Digital Domain Media Group Announces Joint Venture in China
"China's film industry is soaring," said Ivy Zhong, the Vice Chairman of Galloping Horse. "According to Chinese Academy of Social Sciences, the box office in China had a 64-percent annual growth rate in 2010 and is expected to maintain a 30-percent growth in 2011. We are also seeing strong needs among the Chinese audience for blockbusters with heavy visual effects elements in them. We are very excited that Galloping Horse and Digital Domain, both top-notch in their respective fields and territories, are combining our expertise to form a state-of-the-art VFX venture to further explore this market here in China and also elsewhere in the world. This joint venture creates a truly global player."
About Digital Domain Media Group
Digital Domain Media Group is an award-winning digital production company. Since its inception in 1993, it has been a leading provider of computer-generated ("CG") animation and digital visual effects ("VFX") for major motion picture studios and advertisers. The company, its work and its employees have been recognized with numerous entertainment industry awards and nominations, including seven awards issued by the Academy of Motion Picture Arts and Sciences -- three Academy Awards® for Best Visual Effects and four awards for Scientific and Technical Achievement. Our filmography of over 80 major motion pictures includes Thor, TRON: Legacy, the Transformers trilogy, The Curious Case of Benjamin Button, Apollo 13 and Titanic. The company's digital production capabilities include the creation of CG animated content, performance capture, the conversion of two-dimensional ("2D") imagery into three- dimensional ("3D") imagery and CG visual effects such as fluid simulation, terrain generation and photorealistic animation. http://ddmg.co/
About Beijing Galloping Horse Film Co., Ltd.
Beijing Galloping Horse Film Co., Ltd. is a leading company in the film and TV industry in China. With nearly 20 years of industry experience, Galloping Horse is actively engaged in film and television financing, production, distribution, as well as advertising and magazine publishing. Recently, it has added cinema construction, new media and animated content production, as well as talent management into its growing business portfolio. Galloping Horse has earned itself a high reputation in the Chinese media industry by producing contents that are both critically acclaimed and commercially successful. The company has signed exclusive deals with some of the most prominent producers, directors and writers in China, including John Woo (first look), Zhang Yibai, Ning Hao, Liu Heng, Lu Wei, etc. This strategy gives Galloping Horse a competitive advantage over other players.
SAFE HARBOR STATEMENT
Certain statements in this press release constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These statements include comments about the company's plans, prospects and strategies. They are made on the basis of our management's current expectations and beliefs, as well as a number of assumptions regarding future events and business performance as of the time the statements are made. Such forward-looking statements are subject to known and unknown risks, uncertainties, assumptions and other important factors, many of which are outside the company's control. These could cause actual results to differ materially from the results expressed or implied in the forward-looking statements.
Such differences may result from actions taken by the company, as well as from developments beyond the company's control, including, but not limited to:
• price volatility of the company's common stock;
• changes in domestic and global economic conditions, competitive conditions and consumer preferences;
• our dependence on a limited number of large projects each year, and the timing of revenue flows from those projects;
• developments in the status of strategic initiatives taken by the company;
• audience acceptance of feature films we may co-produce; and
• rapid technological developments, including new forms of entertainment.