StereoVision Announces Agreement to Produce Hawaiian Tropic 3-D Film
LOS ANGELES, CA -- Feb. 24, 2005 -- StereoVision Entertainment, Inc. (OTCBB: SVSN) announced today that it has signed an eighteen month option agreement with Hawaiian Tropic to develop and produce a new feature length 3-D movie direct to DVD. The action comedy will feature beautiful Hawaiian Tropic girls. The company also has an option to produce a theatrical release version of the movie. As part of the agreement, Hawaiian Tropic has agreed to launch its own marketing campaign in cooperation with StereoVision when the movie is ready for release.
Doug Schwartz, Chairman and Chief Creative Officer of StereoVision, who negotiated the agreement, said, “I am extremely excited at the prospect of producing this Hawaiian Tropic theme based movie with my good friend, Ron Rice, founder of Hawaiian Tropic. Along with the new 3-D technology the movie will have a comedic tone set against a horror adventure background. I believe that the 3-D format will be a huge success with audiences of all ages. Filming will be managed by Daniel Symmes, a leading expert on 3-D filming techniques and Director of Technology for StereoVision. I have seen what Dan can create with his 3-D cameras and it is a truly remarkable viewing experience. I believe that the combination of StereoVision’s creative and producing abilities with the worldwide brand awareness and marketing strength of Hawaiian Tropic will make for a resounding success.”
Ted Botts, President & CEO of StereoVision, stated, “The agreement with Hawaiian Tropic represents the first step in our ’cornerstone for success’ strategy, namely the production and distribution of direct to DVD 3-D and 2-D high profile low to medium budget films. This is a tremendous opportunity for the company and an excellent deal for shareholders. In conjunction with this project, the company is holding discussions with major studios and distributors about co-funding and distribution. Last year, $11.7 billion in sales of DVD’s out grossed theater ticket sales of $9 billion for the first time. The success of Spy Kids 3-D, which rang up DVD sales of $38 million, and the new surge in new 3-D I-Max movies proves that there is great demand for 3-D. Our unique combination of 3-D technological capability together with the track record of Doug Schwartz as a highly successful producer will undoubtedly make this project a tremendous success.”
1995 Private Securities Act: Statements contained herein that are not historical are forward-looking statements subject to risks and uncertainties that could cause actual results to differ materially from those expressed in forward-looking statements, including, but not limited to, certain delays beyond the company’s control with respect to market acceptance, and other risks detailed in StereoVision’s filings with the SEC.
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