MUMBAI: Independent Film Development Corporation (IFDC), a company with a plan of operations to acquire interests in film production and distribution entities has acquired majority voting securities in Imperia Entertainment, Inc.
The acquisition is the first for Independent Film Development Corporation, which has slated its next acquisition as a film distribution company.
In conjunction with the acquisition, chairman Kenneth Eade transferred 220,000 preferred convertible shares, and agreed to cancel the remaining preferred shares he holds.
Said Eade, “We are delighted to be involved with a company who intends to combine production with distribution, which is the most profitable segment of the film business. This is great news for our newly completed film, Say it in Russian, and our current film in pre-production, Never Submit.”