London, England (PRWEB) December 04, 2012
News of a new report by accounting firm Ernst & Young suggesting China’s film market – currently second in the world – will surpass the US by 2020 was whole heartedly embraced by the management of Superior Venture Corp. ("Superior" or “the Company”) (OTCQB:SVEN) whose 100% owned subsidiary Ilustrato Pictures Limited (“Ilustrato”), is co-developing films for the domestic Chinese market.
The ability to co-create feature films with Chinese companies using western-style scripts and production resources is a unique approach that Superior Venture Corp.’s subsidiary, Ilustrato, has been eyeing for sometime.
“We have been laying the ground work in China for about the past eight years.” says Brian Hammond, Company President and CEO of Superior Venture Corp. and head of Ilustrato Pictures. “We were witnessing the rise of the Chinese movie business and experienced its amazing growth first-hand.”
“We also recognized that what was missing in the Chinese motion picture market was a western-style movie making approach with quality scripts, development and production elements right from the genesis of a project. We expected that there would be funding if we could bring these nascent elements to the table. Now we’re seeing the proof. China is planning to build 25,000 new movie screens over the next five years. They need domestic content to fill those screens. That’s a great business if you understand movie making and the Chinese system as we do.”
Ilustrato has recently announced multiple co-development deals with leading Chinese studios and has offered financing on several others. Co-productions are exempt from the strict Chinese quota system, giving them a huge advantage at the local box office. In the case of Ilustrato, the Company expects guaranteed domestic distribution on all co-development projects.
Growth of the Chinese film market should also be helped considerably by the government's recent decision to relax the number of foreign movies allowed to screen each year from 20 to 34.
The Ernst & Young report also suggests the media and entertainment industry in the world's most populous nation is due to grow by 17% a year until 2015.
Leading indications of the growth trend are already evident in China’s record box office over 2012. According to the State Administration of Radio, Film and TV (SARFT), the total Chinese box office take to date in 2012 is on track for nearly US $2.5 billion by year’s end.
About Superior Venture Corp.
Superior Venture Corp. is a US based public company. Its wholly owned subsidiary, Ilustrato Pictures Limited is an international motion picture development and production company seeking to co-create feature film projects with Chinese film companies. All of its projects are financed, produced and distributed in partnership with domestic Chinese companies. Ilustrato Pictures has developed extensive infrastructure and distribution networks in China –the fastest growing and most dynamic movie market in the world.
For more information see http://www.superiorventurecorp.com
Tel: +44 (0) 207 543 7720
Cautionary Statement Regarding Forward-Looking Information
This press release may contain certain "forward-looking statements" relating to the business of Superior Venture Corp.. All statements, other than statements of historical fact included herein are "forward-looking statements" including statements regarding the advantages of Superior Venture’s products and services, anticipated advantages resulting from the merger, whether funding anticipated from completing the merger will result in successful completion and development of the film development component of the business and its market acceptance, the business strategy, plans and objectives of the Company and Ilustrato Pictures Ltd.; and any other statements of non-historical information. These forward-looking statements are often identified by the use of forward-looking terminology such as "believes," "expects", “intended” or similar expressions, involve known and unknown risks and uncertainties. Although the Company believes that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. Investors should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company's actual results and ultimate corporate actions could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including the perception of investors of the newly merged company and their willingness to fund this newly public company, the demand for films and film development, new products and services developed by other companies, market share garnered by competitors, ability to maintain customer and vendor relationships, and those factors discussed in the Company's periodic reports that are filed with the Securities and Exchange Commission and available on its website (http://www.sec.gov), among other factors. All forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these factors. Other than as required under the securities laws, the Company does not assume a duty to update these forward-looking statements.