Oakland Park, FL -- (SBWIRE) -- 03/03/2015 -- FONU2, Inc.(OTCPINK:FONU) ("FONU2") announced today it has acquired the worldwide distribution rights to the film "Effa" to be produced by Eagle Productions LLC, a Georgia corporation formed for the sole purpose of film production. As consideration for the worldwide distribution rights, the Company issued Ten Million Dollars of restricted common stock at six cents per share. The shares will be registered under a filing with the Securities and Exchange Commission. The use of the funds realized will be exclusively for film production of the major motion picture currently titled Effa.
"The Effa project continues to move forward on a daily basis," stated Wendi Laski, co-producer of Effa and managing member of Eagle Productions. "I passionately believe that with Penny Marshall at the creative helm, and the amazing talent that she and this project is attracting, the film is destined to become an immediate classic." Ms. Laski further added, "Governor Nathan Deal and the Georgia state government have done an amazing job at building a home for the film industry in the Southeast. We are excited to recreate Newark and New York City there and we are thankful for all the support that we have been receiving for our project."
Jake Shapiro, Chairman of FONU2, added, "We have been in serious discussions with a number of prestigious Investment Banks. We intend to form a syndicate to have these shares placed with major financial institutions. We believe that this will facilitate the Company attracting institutional research, along with an eventual up listing to a national exchange. It is expected that the balance of the film's estimated $21,000,000 budget will come from a combination of tax credits, pre sales, and debt financing." He further added, "With a number of Penny's films breaking the $100,000,000 box office level, along with films like Moneyball, The Blind Side, etc., we are confident that the Company and its shareholders will profit greatly from its investment in this project."
About FONU2 Inc.
FONU2 is a film production and social commerce company that is developing precision sales and marketing platform that integrates into the social media networks. The Fonu2 platform offers members list, buy, sell, and trade services locally in any neighborhood and anywhere in the world. For additional information, visit our website, www.Fonu2.com. You can also follow us on our social network, Facebook, Google + and Twitter.
Safe Harbor Statement
The Private Securities Litigation Reform Act of 1995 provides a "safe harbor"for forward-looking statements. Certain information included in this press release contains statements that are forward-looking, such as statements related to the future anticipated direction of the industry, plans for future expansion, various business development activities, planned or required capital expenditures, future funding sources, anticipated sales growth, and potential contracts. Such forward-looking information involves important risks and uncertainties that could significantly affect anticipated results in the future and, accordingly, such results may differ from those expressed in any forward-looking statements made by, or on behalf of, the company. These risks and uncertainties include, but are not limited to, those relating to development and expansion activities, dependence on existing management, financing activities, domestic and global economic conditions, and other risks and uncertainties described in the Company's periodic filings with the Securities and Exchange Commission.
Contact:
Contact Information:
FONU2 Corporate Relations
CorporateRelations@fonu2.com
Source: UPTICK Newswire