NEW YORK, June 16, 2003 (PRIMEZONE) -- Cyper Entertainment, Inc. ("Cyper") announced today that it has received a conditional letter of intent from MGM to distribute its CGI Film "The 5th Glacial Epoch" and has initiated financing arrangements for the $15,000,000 production budget feature.
JRE, Inc. (OTCBB:JREN) has entered into an agreement to acquire 100% of Cyper for stock.
"MGM distribution reach is ideal for 5th Glacial Epoch. Box office receipts for animated features are exploding and Cyper anticipates following this trend with this production," said Duk Jin Jang President and CEO of Cyper Entertainment, Inc.
Cyper is an award winning 3D Digital Animation Production company providing services to the television, commercial and film industries globally. The Company develops and produces 3D digital animation for television, short films, CGI feature films, home video, music video and multi-media applications such as video games. Cyper's objective is to become a leading international 3D digital animation production company. Cyper has several full feature CGI films in development.
All forward-looking statements contained herein are deemed by the company to be covered by and to qualify for the safe harbor protection provided by the private securities litigation reform act of 1995 (the "1995 act"). Shareholders and prospective shareholders should understand that several factors govern whether any forward-looking statement contained herein will be or can be achieved, any one of those factors could cause actual results to differ materially from those projected herein. These forward-looking statements include plans and objectives of management for future operation, including plans and objectives relating to the products and the future economic performance of the company. Assumptions relating to the foregoing involve judgments with respect to, among other things, future economy, competitive and market conditions, future business decisions, and the time and money required to successfully complete development projects, all of which are difficult or impossible to predict accurately and many of which are beyond the control of the company. Although the company believes that the assumptions underlying the forward-looking statements contained herein are reasonable, any of those assumptions could prove inaccurate and, therefore, there can be no assurance that the results contemplated in any of the forward-looking statements contained herein will be realized. Based on actual experience and business developments, the impact of which may cause the company to alter its marketing, capital expenditure plans or other budgets, which may in turn affect the company's results of operations in light of the significant uncertainties inherent in the forward-looking statement included herein, the inclusion of any such statement should not be regarded as a representation by the company or any other person that the objective or plans of the company will be achieved.