward-looking information involves important risks and uncertainties that could significantly affect anticipated results in the future and, accordingly, such results may differ from those expressed in any forward-looking statements made by, or on behalf of, the company. These risks and uncertainties include, but are not limited to, those relating to development and expansion activities, dependence on existing management, financing activities, domestic and global economic conditions, and other risks and uncertainties described in the Company's periodic filings with the Securities and Exchange Commission.
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SOURCE FONU2, Inc.
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