Vancouver, B.C. / TheNewswire / June 21, 2018 - Imagination Park Entertainment Inc. (CSE: IP) (OTC: IPNFF) (FRA: GMS1) ("Imagination Park" or the "Company") is pleased to announce it has executed a non-binding letter of intent (the "Agreement") with DragonLord Pictures ("DragonLord").
The Agreement calls for Imagination Park to provide various visual effects and other services for DragonLord's feature film project tentatively titled 'Spirit Hunter'. The Agreement specifies that the revenues to Imagination Park will be at least US$1,000,000. Spirit Hunter currently has a pre-production budget of US$10,000,000 and is to be filmed in Mainland China. The services to be provided under the Agreement will be subject to an additional services agreement to be negotiated by the parties. Revenues to Imagination Park are expected to begin to be recognized in the second half of 2018 or early 2019.
DragonLord is headquarterd in Beijing, China and was founded by Michael Yang, formerly head of Sony Distribution Asia.
Gabriel Napora, Chairman of Imagination Park, stated: "Our China effort is starting to bear fruit one project at a time with our partners and clients in Asia. Our Chinese partners appreciate our commitment to their market and our vision in helping them tell their stories better in a visually engaging and immersive way. China's content market, including feature films, has just started to grow and is already topping the global box office. Imagination Park is very much committed to being a part of this exhilarating growth."
Mr. Napora added: "DragonLord is a top-notch film development, investment and production company with an amazing slate of projects and market insights. Michael Yang's track record as a seasoned film professional speaks for itself."
Michael Yang, Founder and CEO of DragonLord comments: "My team and I have been very impressed with Imagination Park's artistic sensibilities and strong visual storytelling style since the day I met their leadership team in China. Adding their strengths into our film will surely bring something spectacular to the audience - We can't wait!"
