FT. LAUDERDALE, FL--(Marketwired - Feb 10, 2015) - Fonu2, Inc. (OTCBB: FONU) (OTCBB: FONUD) (OTCQB: FONU) (OTCQB: FONUD) ("Fonu2") announced today it has acquired the One Thousand Five Hundred and Sixty Acre (1,560) lease located in Effingham County, Georgia from Moon River Studios, Inc. (OTC PINK: MDNT) ("Moon River"). The purchase price was ten million dollars and ten million shares of Fonu2. Terms of the purchase agreement require that the Fonu2 shares be registered and distributed to all Moon River shareholders as of record date February 10, 2015. In addition to the lease, the Fonu2 has acquired certain intellectual property and trademarks associated with the project.
The property has an independently appraised value in excess of $22,000,000. Included under terms of the original lease, Memorandum of Understanding and supplemental agreement (i) the Company is responsible for an agreed amount of job creation and capital investment in the property, (ii) all property taxes for the property have been waived for the term of the lease, (iii) the property may be purchased at any time with no prepayment penalties, (iv) at the end of the lease, the property may be purchased for $100. Fonu2 has assumed the $10,000,000 note secured by the property. The note has an interest rate of zero percent with a 20 year term.
Roger Miguel, Chief Executive Officer of Fonu2, stated, "This is a major event for Fonu2 and its shareholders. The Moon River film studio has the potential to be a major game changer for the motion picture industry. Georgia is number one in growth for the movie industry, with a major shortage of available sound stages due to the massive demand in the state. This is clearly one of the largest studio projects in the country. We will be focused specifically on the execution of the construction of the stages and the support facilities."
Jake Shapiro, Chief Executive Officer of Moon River added, "Since June of 2014, we have been on a quest to maximize value for Moon River shareholders, as well as to honor our commitment to the Effingham County Industrial Authority and all of our neighbors in Effingham County. Through the sale of the lease, we believe these objectives will be achieved, as the Moon River shareholders realize value through their Fonu2 shares, and the goals outlined in the construction development plan are realized."
About Fonu2 Inc.:
Fonu2 is a film production and social commerce company that is developing a 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.
About Moon River Studios, Inc.
Moon River Studios, Inc. is a Georgia, U.S. based film production company. In 2013, the Company entered into a lease agreement with the Effingham County Industrial Development Authority ("IDA") whereby it has beneficial ownership of 1560 acres of land in Effingham County. The Company plans to construct motion picture studios and other related amenities on the property for film production. These facilities will include sound stages, production and post production offices, editing suites, warehouses, mills and set fabrication facilities. We refer to this fully integrated film production campus as a "Studioplex." For additional information, visit our website, moonriverstudios.com
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.