IMAGINASIAN ENTERTAINMENT AND SIDUS CORPORATION ENTER INTOEXTENSIVE INVESTMENT AND MULTI-PLATFORM CONTENTDEAL WITH PHASE ONE VALUED IN EXCESS OF $20 MILLION (
Agreement Marks Sidus’ Entry into the Coveted
U.S. Market for TV Programming, Films, Music;
Provides ImaginAsian with Expansion Capital and Exclusive Korean Content
NEW YORK / SEOUL, August 21, 2007
— Sidus Corporation
(KOSE: 052640), a leading Korean entertainment company, and ImaginAsian Entertainment
, a multimedia company that promotes Asian culture to mainstream America
, have entered into the first phase of an extensive investment and multi-platform entertainment content agreement that is valued in excess of USD 20 million. The announcement was jointly made in
today by Jay Bin Song, vice chairman, Sidus Corporation and Augustine SC Hong, chairman, ImaginAsian Entertainment.
The agreement as outlined by the two companies will initially see Sidus Corporation providing ImaginAsian Entertainment with capital to further expand its U.S. production and distribution activities in television, video-on-demand (VOD), feature films, theatrical exhibition, DVD, music, and new media (including live-action mobile and on-line gaming). As part of the deal, Sidus will be providing ImaginAsian with an array of content including feature films, dramatic series, music and live event performances for distribution in the U.S. through its many media platforms including ImaginAsian TV (iaTV) – which is carried nationally in the
U.S. by major cable systems including Comcast Cable, Time Warner Cable and Cox Communications.
Said Mr. Song, “We have long admired ImaginAsian Entertainment’s achievements and standing in the highly competitive
U.S. entertainment market.” He added, “Through this agreement Sidus’ many entertainment properties will now have the opportunity to receive the deserved attention of consumers across
Remarked Mr. Hong, who has been named as an outside board member of Sidus Corporation in recognition of its new partnership with ImaginAsian Entertainment, “Sidus has been the gold standard for the development and production of Korean entertainment for more than a decade. We are excited about both the immediate and long term possibilities that our new partnership with Sidus brings.” He added, “We are also pleased that ImaginAsian Entertainment is being recognized by the entertainment community in Asia as a meaningful entry point to the
U.S. entertainment arena.”
Most recently, Sidus also entered into a content agreement with Mnet Media, a publicly listed subsidiary of the Korean-headquartered CJ Corp. holding company (formerly know as CJ Group). As part of its agreement with Sidus, ImaginAsian will receive a broad range of Mnet programming, including the reality series Stunning Blind Date, dramatic series and music related content. Mnet, Asia’s leading music entertainment company, operates and manages Mnet and KM,
Korea’s top broadcast music channels.
The Mnet deal is the first of multiple negotiations Sidus is conducting with other major Asian strategic partners as part of a targeted USD 100M content and investment fund for the U.S market. The fund is expected to close by the end of 2007.
ImaginAsian Entertainment launched iaTV, its first entertainment property, in August 2004. Since its launch as a fully advertiser-supported channel, iaTV has brought the finest programs from Asia to the U.S., including anime, hit drama series, blockbuster films, documentaries, music, sports, variety programs and more from Korea, Japan, India, Hong Kong, China, the Philippines, Taiwan and
Additionally, iaTV has developed and produced original programs such as comedy series Uncle Morty’s Dub Shack, reality-based show Finding My America and stand-up comedy program Comedy Zen. All
programming is either in English or English-subtitled, therefore accessible to Asian Americans with a variety of national origins, as well as non Asian viewers who share a thirst for Asian culture and entertainment.
In the feature film arena, the company’s ImaginAsian Pictures feature film distribution and promotion division has experienced significant growth since its launch in 2006. This year the division saw success at the box office with Journey From The Fall – a critically-acclaimed Vietnamese American feature film for which it had acquired exclusive
U.S. distribution rights. The film is nearing the three-quarters of a million dollar mark after averaging a higher per screen total during its first two weeks of release than any other film in
America at the time.
Last October the company reached a multi-year agreement with Genius Products, LLC, jointly owned by Genius Products, Inc. (OTC BB:GNPI), along with The Weinstein Company, to be the exclusive home entertainment distributor for ImaginAsian’s expanding portfolio of Asian-genre motion pictures and television programs. As part of the deal Genius received the rights to distribute DVDs in North American under the ImaginAsian Home Entertainment banner.
About Sidus Corporation
Sidus Corporation is a leading multimedia and entertainment company that promotes Korean and Asian content including film, drama, music and variety programs to a worldwide audience. Established in 1995 and headquartered in Seoul, Korea, Sidus and its affiliated companies operate a diverse range of businesses, including film production (Sidus FNH, Uno Film), content marketing and distribution (Dispert Entertainment), and game publishing (Megaweb).
About ImaginAsian TV:ImaginAsian Television®
) is the television destination For All Things Asian®
, offering audiences a diverse selection of top-notch movies, anime, dramas, documentaries, music and original programming from Asia and the U.S. Fully advertiser-supported, ImaginAsian TV is currently carried on cable systems in New York, Los Angeles, San Francisco, Houston, Dallas, Hawaii and parts of New Jersey, as well as via broadcast in Edison, NJ.
ImaginAsian TV (www.iatv.tv) is an integral division of ImaginAsian Entertainment, Inc.About ImaginAsian Entertainment, Inc.ImaginAsianTM Entertainment, Inc.
) is a multimedia company that promotes Asian Pacific American culture to mainstream
. Headquartered in New York City, ImaginAsian Entertainment uses a fully integrated marketing strategy through multiple platforms: ImaginAsian TV®
(America’s First 24/7 Asian American Network), The ImaginAsian Theater®
(New York’s Premier Asian American Theater), ImaginAsian PicturesTM
(distribution of cutting-edge and critically acclaimed Asian films), ImaginAsian Home EntertainmentTM
(video/DVD unit dedicated to quality Asian home entertainment), ImaginAsian Radio®
(the sound of Asian America), and iaLink®
(ImaginAsian’s community-based e-zine).