POW! Entertainment Inc. (fka POWN)

[rickn23]

This is kind of strange:

http://www.4-traders.com/news/Digital-Domain--VOLUNTARY-ANNOUNCEMENT-ndash-FORMATION-OF-A-JOINT-VENTURE-COMPANY-WITH-POW--19729408/

Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement.

DIGITAL DOMAIN HOLDINGS LIMITED

(Incorporated in Bermuda with limited liability)

(Stock Code: 547)

VOLUNTARY ANNOUNCEMENT -

FORMATION OF A JOINT VENTURE COMPANY WITH POW!

On 19 January 2015, DDHUS (an indirectly wholly-owned subsidiary of the Company) and POW! entered into the Term Sheet for the formation of the Joint Venture Company with respect to the development, production, and distribution of projects based on certain characters and other content developed by POW! or by the two parties jointly for distribution throughout the world. The Joint Venture Company is to be owned as to 75% by DDHUS and
25% by POW!.
The transactions contemplated under the Term Sheet are subject to the parties signing definitive contract documentation which have not yet been finalised.

On 19 January 2015, DD Holdings US, LLC ("DDHUS", an indirectly wholly-owned subsidiary of Digital Domain Holdings Limited (the "Company")) and POW! Entertainment, LLC ("POW!", a wholly-owned subsidiary of POW! Entertainment, Inc. whose common stock is quoted on the OTCQB Market in the United States of America) entered into a term sheet (the "Term Sheet") for the formation of a joint venture company (the "Joint Venture Company") with respect to the development, production, and distribution of projects based on certain characters and other content developed by POW! or by the two parties jointly for distribution throughout the world. The Joint Venture Company is to be owned as to 75% by DDHUS and 25% by POW! and profits will be distributed on a pro-rata basis. It is intended that the Joint Venture Company will have a term of three (3) years, with two (2) annual renewals at the parties' mutual agreement. The parties intend that the Joint Venture Company will develop, produce and distribute up to ten (10) projects during the term (with renewals), and will during the first year commence development of at least one project to be funded up to US$300,000, which amount is to be contributed by DDHUS.
It is also contemplated that POW! will make Mr. Stan Lee available for a digital facial scan for the exploitation by the Joint Venture Company of contents exhibiting Stan Lee's likeness in virtual human format based on such scan, on terms to be agreed by the parties to the Term Sheet. Mr. Stan Lee is the co-founder of POW!, and the chairman of the board of directors and chief creative officer of POW! Entertainment, Inc.