MIAMI BEACH, FL / ACCESSWIRE / August 26, 2014 / Cre8tive Works, Inc. (“Cre8tive”) (FILM) today announced that the Company has signed a Term Sheet with Finkelfilms BC, Inc. to fund the independent film project “Somebody Else.” Cre8tive Works has agreed to invest between $1,200,000 and $1,500,000 on a “best efforts basis” in the film project in exchange for a pro-rated percentage of the project’s Net Revenues.
“Net Revenues” generated by the film include, but are not limited to tax credit rebates, revenues from worldwide distribution licensing fees, revenue from online downloads, pay-per-view, DVD sales, royalties, music publishing, web-related sales and merchandising, according to the Term Sheet. The film project will be incorporated in the Province of British Columbia and structured to maximize available tax credits.
As part of Cre8tive’s business model, the Company expects to recover a significant percentage of its financial investment in the film project by utilizing the Production Services Tax Credit (PSTC), an economic initiative put in place by the British Columbia Government to encourage film, television, digital animation and visual effects. The credits are applied to reduce any tax payable with the remaining paid back in cash directly back to the production.
The use of the PSTC provides short-term cash flow from the “Somebody Else” film regardless of the production’s financial success and can usually be recovered in the first year of production. The PSTC is not dependent on the film being completed or released and is based on the financial year-end date determined by the producer. Finkelfilms BC and Cre8tive plan to premier the film at the Toronto International Film Festival in order to create exposure, media buzz and critical acclaim followed by a tour of other key national film festivals.
To read about the film’s synopsis, cast and crew as well as see a trailer, photos and more information,
“Cre8tive Works is excited to announce our investment in the independent film project, ‘Somebody Else’ which has the potential to be a breakout success worldwide due to its strong direction, production values and focused marketing and promotion plan. This unique and exciting thriller has a complex narrative and a very compelling story that we believe will appeal to large international film festivals such as Toronto,” commented the Company’s CEO, Andrew McLaughlin.
“The Company is confident that ‘Somebody Else’ will receive good reviews and generate positive word of mouth at these festivals which will greatly increase its theater distribution opportunities in accompanying markets,” concluded Mr. McLaughlin.
About Cre8tive Works, Inc.
Cre8tive Works, Inc. specializes in the financing of production ready, independent films and documentaries that have great potential for financial success. The Company’s mission is to identify projects that strike a balance between artistic integrity and commercial viability for the international market and to develop strong relationships with independent filmmakers that will assist them in bringing their vision to fruition while ensuring a solid financial return. Fore more information, visit the Company’s corporate website, www.cre8tiveworks.net.
Forward Looking Statements
Except for the historical information contained herein, the matters discussed in this press release are forward-looking statements. Actual results may differ materially from those described in forward-looking statements and are subject to risks and uncertainties. See Cre8tive Works, Inc.’s filings with OTC Markets, which may identify specific factors that may cause actual results or events to differ materially from those described in the forward-looking statements.
Safe Harbor Statement
This release includes forward-looking statements, which are based on certain assumptions and reflects management’s current expectations. These forward-looking statements are subject to a number of risks and uncertainties that could cause actual results or events to differ materially from current expectations. Some of these factors include: general global economic conditions; general industry and market conditions, sector changes and growth rates; uncertainty as to whether our strategies and business plans will yield the expected benefits; increasing competition; availability and cost of capital; the ability to identify and develop and achieve commercial success; the level of expenditures necessary to maintain and improve the quality of services; changes in the economy; changes in laws and regulations, including codes and standards, intellectual property rights, and tax matters; or other matters not anticipated; our ability to secure and maintain strategic relationships and distribution agreements. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information,
future events or otherwise.
SOURCE: Cre8tive Works, Inc.