On 17 February 2015 (US time), DDVR, Immersive and a Canadian company (currently known as “IM360 Entertainment Inc. (“IM360”)”) entered into a joint venture shareholders’ agreement in relation to the governance of rights and obligations of the two shareholders. Upon completion of the subscription of shares in IM360 by DDVR and Immersive, IM360is to be owned as to 51% (US$3,000,000) by DDVR and 49% (US$2,882,351.50) by Immersive and IM360 becomes an indirect non-wholly owned subsidiary of the Company. IM360 engaged in business of the application of virtual reality technology (including the 360 digital captures technology) in the media and entertainment field.
Immersive (together with its subsidiaries) have granted IM360 certain exclusive (in media and entertainment product and services) and non-exclusive license rights with respect to the licensed technology pursuant to a technology license agreement. DDVR and IM360 have also entered into a loan and security agreement, pursuant to which DDVR will provide a three-year revolving line of credit in the maximum principal amount of US$3,000,000 to IM360. Such credit line is to be secured by the property of IM360 and a non-recourse guaranty provided by Immersive under a non-recourse guaranty and pledge agreement.
For details, please refer to the Company’s announcements dated 15 January 2015 and 18 February 2015.
The Group considers that through the investment in Immersive and formation of IM360 with Immersive, the Group will explore the application of 360 capture and related virtual reality technology in the media and entertainment field, which is in line with the Company’s latest business strategy of further expanding the virtual reality business into the media and entertainment sector.
Utilising the industry leading, ground breaking and Academy Award winning talents of our team of artists, Digital Domain is looking to the future by tirelessly pursing new opportunities in the areas of virtual reality, digital humans and immersive entertainment. Featured at this year’s Sundance Film Festival’s “New Frontiers” Digital Domain created a first of its kind, fully CG rendered experimental short film, “Evolution of Verse”. Taking the vision of legendary music video director, Chris Milk and partnering with Annapurna Films, Digital Domain’s artists created a fully immersive, 360 degree virtual reality world that poetically takes the viewer from one beginning to another. People are able to view this piece on their phones with the assistance of “Google Cardboard” brining this dazzling experience to any consumer with a smartphone. This combination of technologies represents only the beginning of the many ways Digital Domain is leading the visual effects industry into the future.
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