|By Marketwired .||
|August 22, 2013 09:13 AM EDT||
EFFINGHAM, GA -- (Marketwired) -- 08/22/13 -- Medient Studios, Inc. (OTCQB: MDNT) ('Medient') today executed the Lease with Effingham County Industrial Development Authority ('Effingham IDA') for the 1,550 acre property on which Medient will build its Studioplex. The property is now officially in Medient's possession and construction is expected to commence shortly.
The period of the lease is 20 years and Medient has the right to purchase the property at any point in that period. At the end of the term the property will be automatically transferred to the company. Medient will also receive $1.25 million as a Site Development Grant.
"We are excited to finish off the formalities and get to work. I am grateful for the unstinting support of the IDA and County and look forward to getting the studio open soon," said Manu Kumaran, Chairman and CEO of Medient.
John Henry, CEO of Effingham IDA, commented, "The Medient Studioplex will have such a tremendous positive impact not only on the film industry, but also for the citizens of Effingham County, the Savannah region and the State of Georgia. We are proud to be a part of the project and pledge our full support to Medient's success."
About Medient (www.medient.com)
Medient Studios, Inc. (OTCQB: MDNT) is an entertainment content creation company with a strong presence in North America, Europe and India. Medient's management team has approximately 150 years of experience in the motion picture industry and is responsible for producing and/or financing over 250 movies. Medient is realigning the content creation process to enable efficiencies of scale and eliminate process waste by building a fully integrated movie and game production facility and campus on a 1,550 acre property in Effingham County, Georgia. Once operational this production facility will be the largest of its kind in the United States.
Safe Harbor Statement
The Private Securities Litigation Reform Act of 1995 provides a "safe harbor" for forward-looking statements. Certain information included in this press release contains statements that are forward-looking, such as statements related to the future anticipated direction of the industry, plans for future expansion, various business development activities, planned or required capital expenditures, future funding sources, anticipated sales growth, and potential contracts. Such forward-looking information involves important risks and uncertainties that could significantly affect anticipated results in the future and, accordingly, such results may differ from those expressed in any forward-looking statements made by, or on behalf of, the company. These risks and uncertainties include, but are not limited to, those relating to development and expansion activities, dependence on existing management, financing activities, domestic and global economic conditions, and other risks and uncertainties described in the Company's periodic filings with the Securities and Exchange Commission.
R. Jerry Falkner
RJ Falkner & Company, Inc
Or Via email: