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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 |
January 1, 1997 A.S.E Trading Symbol: YAL
YALETOWN SIGNS MAJOR FIVE FILM DEAL WITH HOLLYWOOD DIRECTOR
VANCOUVER, B. C., CANADA --- Yaletown Entertainment Corp. announces that it has signed a u.s.$2,000,000 agreement with Hollywood writer/director Bob Logan and his company, Loganworks Ltd., of Studio City, California to write and direct five motion pictures for Yaletown for theatre and home entertainment distribution. In addition, Logan is to receive a 6.25% equity interest in the company and other performance incentives.
"This deal signals Yaletown's expansion into the worldwide entertainment industry as a multi-purpose content provider for theatres and the home," said John Cumming, Chairman and CEO of Yaletown.
Logan's Neighborhood Watch will be the first of five full-length movies to be made by Yaletown starting in 1997.
Bob Logan is an established Hollywood comedy writer and film director. He has extensive writing credits and both wrote and directed such films as Repossessed, starring Leslie Neilsen, Linda Blair and Ned Beatty; Meatballs IV starring Corey Feldman, among other movie and network television projects. In addition, Logan has extensive background in animation and children's programming.
Universal Pictures has recently exercised an option with Bob Logan to produce a motion picture version of the classic TV series "F Troop".
Yaletown earlier negotiated the rights to produce the motion picture version for global distribution for the award winning book "The CBS Murders" based on the true story of a mob related contract killing in New York of several CBS exeutives in the late 1980's.
The agreement is subject to regulatory approval and the completion of the company's pending private financing.
Yaletown Entertainment Corp. is a Canadian film producer with diversified interests in mineral resource exploration in South America.
Yaletown Entertainment 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" 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