LOS ANGELES, Nov. 1 /PRNewswire-FirstCall/ -- Gener8Xion Entertainment, Inc. (the "Company") (BULLETIN BOARD: GNXE) announced today that they have entered into an exclusive agreement for the North American (Canada, USA and Mexico) rights to market, sell and distribute the complete product suite of Hong Kong based, Film Gear (International) Ltd. ("FGI") (www.filmgear.net).
According to the terms of the agreement, Gener8Xion will be responsible for the marketing, selling and renting of FGI's full line of lighting equipment and accessories. Additionally, Gener8Xion will provide FGI with product development support, service, repairs and maintenance while establishing a dealership network in Canada, U.S.A. and Mexico.
Matthew Crouch, Chairman and CEO of Gener8Xion Entertainment, Inc. stated, "We were pleasantly surprised by the operating efficiencies we observed during our recent trip to Film Gear's factory in Guangzhou, China. Their operation is extremely clean, technologically advanced and well suited to sustain the demand for lighting equipment needs from the North American Market. We are looking forward to working closely with our Chinese partners to establish Film Gear's line as the products of choice by lighting professionals in Canada, USA and Mexico."
Chairman and Founder of Film Gear (International) Ltd., Simon Yeung commented, "We have been blessed by our association with Gener8Xion Entertainment, Inc. It is clear that their management's proven record for success will allow Film Gear to become the best value based product in its class."
Vice-President of Gener8Xion, Marcos M. De Mattos, affirmed, "As the economic momentum in China continues, our Partners at Film Gear are proficient in making high quality products at cost-effective prices allowing us to pass that value onto our end users. We are ecstatic to be partnered up with Film Gear and we hope that this product line will complement our recently acquired Cinemills (http://cinemills.com/) catalog of professional lights."
Gener8Xion Entertainment, Inc. (www.8X.com) is an integrated media company engaged in various operating activities including feature film and television production and distribution, sales and rentals of film and video equipment, systems integration and studio facility management.
Shortly after its first introduction in mid 2002, Film Gear lighting has gained an uncommon popularity in the industry worldwide, such as Western Europe, Eastern Europe, Middle East, Asia, Australia and South Africa. Film Gear lighting has been seen already in action in many world class feature film productions, TV dramas, commercials and documentaries around the world.
This news release includes certain forward-looking statements (all statements other than those made solely with respect to historical fact) and the actual results may differ materially from those contained in the forward- looking statements due to known and unknown risks and uncertainties. Any one or more of several risks and uncertainties could account for differences between the forward-looking statements that are made today and the actual results, including with respect to our sales, profits, liquidity and capital position. These factors include, but are not limited to: risks relating to our ability to satisfy regulatory requirements with respect to our internal controls over financial reporting under Section 404 of the Sarbanes-Oxley Act of 2002, which requires us to perform an evaluation of our internal controls over financial reporting and have our auditor attest to such evaluation; softness in the general retail environment or in the markets for our products; the timing and acceptance of products being introduced to the market; the level of product returns experienced; the level of margins achievable in the marketplace; the collectibility of accounts receivable; the recoupment of royalty advances; the effects of acquisitions or dispositions, the financial condition of our customers and suppliers; the realization of inventory values at carrying amounts; our access to capital; the outcome of any future Internal Revenue Service audits; and the realization of income tax and intangible assets. These conditions cannot be predicted reliably and the Company may adjust its strategy in light of changed conditions or new information. Gener8Xion Entertainment, Inc. disclaims any obligation to update forward- looking statements. Gener8Xion Entertainment, Inc. is located at 3400 Cahuenga Boulevard, Hollywood, CA 90068.
Source: Gener8Xion Entertainment, Inc.
Web site: http://www.filmgear.net/
Web site: http://cinemills.com/
Web site: http://www.8x.com/