MUMBAI: Cinemax Pictures and Production Co., CEO, Constantine Papadopoulos and CFO, Tony Gouveia have inked of a letter of intent for the purchase of the world rights and certain market rights to a well known classics film library.

Papadopoulos stated, “We are not authorized to mention the film collection by name or any of its respective titles until all due diligence has been completed and the definitive agreement is executed. However, we are permitted to reveal that this library consists of 32 films encompassing a variety of famed directors, including a number of Academy Award winning films (various categories), BAFTA winner and a Cannes Film Festival award winner.”

Gouveia added, “Consistent with our business plan, this collection of classic films will bolster the corporate assets of Cinemax Pictures, as some of the films have existing DVD distribution contracts. This and our plans to further expand the DVD and other licensing contracts with these titles should immediately increase our revenue stream and cash flow.”