12:14:22 EDT Tue 23 Apr 2024
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GeoNovus Media Corp
Symbol GNM
Shares Issued 51,534,402
Close 2015-05-13 C$ 0.045
Market Cap C$ 2,319,048
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GeoNovus's Steven Seagal movie to be released May 15

2015-05-14 08:10 ET - News Release

Mr. Joe Wowk reports

LIONS GATE RELEASES "ABSOLUTION" STARRING STEVEN SEAGAL; PRODUCED BY TIM MARLOWE, GEONOVUS NOW ENTITLED TO SHARE POTENTIAL REVENUE

The new Steven Seagal movie Absolution will be the first of six feature films that GeoNovus Media Corp. (as part of the company's agreement with Infinity Media) will be entitled to share in the net revenues of. Produced by Tim Marlowe, Absolution will be officially released and distributed by Lions Gate on May 15, 2015, in theatres and on demand.

The company's interest in the revenue of Absolution derives from a production revenue participation agreement with Infinity Media and its principal, Academy Award-winning producer Timothy Marlowe. In addition to his role with Infinity Media, Mr. Marlowe is a director of GeoNovus Media. Under the terms of the participation agreement, the company is entitled to receive 5 per cent of the revenue earned by Infinity Media from Absolution and from five subsequent feature films from which Infinity Media is entitled to share revenue. The five subsequent films will be determined by Infinity Media pursuant to the terms of the participation agreement. In consideration for the acquisition of the participation rights under the participation agreement, the company has agreed to issue up to 17 million shares from treasury to Infinity.

There can be no assurance that Absolution or any of the other films which the company will have an interest in under the participation agreement will generate revenues for Infinity Media and the company.

Absolution will be released by Lions Gate Entertainment on May 15, 2015, in theatres and on demand. The film was produced by Steven Seagal, Timothy Marlowe, Binh Dang and Phillip B. Goldfine.

Mr. Marlowe stated: "We are thrilled that Lions Gate is set to release our film Absolution theatrically. This marks the beginning of our goal at GNM to follow in the footsteps of successful public media companies like Lions Gate. Working with such a popular actor like Steven Seagal was truly rewarding and gives us the confidence to continue producing feature films that have predictable returns and serve loyal fans and niche movie buyers."

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