VANCOUVER, BC / ACCESSWIRE / February 22, 2019 / The Wonderfilm Media Corporation (TSXV: WNDR) (OTC PINK: WDRFF) (FRA:25Y), ("Wonderfilm" or the "Company"), a technology, media and entertainment company, announced a new joint venture with Los Angeles-based Impossible Dream Entertainment ("iDream Entertainment", or, "IDE"), owned and managed by producing duo Shaun Redick ("BlacKkKlansman", "Get Out") & Yvette Yates Redick. Wonderfilm and Impossible Dream Entertainment will unite to launch a $200 million USD film fund. This new joint venture will focus on developing, packaging and financing a slate of diverse, star-driven, commercial feature films and television series. As a result, Wonderfilm shareholders now have access to an overall production slate has approximately doubled.
With Shaun and Yvette at the helm, iDream Entertainment has packaged and produced several recent movies including "Get Out", the most profitable movie of 2017, nominated for 4 Academy-Awards® and winning an Oscar® for Best Screenplay in 2018, and the 2018 Cannes Grand Prix Winner, "BlacKkKlansman", which recently was nominated for 6 Academy-Awards® including Best Picture and 4 Golden Globe awards. Moreover, they received the AFI Award for Top Ten Movies of 2017 & 2018. The incredible award-run for both movies have culminated in an impressive 175 wins from 355 nominations, including a recent Grammy award, BAFTA award, and 7 NAACP nominations in the last week alone.
"Get Out" was directed by the genius filmmaker, Jordan Peele for Universal Pictures, and achieved a worldwide theatrical gross of $255,000,000 USD. "BlacKkKlansman", directed by the iconic and celebrated, Spike Lee for Focus Features, currently has a worldwide theatrical gross of approximately $90,000,000 USD.
At the 2018 Cannes International Film Festival, iDream Entertainment, along with Focus Features, world premiered Spike Lee's "BlacKkKlansman", which was selected for Competition and won the coveted Grand Prix Award. Shaun Redick and iDream Entertainment partner, Yvette Yates, discovered Ron Stallworth's book and true story for "BlacKkKlansman", and developed the screenplay together with the original writers, Charlie Wachtel and David Rabinowitz, before bringing on board the Dream Team of Peele and his production company Monkey Paw, Blum and Blumhouse, and Spike Lee and 40 Acres and a Mule, as well as Focus Features.
Kirk Shaw, CEO of Wonderfilm, "When we originally designed Wonderfilm as an umbrella for other Producers to join, we envisioned this level of content creators. Shaun Redick, Dan Grodnik and I have known each other for many years so it's personally and professionally marvelous to have both of them join the Wonderfilm team as our resident Producers and collaborators. Shaun and Yvette bring a demonstrated talent for successfully taking the kernel of an idea and then translating it into award-winning, globally successful feature films. For Wonderfilm this partnership immediately broadens our current slate and early development pipeline of films, which approximates ~250 million USD, while adding theatrical feature film releasing to the expanding Wonderfilm business model.
Shaun Redick, "We are very excited to work with Kirk, Dan and Wonderfilm. We look forward to blending iDream Entertainment's creative and development slate with Wonderfilm's production and financing strengths to release films that both send a message and continue to find mass public appeal. Our goals are aligned to expand into a studio partnership and worldwide distribution and be a one stop shop".
Dan Grodnik said, "Shaun and Yvette have proven they are in a league of their own, we are thrilled to have them join the Wonderfilm team. The business of content creation and IP ownership is changing and the term "Independent Producer" is fast becoming an antiquated label in favor of interdependent producers who share experience, projects, relationships and resources. This is the foundation on which Wonderfilm was created.
Producer Yvette Yates Redick oversees the company's mandate for diversity and serves on advisory boards of organizations aimed at inclusion. Said Yvette, "We love what we do, and it's reflected in our storytelling that brings women and people of color to the forefront in all capacities. It's an exciting time, and Impossible Dream Entertainment, along with Wonderfilm, are going to be raising the stakes."
Impossible Dream Entertainment recently announced they are producing with the world-famous music group, the Wu-Tang Clan, the new suspense horror thriller "Angel of Dust", to be directed by filmmaker and Wu-Tang lead member RZA. The Wu-Tang Clan will provide an epic new soundtrack and RZA will also score the movie. "Angel of Dust" will be produced during the 25th anniversary year of their now iconic Enter the Wu-Tang 36 Chambers album. "Angel of Dust" will be produced by Shaun Redick ("BlacKkKlansman", "Get Out") and Yvette Yates of Impossible Dream Entertainment along with Wu-Tang's Ghostface Killah and RZA, Gary Ousdahl of Foundation, and Caruso. iWood Studios who recently co-financed David Ayer's new action thriller "The Tax Collector", headed by producer financier Matt Antoun is set to finance "Angel of Dust". Executive Producers are Mark Strome, Mickey Gooch, Jamie Adler and Jonnie Forster of Foundation.
JOINT VENTURE DETAILS
The JV Agreement is for an initial five (5) year term and automatically renews for subsequent five (5) year terms. IDE will provide to Wonderfilm, updates to the IDE Projects List and if Wonderfilm elects to proceed with a submitted IDE Project, both companies will negotiate a separate JV Project Agreement ("JV Project").
Wonderfilm is committed to pay a monthly consulting fee of $7,500 per month, which is applicable against any rights fees payable to IDE for any JV Project. In addition, a total of 3,400,000 common shares of Wonderfilm will be set-aside as performance compensation shares ("Compensation Shares") to IDE. An initial 340,000 Compensation Shares are to vest immediately, 680,000 Compensation Shares to be released over 36 months and the remaining 2,380,000 Compensation Shares to be released based on a performance-based escrow. The performance-based escrow is based on a release formula of one (1) Compensation Shares for each CAD$0.75 of revenue to Wonderfilm derived from JV Projects.
