OMAHA, Neb., Sept. 29, 2011 (GLOBE NEWSWIRE) -- Rising India announced today the issuance by Citibank Singapore of an indicative term sheet for project financing in favor of International Animation & Film Group Pte. Ltd., the Singapore subsidiary of Rising India, Inc. (Pink Sheets:RSII).
The term sheet requires at least a twenty percent (20.0%) project equity deposit. Thereafter, based upon receipt of a stand-by letter of credit, Citibank would provide an additional seventy percent (70.0%) of various credit facilities.
Arthur Taylor, CEO of Rising India said: "We appreciate the effective assistance of Mr. Robin Lim, Director of King Capital, in arranging this project financing facility with Citibank and now look forward to furthering multiple projects."
Robin Lim stated, "The credit facility for IAFG from Citibank Singapore is a significant break-through for the company. It will inevitably increase the value of Rising India operations as quality and financially rewarding projects are added to the Rising India business."
Rising India, Inc. is a United States based public company with an international market in the development, financing and production of innovative digital special effects and 3D character animation for films and TV production.
The company has on-going business relationships with Asian companies that provide extensive background and expertise in the animation field as well as the financing of animation and family-friendly movie projects. As a result of its international scope and relationships, Rising India is involved in the development, creation and marketing of animation projects for the European, Asian and United States markets and anticipates significant growth in this expanding industry.
Forward-Looking Statements: Investors are cautioned that certain statements contained in this document are "Forward-Looking Statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements which are predictive in nature, which depend upon or refer to future events or conditions, which include words such as "believes," "anticipates," "intends," "plans," "expects" and similar expressions. In addition, any statements concerning future financial performance (including future revenues, earnings or growth rates), ongoing business strategies or prospects, and possible future Rising India, Inc. actions, which may be provided by management, are also forward-looking statements as defined by the act. These statements are not guarantees of future performance."