Huhu Studio ink further production work in Cannes

Press Release – 24 Nov 2006

Huhu Studio ink further production work in Cannes

AUCKLAND (NEW ZEALAND) – Huhu Studio, through Wise Giant Enterprise Limited which it founded and established in 2005, has inked a $25 million production deal on a 6-part Animation Series that centers on the “Epic Stories of the Bible”. The six well-known Bible stories will be retold using cutting-edge 3D Animation technology, which allows massive scenes and special effects to be created cost-effectively.

The lucrative coup was made possible through funding from iGlobe Treasury, a fund sponsored by the Government’s Venture Investment Fund (VIF). Due to the general lack of capital, traditional production studios have limited ability to participate, or co-own attractive media properties and develop in-house technology. The funding from iGlobe Treasury is therefore a welcome relief for Huhu studios to achieve its ambition of becoming a global player in Computer Graphics based animation.

The first of the 6-part series undertaken by Wise Giant is Ten Commandments which has just been officially announced in Cannes. The project features Oscar-winning actor Ben Kingsley as the narrator and Christian Slater as the voice of Moses. It is scheduled for release in the United States in the 1st Quarter of 2007. The success of this first project will propel Huhu Studio’s Wise Giant venture into a full fledge new media company. Ten Commandments will be the first 3D animated theatrical release produced in New Zealand.

Said Trevor Yaxley, MD of Wise Giant, “We have big plans for Wise Giant. Not only will we undertake 3D animation development using the latest technology, we will also look into other new media initiatives using the same media IP to go into game, interactive software and edu-tainment.”

Philip Lum, General Partner of iGlobe Treasury, “We are happy to be investing in the creative sector, one of the key strengths of the New Zealand economy. This is an industry that has the potential of generating high economic growth. Wise Giant presents a unique opportunity for iGlobe Treasury to groom promising NZ Companies into global players in Computer Graphic based production and new media business.”

Franceska Banga, Chief Executive of NZVIF “It is satisfying to see NZ companies like Huhu Studios, which have world class talent and technology, receive investment backing from the local venture capital industry. iGlobe Treasury funding has assisted Huhu Studios to enhance its global success.”

About Huhu Studio:
Huhu Studios is a computer animation studio established in 1999 by Jan and Trevor Yaxley. The studio is the first 3D animation studio in New Zealand to produce a full 3D animated theatrical release movie.

About iGlobe Treasury Management:
Through their global network of offices and business partners, the Fund Managers will assist promising technology companies in their seed, start-up and early expansion stages to draw on the unique comparable strengths of New Zealand and Singapore and achieve their greatness as truly global scale companies in the info-comm, creative media, biotechnology and environmental technology industries.

ENDS

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