Crest Animation Studios Ltd has informed BSE that the Company will publish Audited Financial Results for the financial year ended March 31, 2008 within a period of 3 months i.e. on or before June 30, 2008. Therefore, Un-audited Financial Results for the quarter ended March 31, 2008 will not published separately.
Crest Animation Studios Ltd has announced the following Press Release titled “First Indian animated 3D feature finds its voice”.
Press Release :
“Alpha and Omega, the first animated Hollywood film by an Indian company, will feature the voices of Justin Long (Live Free or Die Hard) and Hayden Panettiere (Raising Helen). Long and Panettiere will lend voices to the lead lupine pair in the movie, a love story about two kidnapped wolves trying to get back their pack.
Christina Ricci (the upcoming Speed Racer), Danny Glover (Lethal Weapon), Dennis Hopper (Speed) and Larry Miller (Bee Movie, Ant Bully) will also lend their voices to the film being directed by Anthony Bell (Rugrats) and Ben Gluck (Brother Bear 2).
Alpha and Omega is being co-produced and co-financed by the Mumbai-based Crest Animation Studios Ltd and Lionsgate, the US-based distributor of hits like Rambo, Fahrenheit 9/11 and Meet the Browns. Crest and Lionsgate have a contract to make three animated feature films. The animation for the entire film will be generated inhouse at Crest Studios.
Crest is among the top five Hollywood companies operating in the 3D CGI animation genre. Mr. Richard Rich, former Disney director of movies such as Fox and the Hound, calls it the ‘Disney Studios’ of India. It has under its belt over 200 half hours of television and home video titles, working for such clients as Mike Young Productions, Mark Brown, Classic Media, Marathon, O’ Entertainment and Nickelodeon. Jukers!, its first 52-episode animated TV series, won an EMMY as well as a BAFTA for children’s programming.
From 2011, Crest plans to produce and release one CGI animation film every year. CGI animation is currently the most profitable film-making genre in the US, according to a Kagan Research report, 2005.
Production for Alpha and Omega is under way at Crest Animation Production Services, Crest?s California subsidiary, as well as at Crest?s Ghatkopar studio. The film is targeted to release in 2010.
LIONSGATE AND CREST ANIMATION PRODUCTIONS LAUNCH MULTI-PICTURE PARTNERSHIP WITH CCI ANIMATED FAMILY FILM ALPHA AND OMEGA
Cast Includes Justin Long, Hayd Panettiere, Christina Ricci, Danny Glover, Dennis Hopper, Larry Miller.
2010 Theatrical Release Planned
LIONSGATE? (NYSE: LGF), the leading independent filmed entertainment studio, announced on April 04, 2008 that it will launch its multi-picture partnership with Crest Animation Productions with the CGI animated theatrical family film ALPHA AND OMEGA. Lionsgate and Crest are co-financing and co-producing ALPHA AND OMEGA, which is scheduled for theatrical release in 2010. The announcement was made by Lionsgate?s Executive Vice President of Lionsgate Family Entertainment Ken Katsumoto and Crest Animation Production?s CEO Noah Fogelson.
Said Fogelson, “We are thrilled to be in business with Lionsgate, a company that is continually innovating in terms of both production and marketing. We are looking forward to a fruitful collaboration and feel we are off to a great start with ALPHA AND OMEGA. We have a wonderfully talented cast and an outstanding team of filmmakers led by Anthony Bell and Ben Gluck, who truly understand the art and craft of animated storytelling.”
ALPHA AND OMEGA is currently in production, with pre and post-production taking place in Los Angeles and key animation at Crest Animation Studios in India. Lionsgate will distribute the film in North America and the UK. Mandate International will be launching international sales at the upcoming Cannes film festival for the rest of the world, excluding India.
The deal was negotiated for Lionsgate by Wayne Levin, Executive Vice President, Corporate Operations, Ken Katsumoto, Wendy Jafte, Executive Vice President Legal & Business Affairs, Acquisitions and Co-Productions, Sean Kisker, Vice President, Strategic Planning; and for Crest Animation Productions by Ramanna and Fogelson.
ABOUT LIONSGATE
Lionsgate is the leading independent filmed entertainment studio, winning the 2005 Best Picture Academy Award? for CRASH, and the Company is a premier producer and distributor of motion pictures, television programming, home entertainment, family entertainment and video - on - demand content. Its prestigious and prolific library of nearly 12,000 motion picture titles and television episodes is a valuable source of recurring revenue and a foundation for the growth of the Company’s core businesses. The Lionsgate brand is synonymous with original, daring, quality entertainment in markets around the globe.
Crest Animation Studios Ltd has informed BSE that in the limited review report of the Company for the quarter ended December 31, 2007, the Auditors of the Company have made the following observations :
“1. The Company has investments in subsidiary companies, aggregate carrying value as at March 31, 2007: Rs 4630.78 lacs; comprising Rs 4188.43 lacs in equity shares and Rs 442.35 lacs in cumulative redeemable preference shares, with an option to convert into equity shares. The combined loss for the year ended March 31, 2007 and the net worth as on that date of these subsidiaries and the step - down subsidiaries and their joint ventures, attributable to the Company, on the basis of the financial statements for the year ended March 31, 2007, are Rs 2376.41 lacs and Rs 1311.79 lacs respectively. The management is of the view that there is no diminution in the value of these investments and therefore no provision is considered necessary; and
2. In respect of long-term contracts for production of a feature film where revenue of Rs 2078.42 lacs has been recognised on a percentage completion method, the Auditor have relied upon the management?s estimates of percentage of completion and cost of completion in view of the technical nature of such estimates.
3. The Company has capitalised an amount of Rs 920.02 lacs (written down value as at December 31, 2007: Rs 690.01 lacs) towards the cost of acquisition of a Production Process Monitoring Software after cancelling the operating lease entered into for taking that software on lease. On the basis of the information and explanations given to the Auditors and documentation produced to them, being a technical matter, the Auditors are unable to review the reasonableness of the carrying amount and whether any impairment loss needs to be provided for [management's representation is given in Note 3(a)].
4. Included in work-in-process are modeling and preparatory costs in respect of certain projects, aggregating Rs 299.69 lacs (as at September 30, 2007: Rs 136.45 lacs). On the basis of the information and explanations given to the Auditors and documentation produced to them, the Auditors are unable to review the reasonableness of the carrying amount and whether any write down in value of inventory needs to be made [management's representation is given in Note 3(b)].”