PORT ST. LUCIE, Fla., December 29, 2011 – Digital Domain Media Group, Inc. (NYSE: DDMG), a leading digital production company focused on visual effects, original content animation and major studio co-productions, today announced that it has been approved for an additional $11 million of transferable tax credits by the Florida Department of Economic Opportunity. Such tax credits can either be applied in the award amount to directly reduce the recipient’s Florida state tax liability, or they can be sold for cash to other Florida state corporate taxpayers.Â The awarded amounts are designed by the Florida legislature to reduce the company’s direct costs of Florida-based visual effects productions and animation feature film projects by amounts equal to between 20 percent and 30 percent. The recent award is in addition to prior awards of $8.9 million that will be used primarily to offset the cost of the company’s first animated feature film to be produced in Florida, The Legend of Tembo.
Including the recent transferable tax credits, Digital Domain Media Group is the beneficiary of approximately $135.1 million of cumulative and continuing incentives provided by the State of Florida and the Florida cities of Port Saint Lucie and West Pam Beach.Â These incentives provide meaningful benefit directly to the company’s newest business initiatives:
Â·Â Â Â Â Â Â Â Â Tradition Studios, a family-focused, original content feature animation film studio in Port Saint Lucie, Florida