Well, after a year of careful planning and determination, FRI has offically re-established itself as an S corporation in the State of California and will become, Film Regions International, Inc. (FRI), and am excited to have two new associates on board to work with this venture.
Under our Articles of Incorporation and Securities Act Section 504, it will allow FRI an offer of up to 75 shareholders in the company and a minimum of $1 million to be raised in financing through private equity investments or venture capital firms. Due to the changing economic conditions, this will be FRI’s first major hurdle in our initial share offering, but also as the motion picture industry continues to advance, grow and improve with technology, this will also open up more broader opportunities for independent film production and distribution companies. By doing so, in anticipation of the competitiveness of the industry, we can use modern techniques to bring back the pride and creativity in film.
FRI’s goal right now over the next few months before 2010, is to raise the initial start up funds of between $350,000 to $500,000. This will allow FRI to finace equipment to develop a post-production facility for editing suites, VFX/3D animation, sound etc, and projected to become the principal revenue source, and cover operating expenses such as leasing an office space, and covering payroll etc. By the start of the next year, FRI is projecting to have at least two independent films available for the market, either presented to film buyers or distributors, or to release the film through means of digital distribution.
Our newly formed board of directors at this time include Los Angeles based independent filmmaker/director Eric Walter, as FRI’s Chairman of the Board, and Jonathan Boda, as Board Secretary, and Vice President, Production. I will continue on overseeing business and finance as President of FRI, and work to attract potential partnerships to join the film production company.
Nonetheless, we are fully prepared to take on the challenges ahead, and are looking forward to an exciting new direction with the company, and new projects in the future.