Brings Total of Government and Partner Funding to More than $285 Million

PORT ST. LUCIE, Fla., May 24, 2012 — Digital Domain Media Group, Inc., a leading digital production company focused on visual effects, original content animation and major studio co-productions, will host an investor conference call with John Textor, chairman and CEO, on Wednesday, May 30, at 10:45 a.m. EDT to discuss the impact of the $100 Million grant the company is receiving from the government of Abu Dhabi as part of the collaboration announced last week.

The conference call will begin at 10:45 a.m. EDT and will be broadcast live over the Internet, hosted at the Investor Relations section of the company’s website at . The call can also be accessed via telephone by calling 800-659-2032 (U.S.) or 617-614-2712 (International) and using the passcode 21523020. A replay will be available for seven days by dialing 888-286-8010 or 617-801-6888 (International) and using the passcode 35613827.

With this latest grant, Digital Domain Media Group has received over $285 million of cumulative and continuing incentives, including those provided by the state of Florida and the Florida cities of Port Saint Lucie and West Palm Beach. These incentives provide meaningful benefit directly to the company’s growth initiatives, providing funding for Tradition Studios, the company’s animation film studio in Port Saint Lucie, Florida, and Digital Domain Institute, the company’s for-profit animation and digital arts educational institute established in partnership with The Florida State University College of Motion Picture Arts.

“While we are obviously focused on the growth and profitability of our existing operating business, we are quite pleased that we have been able to fund our pre-revenue, transformational growth initiatives through mutually beneficial government partnerships,” said John Textor, CEO of Digital Domain Media Group. “We have received cumulative grants and economic incentives of $285 million which, compared to the current valuation of our total business, provide powerful drivers of future shareholder value without dilution and with significantly reduced risk.”

Including the $100 million grant from the government of Abu Dhabi as part of the collaboration announced last week, Digital Domain Media Group has received approximately $285.1 million from government entities and partners, as follows:

        State of Florida
             Cash Grants                                           $20.0 million
             Tax rebates - resalable                               $19.9
        City of Port St. Lucie, Florida
             Cash Grants                                           $10.0
             Land (appraised value)                                $10.5
             Low-interest building and equipment lease financing   $39.9
        City of West Palm Beach, Florida
             Cash grants                                           $10.0
             Land (appraised value)                                $9.8
             Low-interest financing                                $15.0
        Beijing Galloping Horse Film Co.                           $50.0
        Government of Abu Dhabi                                    $100.0
        TOTAL                                                      $285.1 million

Animation news you can use
Support independent publishing

Your membership will help us continue to deliver the stories that are important to you. Support Cartoon Brew for as little as $1 a week — the process is fast and easy.

Become A Member   

Chris Arrant

More in biz:

Latest News from Cartoon Brew