NEW YORK, June 1, 2015 /PRNewswire/ -- S&P Capital IQ (MHFI) announced today that it has commenced Factual Stock Report coverage on FONU2 Inc.
FONU2 Inc. (FONU) is a film studio and production company that is developing a 1,560-acre, full-service production facility in Effingham, Georgia. The company also has an e-commerce division that is actively seeking acquisitions to integrate into the social media networks vis a vis the FONU2 platform.
Pre-construction and engineering have begun on the film studio site with the initial warehouses and sound stages to follow. Both the facility space and the equipment will be used by the company for its own productions and made available for rental to third parties.
On December 8, 2014, FONU2 acquired Studioplex City, LLC, and on February 10, 2015, the company acquired the lease to the 1,560-acre property in Effingham County, Georgia from Moon River Studios, Inc. The company has established a film division to build and operate a large-scale, full-service movie studio and produce motion pictures. The planned Studioplex will feature sound stages, production and post-production facilities, editing suites, warehouses, mills, and set fabrication facilities. The company is focusing on feature film projects that can be filmed on the company's property, or surrounding locations, to minimize costs and maximize efficiencies.
For its first project, FONU2 has engaged Penny Marshall to direct and Wendy Laski to co-produce the movie project Effa. On February 27, 2015, the company issued 166,666,667 common shares at a value of $0.06 per share to Eagle Productions, LLC to acquire the worldwide distribution rights for the film Effa. The company will be the sole and exclusive beneficiary of the worldwide exploitation rights of the picture for all purposes, in perpetuity. Once the company has recouped its advance in full, the company and Eagle Productions will share in the net profits of the film, with the company to receive 99% and Eagle Productions to receive 1%.
On February 17, 2015, the company acquired the worldwide distribution rights for the movie Yellow, written and directed by Nick Cassavetes. Under terms of the agreement, FONU2 will receive a 10% distribution fee, and a 20% return on all funds expended associated with the acquisition of the rights, print and advertising, marketing, and other expenses associated with the release of the movie. As consideration, FONU2 has committed to provide these costs and fees, along with the assumption of a minimum of $540,000 of costs associated with the movie.
The company's social media division has invested in the development of a precision sales and marketing platform that integrates into the social media networks. The FONU2 platform offers members list, buy, sell and trade services locally in any neighborhood and anywhere in the world.
FONU2 Inc. continues to believe that its social commerce website offers potential for future income. However, this application requires significant further investment to commercialize this operation. The company is reviewing a number of potential synergistic acquisitions that could benefit from the social marketing platform.
On March 1, 2015, the company sold Zaldiva Inc., consisting of Zaldiva.com, Zaldiva.com Comics & Collectibles, Zaldiva Comics & Collectibles, and all of Zaldiva's inventory and intellectual property, for the purchase price of $10,100. The assets were sold to a former director of the company.
FONU2 Inc. is based in Rincon, Georgia.
S&P Capital IQ's Factual Stock Report coverage on FONU2 Inc. will also be accessible on an ongoing basis to the investment community by scores of buy-side institutions and sell-side firms that utilize S&P Capital IQ research and information platforms daily. Millions of self-directed investors also have access to the report via their e-brokerage accounts. Please visit www.fonu2.com for additional information.
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