NEW YORK, Oct. 22, 2003 (PRIMEZONE) -- Cyper Media, Inc. ("Cyper") (OTCBB:CYPM), a 3D animation studio currently producing "The 5th Glacial Epoch," a $15 million feature, has acquired Joongang Movie Entertainment Co., Ltd. ("Joongang"), a producer of animated content for the world-famous Pokemon series. Joongang is a profitable 13-year-old animation company with more than 60 different clients among OEM Japanese TV shows, and which also has numerous clients in Europe.
Duk Jin Jang, CEO of Cyper said, "Cyper will now be able to offer our combined clients traditional 2D along with 3D animation content, enabling the Company to compete profitably with world class animators such as Pixar and Disney."
Cyper will issue 4 Million restricted shares in exchange for 100% of the shares of Joongang. Cyper and Joongang had previously signed a Co-Venture agreement on August 20, 2003, which included co-marketing current and future projects. Cyper and Joongang subsequently agreed that a merger that led to capturing significant market share would benefit and enhance shareholder value.
Said In Jo, President of Joongang, "We expect to greatly increase our brand and image with North American product launches. We anticipate exponential growth with our combined talents and resources." Joongang has also produced animated content for other popular Japanese television shows, including Gundam, Cowboy Bebop, and Neon Genesis Evangelion.
Cyper (www.cypermedia.com) is a 3D digital animation production company with its own proprietary productions and which provides services to the television, commercial and film industries globally. The Company develops and produces 3D digital animation for television, short films, CGI feature films, music videos and multi-media applications such as video games. Cyper intends to acquire business opportunities to build revenues while building a library of quality movies and TV series. Current Projects include, "The 5th Glacial Epoch," a full-length feature film with a distribution LOI signed by MGM. In addition, Cyper is negotiating to produce "Hobie & Chewby", a 26-episode proprietary TV series which the company estimates is an opportunity to generate US$2.5 million in profits, and two additional animated TV series, "Kollang," and "Q-Pet," which Cyper estimates have a combined potential of $5 million in profits.
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