NEW YORK, June 9, 2003 (PRIMEZONE) -- Cyper Entertainment, Inc. ("Cyper") announced today that it has initiated financing arrangements for its CGI Animation Feature, "The 5th Glacial Epoch" and has received a conditional commitment letter for $4 million of the $15 million production budget.
Cyper has already expended approximately $500,000 in the development of the project to date and a trailer for the film can be viewed by going to Cyper's website www.cypermedia.com.
It was recently announced that JRE, Inc. (OTCBB:JREN) has entered into an agreement to acquire 100% of Cyper.
The film property is owned by Cyper and was originally conceived by Cyper's founder and President, Mr. Duk Jin Jang.
"We originally planned to make `5th Glacial' a television series. The response we received from our peers in the industry lead us to go with the project first as a feature film rather than a television series which would then be followed by the series," said Jang.
Cyper is a 3D digital animation production company providing services to 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 multimedia applications such as video games.
Cyper has produced award-winning CGI (computer generated image) animations with the objective of providing high-quality animation TV programming and feature films for the North American market.
"By tapping into the animation skills and competitive wages of South Korea, Cyper Entertainment is expecting to provide cost-effective shorts, TV series and full-length feature films for the North American TV and box-office markets," said Jang.
Cyper's objective is to become a leading international 3D digital animation production company. Cyper has several full feature CGI films in development.
JRE has filed information regarding the proposed acquisition of Cyper with the Securities and Exchange Commission. Certain conditions must be met prior to closing which is anticipated for June 31, 2003.
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