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| Broadens the Utilisation of Hologram Technology in the Chinese Pop Music Industry and the Greater China Market |
HONG KONG, Oct 21, 2014 - (ACN Newswire) - Digital Domain Media (HK) Limited ("DDM"), an indirectly wholly-owned subsidiary of Digital Domain Holdings Limited ("Digital Domain" and together with its subsidiaries, the "Group") (stock code: 547) and TNT Production Limited ("TNT") have entered into a co-operation joint venture framework agreement ("JV agreement") for the formation of the Joint Venture Company ("JV") to engage in the production and utilisation of 3-D holograms of Miss Teresa Teng. Miss Teng is generally considered to be the all-time greatest Asian singing star.
The JV, 60% owned by DDM and 40% by TNT is to produce new holograms of Miss Teresa Teng using digital 3-D technology (subject to the conditions precedent contained in the JV agreement) and the exploitation of the new holograms in the entertainment business, including and not limited to concerts, albums, movies, advertisements etc., around the world. TNT is to grant intellectual property rights ("IP rights") to the JV to use Miss Teng's image to create 3-D holograms, while DDM is to make proportionate capital contribution in cash based on the valuation of such IP rights, subject to a cap of HK$60,000,000.
Mr. ZHOU Jian, Chairman of Digital Domain, said, "The formation of the JV with TNT is part of our latest business strategy of expanding our principal business into the media entertainment sector. We believe that the collaboration between DDM and TNT can broaden the utilisation of the Group's hologram technology within the Chinese pop music industry and the Greater China market. Meanwhile, Miss Teresa Teng's enduring status as a pop music icon can definitely help the Group to enhance the overall profit potential through the production and utilisation of holograms of Miss Teng."
Mr. Daniel SEAH, Executive Director and CEO of Digital Domain, said, "It is truly an honor for us to preserve and promote the legacy of Miss Teng. The dedicated team at Digital Domain worked closely with her foundation to bring her personality and spirit to life in her performances in 2013. We look to continue that close partnership and find ways for her fans of long standing, as well as a whole new generation, to appreciate her talent for many years to come."
Mr. Frank TENG (the third eldest brother of Teresa Teng), Chairman of TNT, said, "This partnership is of huge significance. Digital Domain hopes that the 3-D holographic projection technology will more vividly present the wonderful voice of Teresa and the delightful charm of the top songstress of her generation in re-creating her performances, in order to carry forward the pride of Taiwan. We are very thankful to Digital Domain and its team."
In 2013, the Group employed the latest "Virtual Image Reconstruction Technology" from Hollywood, the United States to create 3-D images, bringing back the late international superstar Miss Teresa Teng to sing with Mr. Jay Chou on stage in"The Opus Jay 2013 World Tour". The performances have been so enchanting that more than 100,000 people have attended the concerts. Supported by Digital Domain 3.0 Group, the renowned visual effects ("VFX") service provider under Digital Domain, Miss Teng became the first Chinese singer to be "resurrected" through virtual image reconstruction technology. A professional team stationed in Hollywood was responsible for transforming the initial concept into reality. This success has laid a solid foundation for Digital Domain to enter the high-end media entertainment and film production market.
Contact:
Strategic Financial Relations Limited
Mandy Go +(852) 2864 4812 mandy.go@sprg.com.hk
Jovanni Cai +(852) 2114 4937 jovanni.cai@sprg.com.hk
Isabel Kwok +(852) 2864 4824 isabel.kwok@sprg.com.hk
Fax: +(852) 2527 1196
Topic: Press release summary
Source: Digital Domain Holdings Limited
Sectors: Film & Video, Daily Finance, Broadcast, Film & Sat, Daily News
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From the Asia Corporate News Network
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