Imagi Prepares for Secondary US Listing on OTCQXJul 18th 2008
First Hong Kong- Listed Company to Take Advantage of New Exchange
Hong Kong (July 18, 2008) – IMAGI International Holdings, Limited (HKSE Stock Code: 585) today announced that it had entered into an agreement with Merriman Curhan Ford & Co. whereby the bank will serve as IMAGI's Principal American Liaison (PAL) on the International OTCQX, a U.S. listing service representing some of the best companies listed outside the United States.
IMAGI's listing on the International OTCQX will enable the Hong Kong CG animation company to gain access to a currently untapped deep pool of US investors.
“IMAGI is one of only two pure play computer graphics (“CG”) feature film animation studios in the world,” said Douglas Glen, CEO of IMAGI. “We are producing an exciting slate of global mass market entertainment, and our OTCQX listing makes it much easier for US investors to participate in our success.”
IMAGI's secondary listing on the International OTCQX is scheduled to become active in September.
An OTCQX listing allows companies to achieve institutional ownership and a strong shareholder following in the US, without the cost and complex disclosure requirements associated with a listing on a traditional US exchange. As the OTCQX is purely a secondary market, listing is a non-dilutive event for issuers.
Earlier this month, IMAGI announced the US$40 million placement of ordinary shares to Singapore-based Oxley Spring Media Limited.
The company also recently announced that it had entered into a global alliance with Summit Entertainment whereby Summit will distribute Astro Boy (due to be released in 2009) worldwide except for IMAGI's reserved territories of Japan, Hong Kong and China.
Originally created by the “god of manga” Osamu Tezuka, Astro Boy has been one of the world's most beloved superhero characters for over 50 years. The original animated television series aired in the 1960s and was followed by subsequent versions in the 1980s and again in 2003.
IMAGI's feature film version of Astro Boy tells the story of a young robot with incredible powers created by a brilliant scientist to replace the son he has lost. Unable to fulfill the grieving father's expectations, our hero embarks on a journey in search of acceptance, experiencing betrayal and a netherworld of robot gladiators, before he returns to save Metro City and reconcile with the man who had rejected him.
Astro Boy is directed by David Bowers (Flushed Away, Shark Tale, Wallace & Gromit Curse of the Were-Rabbit), written by Timothy Harris (Space Jam, Twins, Trading Places, Kindergarten Cop), and produced by Maryann Garger (Flushed Away, Prince of Egypt, Spirit). Voice talent includes Freddie Highmore, Nicolas Cage, Bill Nighy, Nathan Lane, and Eugene Levy.
Imagi International Holdings Limited (“IMAGI”) is listed on the main board of the Hong Kong Stock Exchange. IMAGI's principal business is the development and production of computer graphics animated theatrical feature films. IMAGI's first theatrical movie TMNT was released in March 2007, opening number one in U.S. box office revenue, only the third time in history that an Asian-made film has achieved that honour. IMAGI has development operations in Los Angeles, California, and CG production studios at its Chai Wan (Hong Kong) headquarters.
International OTCQX provides a gateway to U.S. securities markets for international companies that are listed on a qualified international exchange and provide ongoing disclosure in English to U.S. investors. More importantly, International OTCQX distinguishes the reputable international issuers from the 8,000 over-the-counter (OTC) securities traded in the U.S. Only leading companies that have substantial operating businesses and provide credible disclosure to the public are eligible for inclusion on the premium-tier International OTCQX, which commenced trading on March 5, 2007. For more about International OTCQX visit www.otcqx.com