Cyper Media Inc. Acquires Profitable Joongang Movie Entertainment Co. In Deal Worth $2 Million; Cyper Bids To Compete With Pixar & Disney


NEW YORK, Oct. 22, 2003 (PRIMEZONE) -- Cyper Media, Inc. ("Cyper") (OTCBB:CYPM), a 3D animation studio currently producing "The 5th Glacial Epoch," a $15 million feature, has acquired Joongang Movie Entertainment Co., Ltd. ("Joongang"), a producer of animated content for the world-famous Pokemon series. Joongang is a profitable 13-year-old animation company with more than 60 different clients among OEM Japanese TV shows, and which also has numerous clients in Europe.

Duk Jin Jang, CEO of Cyper said, "Cyper will now be able to offer our combined clients traditional 2D along with 3D animation content, enabling the Company to compete profitably with world class animators such as Pixar and Disney."

Cyper will issue 4 Million restricted shares in exchange for 100% of the shares of Joongang. Cyper and Joongang had previously signed a Co-Venture agreement on August 20, 2003, which included co-marketing current and future projects. Cyper and Joongang subsequently agreed that a merger that led to capturing significant market share would benefit and enhance shareholder value.

Said In Jo, President of Joongang, "We expect to greatly increase our brand and image with North American product launches. We anticipate exponential growth with our combined talents and resources." Joongang has also produced animated content for other popular Japanese television shows, including Gundam, Cowboy Bebop, and Neon Genesis Evangelion.

Cyper (www.cypermedia.com) is a 3D digital animation production company with its own proprietary productions and which provides services to the television, commercial and film industries globally. The Company develops and produces 3D digital animation for television, short films, 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. In addition, Cyper is negotiating to produce "Hobie & Chewby", a 26-episode proprietary TV series which the company estimates is an opportunity to generate US$2.5 million in profits, and two additional animated TV series, "Kollang," and "Q-Pet," which Cyper estimates have a combined potential of $5 million in profits.

All forward-looking statements contained herein are deemed by the company to be covered by and to qualify for the safe harbor protection provided by the Private Securities Litigation Reform Act of 1995 (the "1995 act"). Shareholders and prospective shareholders should understand that several factors govern whether any forward-looking statement contained herein will be or can be achieved, any one of those factors could cause actual results to differ materially from those projected herein. These forward-looking statements include plans and objectives of management for future operation, including plans and objectives relating to the products and the future economic performance of the company. Assumptions relating to the foregoing involve judgments with respect to, among other things, future economy, competitive and market conditions, future business decisions, and the time and money required to successfully complete development projects, all of which are difficult or impossible to predict accurately and many of which are beyond the control of the company. Although the company believes that the assumptions underlying the forward-looking statements contained herein are reasonable, any of those assumptions could prove inaccurate and, therefore, there can be no assurance that the results contemplated in any of the forward-looking statements contained herein will be realized. Based on actual experience and business developments, the impact of which may cause the company to alter its marketing, capital expenditure plans or other budgets, which may in turn affect the company's results of operations in light of the significant uncertainties inherent in the forward-looking statement included herein, the inclusion of any such statement should not be regarded as a representation by the company or any other person that the objective or plans of the company will be achieved.



            

Coordonnées