EFFINGHAM, GA, August 26, 2013 (Marketwired via COMTEX) — Medient Studios, Inc. (OTCQB: MDNT) (‘Medient’) today announced that it has executed a Five Million Dollar credit facility with TCA Global Credit Master Fund, LP (‘TCA’). The facility will finance development of motion pictures and also Print and Advertising costs for US domestic release of films.
“Enabling a dedicated fund for development and P&A is the next logical step as we continue to insource and realign the process of how films are produced, marketed and distributed.” said Manu Kumaran, Chairman & CEO of Medient. “We are thankful to TCA for believing in our vision, and providing this asset backed lending facility to the Company” he added.
Donna Silverman, Portfolio Manager for TCA Global Credit Master Fund commented, “Medient’s vision is truly extraordinary, and we are proud to provide finance to help the Company’s future growth. We look forward to a long term partnership with the Medient team.”
Medient is realigning the content creation process to enable efficiencies of scale and eliminate process waste by building a fully integrated movie and game production facility and campus on a 1,550 acre property in Effingham County, Georgia. Once operational this production facility will be the largest of its kind in the United States. The studio will be breaking ground later this week.