Press Release by Intertainment AG
Intertainment AG and OpenPictures AG conclude a strategic partnership
- OpenPictures offers legal financing against Franchise and other parties involved in litigation
- Joint financing and sales of international feature films
Ismaning/Munich, July 7, 2003 - Intertainment AG, Ismaning, and OpenPictures AG, Munich have agreed a strategic partnership which includes cooperation on operating business and collaboration in the pending lawsuits being conducted by Intertainment against US film production company Franchise. The strategic partnership is aimed at jointly financing and marketing international feature films in conjunction with major US film studios. The pending lawsuits relate to claims filed by Intertainment against Franchise for compensation amounting to 100 million US dollars on account of fraudulently inflated film budgets. The RICO claims admitted by the US court permit compensation for damages agreed by the court to be tripled. The trial commences on August 5, 2003. OpenPictures concurs with the legal position of Intertainment and anticipates a positive outcome to the trial. OpenPictures will provide Intertainment with support in conducting the trial and has offered to participate in financing the legal costs under the agreement governing the strategic partnership or to assume the rights and obligations associated with the trial.
Aside from long-term cooperation in film production, OpenPictures is particularly interested in innovative distribution channels for downloading audio and video files over the internet. Intertainment holds a stake in the US company which owns the rights to a patented procedure for this process. Details of the comprehensive partnership will be announced to the press in Munich at 11.00 a.m. on July 9, 2003.
"Chief Executive Officer Rüdiger Baeres has provided bold leadership for Intertainment through difficult times and the company is well-placed to take advantage of future developments", said Dr. Stefan Piech, Member of the Board of OpenPictures. "This trial is a unique case of fraud extending to extraordinary proportions in the otherwise well-respected US film industry."
"Intertainment welcomes collaboration with Dr. Piech and Graf Batthyany, Members of the Board of OpenPictures", commented Baeres. "Intertainment is now joined by OpenPictures, a successful partner with international experience." OpenPictures generates, develops and sells film rights. It is playing a proactive role in the process of consolidation currently taking place in the media industry.
Intertainment AG, Dr. Marietta Birner, Investor Relations, Osterfeldstraße 84, 85737 Ismaning, Germany
Tel.: +49 (0) 89 / 216 99 - 0, Fax: +49 (0) 89 / 216 99 - 11,
Internet: www.intertainment.de , E-mail: firstname.lastname@example.org
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