BEVERLY HILLS, Calif., Nov. 4, 2015 /PRNewswire/ -- Modern Cinema Group Inc. (OTCPK: MOCI) is proud to announce its new motion picture Film Fund that was approved by the Chinese Government. This new Film Fund owned and operated by Modern Cinema Group is expected to reach the $100 million by the Spring of 2016, it is known as the Zunhao Film Fund. The total capital available to Modern Cinema Group will now reach $200 million based on its Joint Venture with Beijing Jaihe Shiji Movie & Television Company and its Zunhao film fund. Access to both of these funds will provide enough capital for MCG's own slate of movies and TV shows in addition to important acquisitions that will commence over the next few months.
Ross Cooper, CEO of Modern Cinema Group says, "We are deeply grateful to the Chinese government for granting Modern Cinema Group the right to have its own Film Fund based in Shanghai. This Film Fund allows us the flexibility to enter into deals that we would otherwise be much more difficult for us. In addition, other Hollywood studios and production companies can now come to us with their proposals, and we can "green light" them on our own."
Mr. Ajay Dugar, former Paramount Pictures' Executive Director of Digital, says, "This is a watershed moment for Modern Cinema Group. They've worked hard to get their funding in place, and are now in pre-production with their first Dale Launer movie. These recent deals are putting MCG on the map!"
The person responsible for the recent success of Modern Cinema Group with both the Jiahe Film Fund Joint Venture and the establishment of MCG's new Film Fund is Ms. Selina Mo. Selina as Executive Producer and President of International Affairs for MCG has spent a great deal of time both with local Chinese officials and high level government agencies in order to integrate the financing, marketing and distribution processes between Hollywood and China. Says Selina, "We are highly motivated to build infrastructure between the United States and China in the early years of Chinese motion picture expansion as the China market alone will soon dwarf most of the other major markets for Hollywood content."
Zunhao, is also the name of the corporate entity MCG established in Shanghai to administer the funds. Here in the United States, the Film Fund will simply take the name Modern Cinema Group Fund I. Modern Cinema Group may establish additional funds in other cities not only in China, but in other parts of the world as well.
Modern Cinema Group based in Beverly Hills, founded in San Diego has spent the last three years designing and patenting a new model that allows both studios and operators to integrate their systems to leverage each other's natural advantages. Plans for an advanced international distribution network are in the works as well.
FORWARD LOOKING STATEMENT
This press release contains certain "forwardlooking" statements, as defined in the United States Private Securities Litigation Reform Act of 1995 that involve a number of risks and uncertainties. Statements, which are not historical facts, are forwardlooking statements. The Company, through its management, makes forwardlooking public statements concerning it expected future operations, performance and other developments. Such forwardlooking statements are necessarily estimates reflecting the Company's best judgment based upon current information and involve a number of risks and uncertainties, and there can be no factors that could cause actual results to differ materially from those estimated by the Company. They include, but are not limited to, the Company's ability to develop operations, the Company's ability to consummate and complete the acquisition, the Company's access to future capital, the successful integration of acquired companies, government regulation, managing and maintaining growth, the effect of adverse publicity, litigation, competition, sales and other factors that may be identified from time to time in the Company's public announcements.
SOURCE Modern Cinema Group Inc.