MUMBAI: Cinemax Pictures and Production Co., Intl., Inc., CEO, Constantine Papadopoulos, and CFO, Tony Gouveia have signed a Letter Of Intent (LOI) for the purchase Waggaworld Entertainment International Inc. for cash, shares, exchange of shares or a combination thereof. Waggaworld owns intellectual property including the animated series, Waggaworld and the development, storyline, hardware and software technology behind this project.
Papadopoulos said, “Waggaworld is a new animation concept developed for television but with multi-platform applications. The storyline and appeal is designed to target the lucrative ‘pre-tween’ and ‘tween’ markets. The cost effective animation style and completed technological aspects of the project will make this an interesting addition to Cinemax Pictures. The creators spent a considerable amount of time, money and energy developing the characters, storylines, animation and the interactive media designs behind the multi-platform placement potentials of Waggaworld. In the deal, Cinemax Pictures will acquire an equal share of all rights, trademarks and copyrights. Cinemax will also control all the broadcast marketing, production, the animation software, the data base hardware, and the rights to produce episodes. They will also share equally in the developed on-line game and video game and the ancillary marketing rights for the series, on line and video games revenue and the character licensing. Waggaworld will be produced and available in HDTV. Other applications, including potential broadcast, eventual release on DVD’s and the video game will also be available in 3-D animation.
Papadopoulos added, “A story bible has been written and will be made into 13 initial scripts. Our target is to market the series for networks and have it ready for a launch in fall, 2008. Terms of the acquisition will be announced a later date after finalizing due diligence.”
Gouveia added, “This potential acquisition is consistent with our business model and growth strategy. We have been focusing our efforts on the acquisition of multiple entertainment properties. We have been busy working with our consultants, the Able Group, to work out the details with the various funding sources that are available to us to purchase these and other assets. We will provide more information once this process is completed. We will soon be providing additional information regarding our other potential and future deals that are currently in active negotiations.”