Sunday, April 13, 2008

NM In the News: Pangea Pictures

One of the more exciting groups with a presence in New Mexico that's a little less widely known is Pangea Pictures, which is also supporting local efforts such as the Governor's Cup Animation Challenge (among other things). I think we'll see some more coverage soon, but for now, here's some confirmation -- and a few more details about their operations...

From CNBC:
LOS ANGELES, Apr 02, 2008 (BUSINESS WIRE) -- Pangea Pictures Corporation, a technology and film production company based in Los Angeles, and Direct Response Media, Inc. (Pink Sheets:DRMO), based in Hilton Head, SC, jointly announced today the status of a share-for-share exchange between the companies.

The transaction is expected to be completed by April 15, 2008. In conjunction with the transaction, Direct Response Media undertook a 1-for-3 reverse split which was effective in the marketplace on March 31, 2008. Direct Response will issue 28,236,387 shares of its common stock to acquire all of the shares of Pangea, a Delaware corporation that will remain a wholly owned subsidiary of Direct Response.

Pangea Pictures Corporation is an integrated film production and advanced Visual Effects technology company. In previous private transactions, Pangea acquired Big Red Pixel, Inc. and Amber Lantern Images. Big Red Pixel's credits include VFX producer and Supervisor work on: "Run," "Collateral," "Just Like Heaven" and "The League of Extraordinary Gentlemen." Amber Lantern Images credits include VFX Supervisor, 2nd Unit Direction on: "The Pacific," "Die Hard with a Vengeance," "The Last Action Hero," "The Thomas Crown Affair" and "Star Trek." Additionally, Principals of Pangea have completed major visual effects projects for clients such as DreamWorks SKG, Fox, MGM, and Sony, among others.

Pangea, in conjunction with its finance partners, is in the process of funding, producing and servicing its own slate of VFX-heavy, family friendly, action-adventure films. Pangea currently has one film in pre-production and anticipates principal photography on the film to begin in the fall of 2008. In addition, Pangea has six other films in development.

As a result of a favorable tax rebate and incentive structure, Pangea intends to complete a major portion of all stages of production on film projects in the State of New Mexico. The Company has established offices and is in the process of building out a state-of-the-art visual effects facility in Albuquerque. The Company anticipates expanding the capabilities of this facility throughout 2008.

In addition to providing visual effects for its entire slate of films, Pangea, by leveraging the 25% State of New Mexico rebate program, intends to compete for large-scale contract service work with major studios and independent filmmakers.

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