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Manex Entertainment Announces Quarterly Profit; $4.6M N.J. Grant Approval

Manex Entertainment, Inc. reported revenues of approximately $1,750,000 with an operating profit of $400,000 in its preliminary unaudited results for the three-month period ended March 31, 2003. Manex Entertainment has been best known in the past for providing Oscar-winning visual effects for big-budget feature films such as THE MATRIX, WHAT DREAMS MAY COME and CROUCHING TIGER, HIDDEN DRAGON. It has west coast facilities in Los Angeles and Hayward, California and is proposing to build east coast facilities in Trenton, New Jersey. Manex Entertainment through its operating divisions and subsidiaries plans to create and operate full service facilities on both coasts that accommodate feature film, television and commercial productions with a complete range of proprietary and non-proprietary rental equipment and full service production offices, studios and stage space.

On December 17, 2002, Manex Entertainment signed a real estate purchase contract to buy the Roebling Complex from the Mercer County Improvement Authority in Trenton. Manex is focusing on completion of its environmental, architectural and engineering reviews of its Trenton Studios project and anticipates satisfying all closing conditions and closing title on the property within the next 60 days.

Gary Kucher, ceo/president of Manex, said his company has been approved for a grant totaling approximately $4.6 million from the New Jersey Economic Development Authority (the "NJEDA") under the State's Business Employment Incentive Program (BEIP). The grant is contingent upon availability of State funds on a year-to-year basis. The BEIP grant will be used to assist Manex to implement the first phase of the development of the Trenton Studios facility. Once finalized, the BEIP grant will allow Manex to recover a fixed percentage of the annual withholding taxes paid to its new employees in New Jersey for a period of up to 10 years. If this plan works, perhaps other production companies will become bi-coastal. It's also the first example in the U.S. of a government subsidiary in animation/VFX work, which in other countries like Canada, Germany and France have given them a competitive edge.

In 2002, Manex Entertainment won The Best Experimental Short Subject award from the New York Film and Video Festival for its production of SERIALITY. For more information check out