Medient CEO Converts $660,000 of Debt to Equity at Over 820% Premium to Market
February 10 2014 - 9:15AM
Marketwired
Medient CEO Converts $660,000 of Debt to Equity at Over 820%
Premium to Market
EFFINGHAM, GA--(Marketwired - Feb 10, 2014) - Medient Studios,
Inc. (OTCQB: MDNT) ('Medient') today announced that Mr. Manu
Kumaran, Chairman of the Board and Chief Executive Officer has
converted $660,000 of personal loans to the company into common
stock at $0.064 per share, the book value of the company. The
approximately 10.3 Million represents an 822% premium to the
closing market price on February 7, 2014.
Mr. Kumaran stated, "My willingness to convert the entire amount
of personal loans to the Company at such a substantial premium to
the market, should clearly illustrate to all investors both my
confidence in the business and commitment to delivering shareholder
value. We see immense potential for Medient and continue to move
forward aggressively with our plans to construct the Studioplex,
which we believe will be the largest and most cost effective movie
production studio in North America once completed. Additionally, we
look forward to the domestic and international release of 'Yellow'
later this year, which we expect will contribute significant
revenue to Medient in 2014.
"Medient was founded 12 years ago and, to date, we have made 14
movies in four different languages. Our management team has over
150 years of cumulative experience and a track record of over 250
movies that have generated over $3 Billion in box office sales.
Significantly, the senior management team has all accepted
substantial cuts in pay, inspired and motivated by the vision and
objectives of Medient. It's also important to focus on the strength
of the balance sheet, which had assets audited and valued at over
$44 Million with over $16 Million of net shareholder equity as of
September 30, 2013, representing a book value well in excess of our
current market cap.
"The real strength of Medient is the women and men, their 'never
give up' attitude, their refusal to take 'no' for an answer, their
deep and abiding lust for knowledge, their constant questioning of
the status quo and the absolute desire to leave things better than
they find them. I wish all of you could know the Medient team the
way I do.
"Together, we intend to permanently change the way movies are
financed, produced, and sold. The Studioplex will be a beacon for
the best of the best across the entire entertainment industry.
"Clearly we haven't been successful in communicating our
heritage, strengths and potential to the investor community and we
recognize this fact. We will endeavor to correct this shortcoming
and this decision to put my money where my mouth is, will hopefully
underline my absolute commitment to Medient and our
shareholders.
"I want to thank all our fellow shareholders for your belief and
support and on behalf of our board and the entire team reiterate
our unwavering sense of purpose to achieve our lofty goals."
About Medient Studios
Medient Studios, Inc. (OTCQB: MDNT) ('Medient')
(www.medient.com) is an entertainment content creation company with
a strong presence in North America, Europe and India. Medient's
management team has approximately 150 years of experience in the
motion picture industry and is responsible for producing and/or
financing over 250 movies. Medient is realigning the content
creation process to enable efficiencies of scale and eliminate
process waste by building a fully integrated movie and electronic
game production facility as part of its Studioplex on a 1,550-acre
property in Effingham County, Georgia. Once operational this
production facility will be the largest of its kind in the United
States.
Safe Harbor Statement The Private Securities Litigation Reform
Act of 1995 provides a "safe harbor" for forward-looking
statements. Certain information included in this press release
contains statements that are forward-looking, such as statements
related to the future anticipated direction of the industry, plans
for future expansion, various business development activities,
planned or required capital expenditures, future funding sources,
anticipated sales growth, and potential contracts. Such
forward-looking information involves important risks and
uncertainties that could significantly affect anticipated results
in the future and, accordingly, such results may differ from those
expressed in any forward-looking statements made by, or on behalf
of, the company. These risks and uncertainties include, but are not
limited to, those relating to development and expansion activities,
dependence on existing management, financing activities, domestic
and global economic conditions, and other risks and uncertainties
described in the Company's periodic filings with the Securities and
Exchange Commission.
Contact: Investor Relations: David Waldman or Natalya Rudman
Crescendo Communications, LLC Phone: +1 (212) 671-1020 Ext. 304
Email: mdnt@crescendo-ir.com http://www.crescendo-ir.com/