NEW YORK, Feb. 4, 2004 (PRIMEZONE) -- Cyper Media, Inc. ("Cyper") (OTCBB:CYPM) announced today that it has entered into a new production agreement to provide 2D OEM work for a new 12 episode animation series which augments Cyper's core 3D animation business. The first 12 episodes represent about $500,000 in new revenue for Cyper.
Joongang Movie Entertainment Co., Ltd., a Cyper subsidiary, ("Joongang") and Onion Pictures, Inc. ("Onion") have made an agreement to produce a 30 minute, 12 episode Original Video Animation series from December 2003 to April 2005.
The agreement gives Joongang the rights to produce from Pre-Production to Post Production.
Joongang will also have first priority to the next 24 episodes which would extend the agreement to a maximum of 3 years for 1.8 billion KRW (USD $1.525 million for the OEM work being facilitated by Joongang).
Duk Jin Jang, CEO of Cyper comments, "This contract is marks the beginning for Cyper to branch out in 2D animation in Japan. Revenues from contract animation work are an important part of Cyper's earnings. Onion Pictures has chosen Cyper due to our flexibility, our commitment to quality and cost-effectiveness.
"Our initial goal is to complete about 5 million of OEM Animation in Japan alone for 2004. We also intend to branch out and expand our services into other countries as well."
About Onion Pictures
Onion located in Seoul, Korea is a subsidiary of Image House, Inc. which is located in Tokyo, Japan. Image House distributes and produces 2D animation and video.
About Cyper Media
Cyper (http://www.cypermedia.com) is a 2D/3D digital animation production company, producing its own proprietary content and providing services to the television, commercial and film industries globally. The Company develops and produces 2D and 3D digital animation for television, Original Video Animation, short films, 2D and CGI feature films, music videos and multi-media applications such as video games. Cyper intends to acquire business opportunities to build revenues while building a library of quality movies and TV series. Current Projects include, "The 5th Glacial Epoch," a full-length feature film with a distribution LOI signed by MGM and "OMRoid", a TV animated series that has already sold over 10,000,000 toy items. In addition, Cyper is negotiating to produce "Hobie & Chewby", a 26-episode proprietary TV show and two additional animated TV series, "Kollang" and "Q-Pet."
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