EFFINGHAM COUNTY, GA--(Marketwired - Jun 6, 2014) - Medient Studios, Inc. (
Most of the film's investors and related debts have now been paid in full. These include the Screen Actors Guild ($311,000), film investor Pankaj Rajani ($660,000), and Indion Finance, LLC ($600,000). The sole cash loan facility on the film was secured from AMAG, Inc. A total of $812,236 out of a principal of $1,000,000 has been paid to AMAG. The balance of the principal and accrued interest is $551,432. Of this, a sum of $250,000 will be deferred until after the release of the film. The film's principal services creditor, the Prime Focus Group has been paid $1,125,000 out of the total outstanding invoice of $2,500,000. Prime Focus has also agreed to defer $1,000,000 until after the film has been released. The two other notes on the film -- Tommee May ($180,000) and Derreck Lee ($720,000) are not due until after the release of the film. In summary, $3,082,236 has been paid, $676,000 is to be paid prior to release, and the balance of $2,150,000 has been deferred to be paid out of film revenues.
Manu Kumaran, Chairman of the Board, stated, "Yellow is a ground breaking film that we can all be very proud of. It was absolutely necessary to eliminate the multiple debts on the film so that the film can be released this summer. As a result of paying off the majority of the investors the bulk of the revenues generated by Yelllow will to come directly to our treasury." Mr. Kumaran added, "We will reinvest these funds into new productions, so that any future dilution related to film production should be reduced or eliminated."
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Medient Studios, Inc. (
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