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News Release
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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 |
October 31, 1996 A.S.E Trading Symbol: YAL
YALETOWN ENTERTAINMENT CORP. SECURES EXCLUSIVE OPTION FOR WORLD MOVIE AND TELEVISION RIGHTS TO AWARD WINNING BOOK THE CBS MURDERS
VANCOUVER, B. C., CANADA --- Yaletown Entertainment Corp. announces that it has signed a two year option to acquire the exclusive world-wide motion picture and television rights to The CBS Murders, the Edgar Allen Poe Award winning book by prominent New York author Richard Hammer which captured the attention of the American public in the late 1980s.
Upon signing the exclusive option to acquire The CBS Murders, Yaletown Entertainment officials said that The CBS Murders will be slated for production in 1997 with preliminary budget estimates for a theatrical release motion picture at U.S.$5,000,000. The company has begun initial discussions with U.S. studios and distributors.
The company has engaged local writer Carolynne Ciceri to produce a film treatment for further discussions with major studios, distributors and networks. The final treatment is due early December, 1996.
The CBS Murders, which electrified New York and the national American public, chronicles the brutal, mob style murder of three CBS employees in New York City. It is a true story of greed and violence in New York's fabled diamond district. The police investigation of the murders uncovered contract killings and a near perfect $5.5 million diamond fraud.
The true life story of The CBS Murders quickly approached America's best seller lists and won a coveted Edgar Award.
The purchase price for The CBS Murders is 2% of the production budget with a minimum guarantee of U.S.$50,000, plus a bonus of U.S.$10,000 if a co-production agreement is made with a U.S. studio or other major partner plus 5% of the company's profits. The author will also receive additional payments for any sequels, remakes, television series or spin-offs and will consult to the company during pre-production and production at fees to be negotiated.
"We are pleased and excited to sign this option for The CBS Murders. We expect the signing to attract considerable industry attention and the movie will form the cornerstone of our production schedule for 1997." said Yaletown's Chief Executive Officer, John C. R. Cumming.
Yaletown Entertainment Corp. is a Canadian film producer with diversified interests in mineral resource exploration in South America. The company is listed on the Alberta Stock Exchange under trading symbol YAL.
For further information, please contact Mr. John Cumming, Chief Executive Officer, at (604) 688-0118.
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.
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Yaletown Entertainment Corporation, Vancouver B.C. Canada
tel: (604) 669-3543 - Executive/Production Offices
Canadian Venture Exchange: ECY