POW! Entertainment Inc. (fka POWN)

[Hole shot King]

POWN ITEM 8.01 Other Events


On June 27, 2011, POW! Entertainment, Inc. sold for $500,000 the theatrical motion picture rights to a Chinese superhero epic to Magic Storm Entertainment LLC. The Company will recognize the full $500,000 as revenue for the three months ended June 30, 2011. An additional amount of $375,000 will be due upon commencement of principal photography. However, there can be no assurance if or when such principal photography will commence. The Purchase Agreement is filed as Exhibit 10.16 to this Form 8-K and the foregoing summary is subject to the actual terms provided therein.


http://www.sec.gov/Archives/edgar/data/1505892/000114420411038286/v227488_8k.htm


that is a nice start for a Monday !!!