VANCOUVER, British Columbia, Dec. 17 /CNW/ -- MovieSet Inc. ("MovieSet") is pleased to announce that the company has received authorization from the British Columbia Ministry of Economic Development Investment Capital Branch to raise up to $4,248,333 in equity capital under the New Media Venture Capital Program for the 2008 Program.
MovieSet(TM) is a next generation online platform that creates social networks around movies while they're in production. Created by filmmakers, MovieSet(TM) provides fans with genuine 'behind-the-scenes' access to the movie-making process and delivers unique content and value to online communities. Its proprietary toolkit allows Producers and their crew to easily manage production schedules and assets in real time on the web. MovieSet(TM) monetizes this unique value proposition through advertising and ancillary revenue streams including mobile digital downloads, merchandise sales, e-auctions of props and memorabilia, and product placement. MovieSet(TM) is the flagship portal that will be extended to other creative industries.
"MovieSet(TM) is poised to capitalize on three extraordinary Web 2.0 trends: the moviegoer's flight to the Internet, the explosion in social networking, and the online advertising boom," says founder and President, Colleen Nystedt. "This is the next step in MovieSet's larger business strategy to expand vertically into other creative industries wherever fans want to experience the journey of entertainment production, not just the end product."
MovieSet(TM) has made great strides in both its development and marketing plans over the past few months, adding a new movie each day including two flagship productions, "Freestyle" starring Corbin Bleu and "Personal Effects" starring Michelle Pfeiffer and Ashton Kutcher.
MovieSet achieved registration as an "Eligible Business Corporation" ("EBC") pursuant to section 28.2 of the Small Business Venture Capital Act ("the Act") of British Columbia effective April 23, 2004. The company has raised $751,167 in previous years utilizing this mechanism.
Program Highlights
-- A 30% refundable tax credit is available to investors who are residents of B.C., or as a tax credit to corporations, which owe provincial tax and file a tax return in B.C. In addition, the investment is also eligible for RRSP contribution.
-- The maximum tax credit per individual, per year, is $60,000. There is no limit to tax credits claimed by corporations, however, the credit may only be used to offset provincial taxes owing.
MovieSet is offering individual equity units of $10,000 to a maximum of $200,000.
For further information: Colleen Nystedt of MovieSet Inc., +1-604-732-7677, fax, +1-604-732-7693 Web Site: http://www.movieset.com/