Prime Focus and Gener8 sign Technology Licensing PartnershipJanuary 28, 2015
Mumbai, India, January 28, 2015 — Prime Focus (BSE: 532748) the world’s largest independent and integrated media services powerhouse and Canada’s Gener8 Media Corp. (CSE: GNR), a global leader in 3D conversion technology have announced a licensing and 3D conversion partnership.
According to the terms of the definitive agreement, Price Focus will secure an exclusive worldwide license to use Gener8’s proprietary 3D conversion technology G83DTM throughout the entertainment industry. The Gener8 brand and team—which have become synonymous with top quality 3D conversion in Hollywood—will continue to provide even more capacity for the 3D conversion business with help from Prime Focus’ proven WorldSourcing® model. This will give Hollywood more confidence in Prime Focus and Gener8’s combined ability to perform high quality 3D conversion on a larger volume of movies. Further, by licensing Gener8’s technology as a complement to its proprietary View-DTM platform, Prime Focus will push the quality and technical standards of 3D even higher.
“We are focused on building a comprehensive creative services business, with an emphasis on visual effects and 3D conversion services. Our strength to date has been our significant offshore capabilities bolstered recently by our merger* with Reliance MediaWorks, allowing us to execute significantly higher volumes at enhanced margins,” said Namit Malhotra, Founder, Executive Chairman and Global CEO, Prime Focus. “This partnership will harness the strengths of both companies to create the best options for Hollywood in terms of 3D conversion and visual effects, and leverage the existing workforce and scale of Prime Focus’ production capacity in India.”
“We could not hope for a better partner in this transaction, and we strongly believe the partnership will be good for Hollywood and the 3D conversion industry,” said Rory Armes, CEO, Gener8. “This is the absolute perfect agreement for both parties—it facilitates the spread of technology to help improve the quality for all in the industry, while also allowing Gener8 to prove it can handle greater volume, which has been what has held back our ability to grow. It is exciting to tap into Prime Focus’ global production systems, experience and workforce.”
Upon Transaction closing, Prime Focus will enter into a five-year worldwide exclusive License Agreement to use Gener8’s 3D technology. Total consideration payable by Prime Focus to Gener8 over the five-year period will range between C$11.5 million to C$16.5 million. Prime Focus will also enter into a Technology Services Agreement with Gener8, where Gener8 will provide technical service and support on a cost recovery basis.
The Transaction is subject to customary closing conditions, including obtaining all requisite regulatory and shareholder approval (for Gener8). If approved, closing is anticipated to occur shortly thereafter.
1 Canadian Dollar = INR 49.21
About Prime Focus
Prime Focus, the world’s largest integrated media services powerhouse, employs over 5,500 professionals in 16 cities across 4 continents and 7 time zones. We provide end-to-end creative services (visual effects, stereo 3D conversion, animation), technology products & services (Media ERP Suite and Cloud-enabled media services), production services (shooting floors/sound stages, equipment rental) and postproduction services (Digital Intermediate, sound, picture post) to Studios, Broadcast and Advertising industries.
Prime Focus is behind path breaking technologies like CLEAR™ (Hybrid Cloud technology enabled Media ERP Suite), Primetime Emmy® award-winning DAX Digital Dailies® and View-D™ (stereoscopic 2D to 3D conversion process).
Leveraging our Global Digital Pipeline and pioneering delivery model WorldSourcing® we partner content creators at every stage of the process ensuring creative enablement, work flow efficiencies and cost optimization. In mid-2014 Prime Focus Technologies acquired DAX, a leading provider of cloud-based production workflow and media asset management applications; Prime Focus World merged with Double Negative, one of the world’s foremost providers of visual effects; and Reliance MediaWorks merged their global film and media services business with Prime Focus Limited.
Listed on the BSE and NSE of India, Prime Focus has operations in Bangalore, Beijing, Cape Town, Chandigarh, Delhi, Goa, Hyderabad, Johannesburg, Kolkata, London, Los Angeles, Mumbai, New York, Singapore, Toronto and Vancouver. For more details visit www.primefocus.com.
Gener8 Media Corp. is a media technology company led by a team of gaming industry veterans. At the forefront of postproduction, the company earned its stripes by developing a proprietary 3D conversion technology, garnering high-profile credits including Godzilla, Maleficent and 300: Rise of an Empire. Gener8 has since expanded into offering visual effects services and a cloud-based data management and analytics solution called Cumul8. With its focus on developing disruptive solutions that combine design and technology, Gener8 funded and then acquired a majority interest in Reelhouse Media Ltd., an online entertainment distribution start-up. Gener8’s head office is located in Vancouver, British Columbia. Visit the company website at www.gener8.com.
For any investor relations query please contact:
Prime Focus Limited
Phone: +91 8879360082
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