Venley Star Pictures Film Fund Raises $95 Million
LOS ANGELES, Nov. 1, 2010 /PRNewswire/ — Venley Star Pictures (VSP) www.venleystar.com a fully integrated family-based entertainment portfolio company of CDM Interactive, Inc. (CDMI)(www.cdmiventures.com), announced today the formation of a euro 75 million ($95 million) Fund in association with the Municipality of Portimao, Portugal www.cm-portimao.pt, Picture Portugal www.pictureportugal.com and the Portimao Urbis SGRU/Bartholomeu Digital www.bartholomeucinema.com for the co-financing of production costs associated with a slate of motion pictures and television series to be produced by VSP/CDMI.
The Fund’s covenants require motion pictures and television series in which at least 50% of principal photography is to be produced in or around the city of Portimao (Portugal). The Municipality of Portimao will commit to develop a plan to help the Projects logistically while creating specific “fast track” regulations to support and develop cinema and television in Portimao and to ensure certain tax incentives for the Projects with the Portuguese Government, including a social security exemption. The Fund will match equity investments from third parties brought in by VSP/CDMI and allow studio facilities to produce Projects in Portimao with at least euro 3.5 million ($4.5 million) of “below the line” production costs per year not to exceed a total minimum of global “below and above the line” production costs of at least euro 150 million ($190 million). VSP/CDMI owns 50% of the Fund and the copyright of each Project produced and co-financed with the Fund. VSP/CDMI will implement the Fund’s investment strategy and manage its day-to-day activity as well as act as the Fund’s selection committee seeking remarkable family projects which encourage stories of hope, faith and redemption.
Over the last decade, a set of activity sectors and events have been developed in the city of Portimao, resulting in an amplification of tourism in the municipality and the greater Algarve area (Southern Portugal) emerging as an internationally recognized destination for tourism (19th worldwide). For several years, the City Hall of Portimao has sustained steady flows of tourism as a result of factors like beach/sun and ocean, but also from a set of other endogenous factors which have further strengthened the traditional tourism sector. With the implementation of these pro-tourism policies, the realizations of the following landmarks have been achieved:
- Rally Lisboa Dakar (http://www.3dlisboadakar.com/index.htm);
- Algarve’s International Racetrack (http://en.wikipedia.org/wiki/Autodromo_Internacional_do_Algarve);
- Cruise Harbor (http://www.algarvemais.com/en/life-style/portim-o-port-opens-for-larger-cruise-ships.html)
- Powerboats Race (http://www.topspeed.com/boats/boat-news/f1-powerboat-world-championshisportimao-race-ar35395/picture169269.html
- Portimao Global Ocean Race (http://globaloceanrace.com/index.php?page=news&news_id=132)
These globally strong brands, which have been hugely successful, have enabled the reinforcement of Portimao’s leadership to continue this momentous course of making the city as well as the southern region of Portugal a destination center. Since the beginning of 2008, Portimao’s City Hall has initiated a thorough investigation of the movie production and audio-visual sectors (Media Industry) as a possible addition, having undertaken several meetings with companies and consultants in these fields, as well as with international producers and movie studios, including work trips within Portugal, to the United States of America (Los Angeles) and to the United Kingdom (London) the city made a clear mandate to promote the concept.
Accepting the task of positioning Portugal and the Algarve region in the global market of movie production and audio-visual content, the Portimao Urbis SGRU and the Algarve Film Commission were entrusted with initiating a set of talks, as well as mobilizing and establishing partnerships at a local, national and international level, aiming to develop a movie cluster in the city of Portimao. The concept centered on the endogenous factors the region provides as well as the intent to amplify tourism, economy and sustained development. Investments in the movie, multimedia and audio-visual business are geared to promote and divulge Portimao, the Algarve region and Portugal as a preferential spot for national and international production of movie and audio-visual content–this has become the municipality’s top priority.
Adding to this Film Fund, the broader plan calls for the creation of a theme park directly linked to the theme “Movies,” a technological park to stimulate entertainment with themes linked to this sector, and to integrate and implement various hotels, logistical and road access infrastructures, among other local, regional and national economic and socially stimulating development.
“We are very honored and excited to have Mr. Carlos D. De Mattos and his son and partner, Marcos M. De Mattos’ involvement as they see a dream and their years of efforts become a reality…to have them, their long established enterprise, CDMI, their esteemed backgrounds and expertise involved in managing this Fund is a tremendous asset for this City, Algarve, Portugal and the Hollywood hierarchy as a whole…” said Manuel da Luz, Mayor of the City of Portimao.
The VENLEY STAR PICTURES FILM FUND is actively looking for quality family based entertainment projects, for further inquiries please visit www.venleystar.com or contact:
Marcos M. De Mattos Managing Partner firstname.lastname@example.org
SOURCE Venley Star Pictures