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SGF participates in a $270-million project to produce 15 feature films
By investing $18 million in the project, SGF is contributing to the production of six films in Québec
Montréal, October 18, 2006 — Société générale de financement du Québec (SGF) is proud to announce that it has joined forces with Dark Castle Entertainment, whose movies will be distributed by Warner Bros. Pictures, in a film project worth close to $270 million.
SGF is investing $18 million in the project to finance and produce, over the course of a six-year period, a series of 15 movies, six of which will be filmed in Québec. All of these feature films will be produced and developed by Hollywood producer Joel Silver. CIT Group Inc. (NYSE: CIT), based in New York City, is the main investor in and sole lead arranger for the financing of the project.
The project represents a total investment of $170 million for Québec, or an average of approximately $28 million per film. The productions will create 1,500 jobs (person-year), generating total wages of $53 million and revenues in the amount of $12.4 million for the Government of Québec.
Joel Silver is among modern films' most dynamic producers. In a career spanning three decades, he has produced nearly 80 feature films, including major hits such as The Matrix, Die Hard I and II and Lethal Weapon. By partnering up with such key industry players, SGF is contributing to the growth of Québec’s film industry.
“We are pleased to join in the financing of this exciting project for Québec’s movie sector,” said Pierre Shedleur, Chairman of the Board, President and General Manager of SGF. “The benefits for Québec will be significant, in terms of the effect on the economy, technological development and the know-how of our industry’s artists and experts.”
Raymond Bachand, the Minister of Economic Development, Innovation and Export Trade saluted the investment. « Québec's entertainment and movie industry is one of the most dynamic and promising ones for our economy. This investment will have major economic spin-offs and will provide jobs for many workers in this sector. »
Société générale de financement du Québec (sgfqc.com) is an industrial and financial holding company. Its mission is to carry out economic development projects, in particular, in the industrial sector, in cooperation with partners and in accordance with accepted requirements for profitability and the Government of Québec’s economic development policy.
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Source:
Marie-Claude Lemieux
Senior Communications and Media Relations Advisor
Société générale de financement du Québec
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