The JV Agreement is subject to all necessary regulatory approvals, including acceptance by the TSX Venture Exchange.
Wonderfilm is a leading publicly traded (TSX Venture Exchange) entertainment company with production offices in Los Angeles, corporate offices in Vancouver BC and its Asian distribution office in Seoul, South Korea. Founded by 4 producers, Kirk Shaw, Daniel Grodnik, Jeff Bowler and Bret Saxon, the Company's core business is producing market-driven independent feature films and quality television series for multi-platform global exploitation. Current productions include the feature films, Moose (starring John Travolta) and Primal (starring Nicolas Cage.) Wonderfilm is a producer and distributor only for the projects disclosed. The legal ownership of movie productions are held in a special purpose legal entity held at arm's length to the Company to facilitate for the qualification of various levels of domestic and foreign government tax credit incentives that are customary in the film and production business.
ABOUT DANIEL GRODNIK
Dan has been a driving force in the Independent film business for more than three decades. His ability to bring close to 60 motion picture and television projects from concept to the screen displays his ability to stay on top of current market demands in creative, management, finance, sales and distribution. Since 2014, Dan has produced 13 feature films with stars such as Robert DeNiro, Keanu Reeves, Michael Caine, Hillary Swank, John Travolta, Sharon Stone, Nicolas Cage, Dave Bautista, Katie Holmes, Jeffrey Dean Morgan, Anna de Armas, Zach McGowan, Olga Kurylenko, Guy Pearce, Helena Bonham Carter. When time permits, Mr. Grodnik is an adjunct professor in graduate film studies at Chapman University and for the past 26 years has annually graded the Master Thesis in producing in the Peter Stark Producing Program at his alma-mater, The University Of Southern California.
ABOUT KIRK SHAW
Over his 30-year career, Kirk's producer credits exceed 230 movies and six series making him Hollywood's second most prolific film producer in history. Best known for his business and financing prowess, Kirk has contributed his talents to both U.S. television series and feature films, including the Oscar winning, "The Hurt Locker." Kirk's worked with all major studios, plus many notable "A" list stars such as Charlize Theron, John Travolta, Woody Harrelson, Kim Basinger, John Cusack, Ray Liotta, Nicolas Cage, Thomas Jane and Cuba Gooding Jr. Among his many past successes, is the creation of Canada's largest production company, Insight Film Studios, which in 2007 and 08 did $100 million consolidated revenue each year. To jump-start Wonderfilm's production acquisitions and library exploitation, Kirk vended 46 completed movies into Wonderfilm.
ABOUT IMPOSSIBLE DREAM ENTERTAINMENT
iDream Ent. focuses on creating, developing, financing and producing feature films and series content for a wide demographic audience in N. America and across the world. They are currently producing several cutting-edge new movies and series. The Impossible Dream Ent. duo of Shaun Redick and Yvette Yates Redick have a mandate and a company vision to acquire and tell stories that embrace diversity and inclusion. They are also committed to the 4% Challenge to give more women and women of color the opportunity to direct.
Redick started his career as a talent and packaging agent at the William Morris Agency (WMA) and International Creative Management (ICM), and was integrally involved in more than 150 movies.
Yvette Yates (Producer/Actress) has starred in multiple movies including in the ensemble cast of PT Anderson's and Warner Bros. feature, INHERENT VICE as Luz. The Thomas Pynchon adaptation includes the sprawling lineup Joaquin Phoenix, Benicio Del Toro, Reese Witherspoon, Owen Wilson, Katherine Waterson, Josh Brolin, Martin Short, Maya Rudolph, Jena Malone and many more. With its myriad of recognitions, it received 2 Academy Award nominations, Golden Globe nomination, 4 Critics Choice nominations, won the National Board of Review, and casting director and cast were honored with the Robert Altman Award at Film Independent's Spirit Awards.
iDream Ent. finances and produces content with multiple investment partners including Mickey Gooch's Delray Village Entertainment, Santosh Govindaraju's Convergent Media, Matt Antoun and Mark Strome's iWood Studios, and Mary Totten's Foraker Entertainment.
Neither the TSX Venture Exchange Inc. ("Exchange") nor its regulation services provider (as that term is defined in the policies of the Exchange) accepts responsibility for the adequacy or accuracy of this press release.
This press release contains forward-looking statements that are subject to substantial risks, uncertainties and assumptions. All statements other than statements of historical fact contained in this press release are forward-looking statements. These statements often include words such as "believe," "expect," "target," "anticipate," "forecast," "intend," "plan," "projects," "seek," "will," "may" or similar expressions. Forward-looking statements are subject to a number of risks and uncertainties, many of which involve factors or circumstances that are beyond Wonderfilm's control and Wonderfilm's actual results could well differ materially from those stated or implied in forward-looking statements due to many various factors.
Although Wonderfilm believes that the expectations reflected in the forward-looking statements are reasonable, the Company cannot guarantee that the events and circumstances reflected in the forward-looking statements will be achieved or occur. The timing of events and circumstances and actual results could differ materially from those projected in the forward-looking statements. Accordingly, one should not place undue reliance on forward-looking statements. All such reflect the date made only. Wonderfilm undertakes no obligation to update or publicly revise any forward-looking statements, whether as a result of new information, future events or otherwise.
For further details, please see the Company's documents filed on the System for Electronic Document Analysis and Retrieval at www.sedar.com.
Wonderfilm Contact Information
For further information, please contact:
The Wonderfilm Media Corporation
Chief Executive Officer
Telephone: (604) 638-4890
Email: [email protected]
Telephone: (905) 510-7636
Email: [email protected]
SOURCE: The Wonderfilm Media Corporation