 |
 | |
 |
 | |
 |
 | |
 |
 | |
 |
 | |
 |
 | |
 |
 | |
 |
 | |
 |
 | |
|
||
News Release
|
YALETOWN ENTERTAINMENT CORP. 407 - 535 Howe Street, Vancouver, B. C. V6C 2Z4 Tel: (604) 688-0118 Fax: (604) 688-3348 CUSIP# 984909101 Rule 12g3-2(b)# 82-4336 |
September 13, 1995 ASE Trading Symbol: YAL
MONTREAL, CANADA
The Company announces that the feature film Urban Safari, one of the assets forming a part of its previously announced proposed Major Transaction, played to two sell-out audiences September 1st and 2nd at the 19th Annual Montreal World Film Festival, Montreal, Canada. Urban Safari had been selected by the World Film Festival for formal competition in the catagory Panorama Canada. The Montreal World Film Festival is the only Catagory "A" film festival in North America.
EXCLUSIVE WORLD-WIDE DISTRIBUTION
The Company also announces that by Letter of Agreement dated September 9, 1995 Urban Safari Films Inc. appointed TSC Film Distribution Corp. ("TSC Film") as exclusive world-wide foreign sales representative for the motion picture Urban Safari. The agreement is for an initial term of three years with one three year renewal term.
Pursuant to the agreement TSC Film will be paid sales commissions from first gross receipts as follows: i) 20% from all foreign countries except the U.S.A., ii) 15% from the U.S.A., and iii) 10% where Urban Safari Films Inc. initiated negotiations which result in a foreign buyer.
TSC Film will incur all sales costs and will recoup a maximum of C$75,000 from second gross receipts.
TSC Film is a 75% subsidiary of TSC Shannock Corporation, a publicly listed company (TSE symbol TSH) with consolidated revenues for 1995 projected at C$100 millions. The remaining 25% of TSC Film is owned by B. C. Film.
MAJOR TRANSACTION
All potential shareholders are reminded that the acquisition of the film assets, including the 50% interest in Urban Safari Films Inc., which will constitute the Company's Major Transaction, remains subject to the approval of the shareholders and the Alberta Stock Exchange. John C. R. Cumming, Director, Chairman & C.E.O.
THE ALBERTA STOCK EXCHANGE HAS NEITHER APPROVED NOR DISAPPROVED OF THE CONTENTS OF THIS PRESS RELEASE.
|-Contact-|-HOME-|-Weird Homes-|-Weird Weddings-|
Yaletown Entertainment Corporation, Vancouver B.C. Canada
tel: (604) 669-3543 - Executive/Production Offices
Canadian Venture Exchange: ECY