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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 |
February 20, 1997 A.S.E Trading Symbol: YAL
YALETOWN ENTERTAINMENT CORP. SIGNS THREE BOOK MOVIE DEAL
VANCOUVER, B. C., CANADA --- Yaletown Entertainment Corp. announces that after six months of negotiation it has signed a three year option to acquire the exclusive world-wide motion picture and television movie rights to the novel Headhunter by Michael Slade. Yaletown has also acquired additional rights to the sequel presently in the editing stage and to a third story based on the same characters.
The purchase price for Headhunter is 2% of the movie's production budget with a minimum guarantee of C$100,000, plus a bonus of C$10,000 if a co-production agreement is made with a U.S. studio plus 4% of the movie's profits. Initial budget estimates for Headhunter are over $10,000,000.
"We are really excited to sign Headhunter. Slade's five books have sold approximately 5 million copies world-wide. He is a well established author with an international following." said Yaletown's Chief Executive Officer, John C. R. Cumming. "Headhunter is a gruesome, horror-thriller set in the Pacific north-west during it's bleak winter months. The story is rich in character, the plot is full of twists and the ending defies prediction. It is a very graphic book. The movie will be visually shocking, not at all suitable for younger audiences and totally unlike our light comedy Urban Safari. With The CBS Murders and now Headhunter we will show the industry and audiences that Yaletown can tackle any type of project. We are going to work immediately on a search for a suitable screenwriter with a view to being ready to shoot in the late winter of 1997 through into 1998."
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