Press Release from VenSat Tech Services, Pvt. Ltd.

Los Angeles, California, November 2, 2010 - In an aggressive launch establishing a significant presence in the U.S. entertainment market for animation, visual effects, and 2D-to-3D conversion services, India’s VenSat Tech Services, Pvt. Ltd. (VenSat) today announced the formation of the media and entertainment company's new U.S. business entity, VenSat America. Making the announcement, Satyanarayana Mudunuri and Venkatesh Roddam, Executive Directors of VenSat, said the new firm will be headed by veteran U.S. and India entertainment executive and entrepreneur Ken Silverman, who has been named CEO and President, while longtime visual effects producer and VFX studio executive John Follmer has joined as Executive Vice President and COO. The company will be based in Los Angeles and New York City.

VenSat America will serve as the company’s lead to the U.S. motion picture, television, home entertainment, gaming, and mobile entertainment markets, and will develop innovative co-production arrangements linked to the company’s animation, motion comics, VFX, and 2D-to-3D conversion services. Content amalgamation, including for 3D television, content production, and distribution, for all markets and platforms, will follow in 2011. Strategic investments into one or more US entertainment companies are now under active consideration.

To further VenSat’s market strength, the company has appointed David Uslan and Mohammad Ghouri as U.S. Business Advisors. Mr. Uslan comes with over 10 years experience in feature film and television development, motion comics, publishing and distribution, and will be focusing on emerging opportunities in the field of motion comics based of Los Angeles. Mohammad Ghouri, who has over 20 years experience in financial services, healthcare, and media and entertainment, will be driving strategic opportunities, based out of New York City.

VenSat (India) is a rapidly growing provider of animation, visual effects, motion comics and 2D/3D conversion services to the global marketplace.

VenSat’s lead investor is Indo-US Venture Partners (IUVP). Based in Santa Clara, California and Bangalore, India, IUVP is a leading venture capital firm that provides funding to new or growing businesses.

in India. Its principals are individuals of Indian lineage who have built exceptionally successful careers and companies, and now operate in investments in Indian companies to capitalize on emerging opportunities in the India of the 21st century.

VenSat is currently best known internationally for having created all of the visual effects for the 2010 motion picture releases, “DABANGG” and some of the most complex VFX sequences for “ROBO,” which have become two of the highest grossing films in India this year. Additionally, the company recently delivered a full-length animated motion picture for a major European entertainment group and all VFX for “LAND OF THE ASTRONAUTS” for Studio Cineville, in the U.S., which was premiered and showcased at the Montreal Film Festival and at the recently concluded Mumbai Film Festival. Further, VenSat is currently among the handful of Indian studios already doing 2D/3D conversion work for major U.S. theatrical features. VenSat is also currently engaged with a preeminent American university to deliver the first of an ongoing series of short animated health-education programs, which will be distributed globally.

In making today’s announcement, Mr. Roddam said, “Expansion of our rapidly growing operations into the U.S., and being part of the mainstream American entertainment industry, is a natural extension of our company’s great aspirations and recognized capabilities. We are already linked with animation, VFX, and 3D conversion entities in Los Angeles, so the timing for this expansive move became ideal.” He added, “In Ken Silverman, we have found an accomplished U.S. media executive, who is also among the best known and most respected American entertainment industry leaders in India. There’s virtually no aspect of media and entertainment, in the U.S. or India, with which he has not had direct engagement.”