FORT LAUDERDALE, Fla., Nov. 02, 2018 (GLOBE NEWSWIRE) -- THE MOVIE STUDIO, INC. (OTC PINK: MVES), A VERTICALLY INTEGRATED INDEPENDENT MOTION PICTURE PRODUCTION, ACQUISITION AND DISTRIBUTION COMPANY, REPORTS THE FOLLOWING CORPORATE UPDATE:
MVES'S dedication to its shareholders continues to be paramount and the Company is pleased to report that it has extinguished the final $906,990 USD owed on its debt to KGH II LLC. This debt was originally taken on by the Company on August 7th 2015 in addition to the acquisition of a sixty percent (60%) membership of the acquired SAFELA film library including the represented feature films; A Broken Life with Tom Sizemore and Ving Rhames, Deal with Burt Reynolds, Night of the Demons with Shannon Elizabeth and Edward Furlong, Noise with Tim Robbins, Nine Miles Down with Adrian Paul, Pool Boys with Tom Arnold, Cemetery Gates, Knifes Edge, Fractured, Autopsy and Drunkboat starring John Malkovich and John Goodman.
The Movie Studio and its shareholders now benefit from having this long-term debt permanently retired from the Company’s balance sheet, as will be reported in the Company’s next Quarterly filings. This places MVES in an ideal position in which there will be no convertible dilution of its share price due to this former debt as it aggressively moves forward with its business model of development, production, acquisition and distribution of independently produced feature films.
About The Movie Studio Inc.
The Movie Studio, Inc. is a digitally disruptive vertically integrated motion picture production and distribution Company focused on the independent motion picture sector with completed motion picture and production assets. The Company acquires, develops, manufactures, and distributes independent motion picture content for worldwide consumption in Theatrical, Video on Demand (VOD), Foreign Sales and on various media devices. For more information, visit https://themoviestudio.com/.
“The Movie Studio is excited about the elimination of this substantial debt on our balance without any dilution to shareholder equity and residual value. As we accelerate forward with our Corporate Actions this transaction facilitates management’s commitment to establish a highly scalable business model in the best interest of Shareholders,” Gordon Scott Venters, the President and CEO, announced today.
The Movie Studio, Inc.
Gordon Scott Venters, President and CEO
Forward Looking Statements and Disclaimer
Statements made in this press release that express the Company or management’s intentions, plans, beliefs, expectations or predictions of future events, are forward-looking statements. The words “believe,” “expect,” “intend,” “estimate,” “anticipate,” “will” and similar expressions are intended to further identify such forward-looking statements, although not all forward-looking statements contain these identifying words. Those statements are based on many assumptions and are subject to many known and unknown risks, uncertainties and other factors that could cause the Company’s actual activities, results or performance to differ materially from those anticipated or projected in such forward-looking statements. The Company cannot guarantee future financial results; levels of activity, performance or achievements and investors should not place undue reliance on the Company’s forward-looking statements. No information contained in this press release should be construed as any indication whatsoever of the Company’s future financial performance, future revenues or its future stock price. The forward-looking statements contained herein represent the judgment of the Company as of the date of this press release, and the Company expressly disclaims any intent, obligation or undertaking to update or revise such forward-looking statements to reflect any change in the Company’s expectations with regard thereto or any change in events, conditions or circumstances on which any such statements are based. No information in this press release should be construed as any indication whatsoever of the Company’s future revenues or results of operations.