MUMBAI: Film production company Stereo Vision Entertainment has inked a $ 33 million joint venture agreement with XA Worldwide.
Stereo Vision CEO Jack Honour said, "This J/V agreement commits XA Worldwide to provide the collateral to finance two films to be produced by Stereo Vision, by providing $33 million for an XA Worldwide/Stereo Vision joint account, with XA Worldwide’s financial services company, LPL Financial Inc."
The XA Worldwide – Stereo Vision joint financial account will be used to collateralize up to an $8 million dollar loan for Stereo Vision’s production of their dramatic feature film, Three Dimensions Of Jerusalem, and to provide pre-production funding and collateral for the financing of Stereo Vision’s $ 25 million dollar family fun pirate’s feature, Booty in 3D.
As per this agreement, XA Worldwide will recoup all monies derived from the joint account until the $33 million in collateral has been released back to them, after which Stereo Vision and XA Worldwide will split 50-50 in perpetuity, all earnings from the Three Dimensions Of Jerusalem and Booty in 3D film properties.
This Stereo Vision/XA Worldwide J/V agreement supersedes all previous Three Dimensions Of Jerusalem and Booty in 3D financing proposals.