Out of Our Minds Animation Studios lands nearly $2 million in funding from private investors for production of its first feature-length animated film.
Animation company Out of Our Minds Animation Studios has landed nearly $2 million in funding from private investors for production of its first feature-length animated film, reports THE BUSINESS JOURNAL. The funding, which represents nearly all the total project budget of $3.5 million, allowed the Winston-Salem, North Carolina studio to begin production in March. The company also is expanding from 10 employees to 16 employees by next month, with several more to be added during the next two years.
"(I'm on) cloud nine," said John Cernak, who owns and runs the studio with his wife, Lori. "We finally have our fate in our own hands. That's all we can ever ask for is to be in control of our own destiny."
The film, titled MAGISTICAL, should be finished in August 2007.
The script has been completed and most of the voices recorded. The animation team is now making storyboards for the animated scenes and building the models on which the digital characters will be created.
The funding drive for the project is being led by Carolina Financial Group, an investment banking firm based in Brevard that also is serving as the film's exec producer.
"We looked at this with a somewhat jaundiced eye because film investment is legendary in terms of a way for investors to lose money," president Bruce Roberts said. "(But) the reason we're investing is because the upside we see so much outweighs the risk."
Carolina Financial and Out of Our Minds set up a limited liability corporation to own and finance the film and related products, Roberts said. The banking firm owns a 10% stake, the studio owns a stake of more than 40%, and the rest is owned by private investors, who Roberts didn't name.
Rick DeMott
Animation World Network
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