Imagination Park Signs Letter Of Intent with Dragonlord Pictures in China

(TheNewswire)



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Vancouver, B.C. / TheNewswire / June 21, 2018 – Imagination Park Entertainment Inc. (CSE: IP) (OTC: IPNFF) (FRA: GMS1) (“Imagination Park” or the “Company”) is pleased to announce it has executed a non-binding letter of intent (the “Agreement”) with DragonLord Pictures (“DragonLord”).  

The Agreement calls for Imagination Park to provide various visual effects and other services for DragonLord’s feature film project tentatively titled ‘Spirit Hunter’. The Agreement specifies that the revenues to Imagination Park will be at least US$1,000,000.  Spirit Hunter currently has a pre-production budget of US$10,000,000 and is to be filmed in Mainland China.   The services to be provided under the Agreement will be subject to an additional services agreement to be negotiated by the parties.   Revenues to Imagination Park are expected to begin to be recognized in the second half of 2018 or early 2019.

DragonLord is headquarterd in Beijing, China and was founded by Michael Yang, formerly head of Sony Distribution Asia.

Gabriel Napora, Chairman of Imagination Park, stated: “Our China effort is starting to bear fruit one project at a time with our partners and clients in Asia.  Our Chinese partners appreciate our commitment to their market and our vision in helping them tell their stories better in a visually engaging and immersive way. China’s content market, including feature films, has just started to grow and is already topping the global box office.  Imagination Park is very much committed to being a part of this exhilarating growth.”  

Mr. Napora added: “DragonLord is a top-notch film development, investment and production company with an amazing slate of projects and market insights.  Michael Yang's track record as a seasoned film professional speaks for itself.”

Michael Yang, Founder and CEO of DragonLord comments: “My team and I have been very impressed with Imagination Park's artistic sensibilities and strong visual storytelling style since the day I met their leadership team in China.  Adding their strengths into our film will surely bring something spectacular to the audience - We can’t wait!”

About Imagination Park

An emerging leader in digital content production, Imagination Park creates and delivers transformational experiences through the production and distribution of intellectual property for film, virtual reality, augmented reality & mixed reality in North America and China.

Through its wholly-owned subsidiary, XenoHolographic, it creates novel holographic content and provides augmented reality products for phones and wearable headsets, as well as rapid deployment of AR solutions, without the need for developers, while integrating artificial intelligence (AI) and Blockchain.

 

For more information or to explore working with Imagination Park, please email [email protected], or visit www.imaginationpark.com.  

ON BEHALF OF THE BOARD,

Alen Paul Silverrstieen

President & CEO

(818) 850-2490

 

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The Canadian Securities Exchange has neither approved nor disapproved the contents of this press release.

This press release may include ‘forward-looking information’ within the meaning of Canadian securities legislation, concerning the business of the Company. The forward-looking information is based on certain key expectations and assumptions made by Imagination Park’s management. Although Imagination Park believes that the expectations and assumptions on which such forward- looking information is based are reasonable, undue reliance should not be placed on the forward-looking information because Imagination Park can give no assurance that it will prove to be correct. These forward-looking statements are made as of the date of this press release, and Imagination Park disclaims any intent or obligation to update publicly any forward-looking information, whether as a result of new information, future events or results or otherwise, other than as required by applicable securities laws.  

  

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