AMERICAN BACKING FOR BRITISH FILM COMPANY
Fashion On Screen Plc, the film and entertainment company, has received a $55 million boost from an American investment firm.
The Vienna Stock Exchange-listed British firm will use the money to finance the production of its first film REVolution about the kidnapping of world champion Juan Fangiobefore the 1958 Cuban Grand Prix. The film is due to commence pre-production in September 2019 with a scheduled release in 2020.
This latest funding follows an equity investment from Twickenham Studios into the film and a £100,000 private placing alongside the Vienna Stock Exchange listing.
The US investment is in the form of a loan facility provided by The Ambient Partnership Group Limited which will also be used for other films on the company’s slate and will be used in support of the company’s planned acquisition strategy within the media sector. The Company can draw down the funds in tranches over a period of 24 months.
Nevern Johns, CEO of FOS, said: “I am delighted that we have been able to conclude the establishment of thisfunding credit line. This money will allow us to fulfil our current film projects and will give the Company the ability to conclude negotiations with its current corporate acquisition targets. I very much look forward to making announcements on these deals over the coming months.“
FOS has agreed terms with Peter Macdonald, one of Britain’s most respected film directors and cinematographers, to be the director of REVolution. He has directed a number of successful movies including Rambo III, The NeverEnding Story III, and box office number one Mo’ Money.
The Directors of the Issuer accept responsibility for the contents of this announcement.
For further information:
Paul Quade07947 186694 CityRoad Communications020 7248 8010
Note to Editors:
Fashion On Screen listed on the Vienna Stock Exchange last month (July) alongside a private placing of £100,000. The company is currently valued at €7.2 million (£6.6 million).