|By Marketwired .||
|July 23, 2013 08:30 AM EDT||
EFFINGHAM, GA -- (Marketwired) -- 07/23/13 -- Medient Studios, Inc. (OTCQB: MDNT) ("Medient") today announced that the Property Committee of the Effingham County Industrial Development Authority has formally approved the Master Plan for the Studioplex on the 1,550 acre property. All procedural formalities are now complete and the formal lease agreement will be signed on the 19th of August and the Ground breaking ceremony will be held on the 29th of August.
Medient has already initiated engineering, clearing and grading of the property, and the latest approval is the last of the many critical steps that the Company has continued to successfully fulfill. As previously announced, the IDA Board approved the $300Million Bond offering which has since been ratified by the Courts on the 15th of July.
Addressing the members of the Property Committee Manu Kumaran, Chairman of Medient said that his company was confident of getting the facility functional by the first quarter of 2014. "We want the Studioplex to be an integral part of the local community, something that the entire community can be proud of. As our first slate of movies gets underway we will have the eyes of the entire world on Effingham. We won't let you down!" he added.
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 1550 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, CFA
RJ Falkner & Company, Inc
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