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Gener8 Renegotiates Loan Agreement with FFD
Monday, January 12, 2015Company Profile | Follow Company
Vancouver, BC, January 12, 2015--(T-Net)--Gener8 Media Corp. (CSE: GNR) announced an update on its loan agreement with Tianjin Fu Feng Da Movie and Television Investment and Development Co., Ltd. (“FFD”).
Further to the Company's earlier news releases on the proposed partnership transaction with FFD, the parties have agreed to amend the loan agreement to reduce the original loan amount of $3 million plus accrued interest to $1.25 million and to extend the repayment date to December 31, 2015.
The parties further agreed that if the transaction is completed by FFD on a non-exclusive basis on or before December 31 2015, the original loan amount of $3 million and the $1 million advance previously provided by FFD will be credited against the purchase price.
Alternatively, if Gener8 completes a transaction with a party other than FFD before the loan is repaid, the original loan amount of $3 million would be repayable upon closing of such alternate transaction.
The CSE does not accept responsibility for the adequacy or accuracy of this release.
Forward Looking Statements
Except for statements of historical fact, this news release contains certain forward-looking statements within the meaning of applicable securities law. Forward-looking statements are frequently characterized by words such as “plan”, “expect”, “project”, “intend”, “believe”, “anticipate”, “estimate” and other similar words, or statements that certain events or conditions “may” occur. Although Gener8 believes that the expectations reflected in the forward-looking statements are reasonable, there can be no assurance that such expectations will prove to be correct. Such forward-looking statements are subject to risks and uncertainties that may cause actual results, performance or developments to differ materially from those contained in the statements. Except as required under applicable securities legislation, the Company undertakes no obligation to publicly update or revise forward-looking information, whether as a result of new information, future events or otherwise.
For more Information, please contact:
Danielle Rockel
Vice President of Corporate Affairs
Danielle@gener8.com
Suite 100, 138 East 7th Avenue
Vancouver, British Columbia, V5T 1M6
Phone: (604) 669-8885
Fax: (604) 669-8855
About Gener8
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 http://www.gener8.com.
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