SSSU - SSSU -- Silver Screen Studios, Inc. Com ($0.0001)
COMPANY NEWS AND PRESS RELEASES FROM OTHER SOURCES:
Silver Screens Studios: Initiates Third Phase of Restructuring; Global 1 Entertainment Tax Credit Production Fund I, LLP Launched
ATLANTA, Sep 14, 2006 (BUSINESS WIRE) -- Silver Screen Studios, Inc. (OTCBB: SSSU) www.silverscreenstudiogroup.com, http://finance.yahoo.com/q?s=SSSU.OB, Traders Nation, www.tradersnation.com/sssu.shtml, and Global 1 Realty Corporation, www.1global1realty.com, launch $25 million Reg. S fund for global investors and selects portfolios for investment. We have initiated the third phase of restructuring of our business model with the formation of Global 1 Entertainment Production Fund I, LLP. Global 1 Entertainment Production Fund I, LLP:
We have entered the third phase of our restructuring with the formation of our most recent fund for the production of feature films to take advantage of the Federal Tax Credits under sec. 181 and 199 of the Internal Revenue Code, as well as the Georgia Film Tax Credits, www.cfoyesq.com/ARTICLE%20DRAFT%201.0.htm.
The entertainment fund is structured as a companion to our real estate funds. An investor in one of our real estate funds will be able to shelter the profits by the deductions against passive income offered by an investment in the film fund. One hundred percent of the investment in the film fund is tax deductible against passive income by the investor. A Georgia investor will receive an additional credit of 12% against GA income taxes.
This fund is available to U.S., as well as international, investors. We are exploring the distribution of our funds via a broker/dealer network and Registered Investment Advisors. We expect to raise up to $25 million in this fund. The $25 million invested in the fund will generate, assuming a 40% tax bracket, $10 million in passive income tax savings at the federal level and $3,000,000 in savings at the state level.
Summary:
The restructuring of our company is nearing completion. The financial services business unit is being readied and we will launch the final phase of our new business model shortly. Upon completion, SSSU will be an integrated financial assets company with interests in real estate, entertainment and asset management growth sectors. We feel we are poised for rapid growth.
Disclaimer:
The below disclaimer is incorporated by reference as if fully set forth herein this as well as all media releases on SSS behalf. The statements contained in this release are forward looking and may or may not occur due to forces beyond the company's control.
SOURCE: Silver Screen Studios, Inc.
CONTACT: Silver Screen Studios, Inc. Donald Evans, 404-255-0400 sssu@mindspring.com
Copyright Business Wire 2006
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KEYWORD: United States North America Georgia INDUSTRY KEYWORD: Entertainment Motion Pictures Technology Other Entertainment Hardware Professional Services Banking Finance
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