|By Marketwired .||
|August 16, 2013 11:00 PM EDT||
VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 08/17/13 -- Rainmaker Entertainment Inc. (TSX:RNK) today announced its results for the three and six months ended June 30, 2013. The Company reported a loss of $582,939 ($0.03 per share) for the three months ended June 30, 2013 compared with a loss of $943,612 ($0.06 per share) for the same period in 2012. For the six months ended June 30, 2013, the Company reported a loss of $1,277,252 ($0.07 per share) compared with a loss of $1,901,903 ($0.11 per share) for the same period in 2012.
Michael Hefferon, President and Executive Producer, commented, "Production activity within the studio increased during the second quarter with our latest feature film, Ratchet and Clank, commencing full production. We are very pleased with the progress we have made to date."
Mr. Hefferon continued, "We continue to partner with Mattel to produce two Barbie films per year, with one film nearing completion and the latest film well into production."
Mr. Craig Graham, Chief Executive Officer, added, "During the quarter we completed two tranches of financing through a rights offering and private placement of 8% unsecured convertible debentures raising gross proceeds of approximately $6 million. The completion of these financings provides the Company with the necessary capital to invest in our latest feature film, Ratchet and Clank, and additional working capital."
Mr. Graham concluded, "We are continuing to actively pursue new opportunities to further utilize the full potential of our studio capacity in order to become profitable. Management is continuing to focus on controlling costs."
TSX Venture Exchange Listing
Rainmaker also announces that, as of the close of trading today, its common shares have been delisted from the Toronto Stock Exchange. The common shares will commence trading on the TSX Venture Exchange at the open of business on Monday, August 19, 2013. The Company's trading symbol, RNK, remains unchanged.
Rainmaker also announces that its Chief Financial Officer, Mr. Shawn Turkington, has tendered his resignation effective August 16, 2013 to assume a corporate position in the music industry. Effective September 5, 2013 a former Chief Financial Officer of the Company, Mr. Bryant Pike, will return to assume the role of Chief Financial Officer and the newly created position of Senior Vice President Corporate.
The Board of Directors of Rainmaker would like to thank Mr. Turkington for his service during his time as Chief Financial Officer of the Company and is pleased to welcome Mr. Pike back to the Company.
Certain information set forth in this press release contains "forward-looking statements" and "forward-looking information" under applicable securities laws. These statements relate to future events or future performance and include, but are not limited to, statements regarding our future plans and financial performance. The words "may", "would", "could", "will", "intend", "plan", "anticipate", "believe", "estimate", "expect", and similar expressions are often used to identify forward-looking statements. By their very nature, forward-looking statements involve inherent risks and uncertainties, both general and specific. In evaluating these statements, readers should specifically consider risks which may cause actual results to differ materially from any forward-looking statement. The forward-looking statements contained herein are based upon certain assumptions considered reasonable at the time they were prepared. Such assumptions include, but are not limited to, assumptions regarding: (i) general economic conditions, (ii) Rainmaker's future business prospects and opportunities, and (iii) Rainmaker's ability to complete any or all of its proposed production work. Should one or more of the risks or uncertainties identified herein materialize, or should the assumptions underlying the forward-looking statements prove to be incorrect, then actual results may vary materially from those described herein. In respect of Rainmakers business generally, readers should also refer to Forward-looking Statements in the Management Discussion & Analysis for year ended December 31, 2012. Readers are cautioned not to place undue reliance on forward-looking statements. Except as required by applicable securities laws, Rainmaker does not assume any obligation to update the forward-looking statements contained herein.
About Rainmaker Entertainment
Rainmaker Entertainment Inc., a multifaceted animation studio, is one of Canada's largest producers of CG animation. Rainmaker's first feature film Escape from Planet Earth, distributed by The Weinstein Company, enjoyed its theatrical release on February 15, 2013. Currently the studio is working on its second feature, Ratchet and Clank. Based on the popular Sony PlayStation game, this film is slated for release in 2015.