Chinese Xing Xing buys out Canadian Rainmaker’s anim studio

29 June 2012 14 h 56 min Comments Off

Canada’s Rainmaker Entertainment has sold its animation studio to Beijing-based animation company, Xing Xing Digital, which will take over Rainmaker’s $7 million debt and real estate leases.

The studio will be purchased by a subsidiary set up by Xing Xing, Rainmaker Studios Inc. In connection with the Transaction, Rainmaker has agreed to provide a loan to RSI in the aggregate principal amount of $5 million. The loan has a term of four years and will bear interest at a rate of prime plus 2%. The loan may be prepaid at any time without penalty. Additionally, Rainmaker shall be granted an option, exercisable during the fourth year of the loan, to convert the principal and accrued interest in respect of the loan into common shares of RSI. Based on the starting principal amount of the loan, Rainmaker would be entitled to acquire 30% of the outstanding common shares of RSI at the time of conversion.

Rainmaker recently produced its first animated pic, the 3D sci-fi comedy, “Escape From Planet Earth” with The Weinstein Company, which is due for release in February.

The news come some days after the announced departure of Vancouver-based Rainmaker’s president and executive producer, Catherine Winder.

According to chairman Tim McElvaine, Rainmaker Entertainment will retain “the potential to participate in any adjusted gross revenues payable to the producer of ‘Escape from Planet Earth.’ “

This acquisition happens at a time of increasing co-operation between China and Vancouver in the fields of TV and film.

About Xing Xing Digital

Founded in 2004 in Beijing, Xing Xing Digital is an animation company aiming at developing international animation-related business. With over 300 CG artists, the animation studio has worked on numerous international productions, including animated TV series “Fireman Sam with HIT,” “Wild Animal Baby Explorers” and “Secret Millionaire’s Club (see article on CSN²),” in addition to post-production and vfx work for various films including “Twilight” franchise, “Changeling,” “Angels and Demons” and “Tropic Thunder.” The company also does production work for some of the biggest developers in the game industry, as well as Flash for domestic and international clients. Xing Xing is a privately held company founded and managed by Lifeng Wang and Becky Bristow. In July 2011, New Zealand film producers Michael Bennett and Maile Daugherty have signed a memorandum of understanding (MoU) with Xing Xing to jointly develop and produce their next feature film project, “Downside Story”. The 3D-animated family action adventure feature film set in Shanghai, has an estimated production budget of US$ 15 million and has been conceived to work across different language platforms for Chinese and international audiences. (See article on CSN²)

About Rainmaker Entertainment

Rainmaker Entertainment Inc. is one of Canada’s largest producers of computer generated animation for all media. The studio is currently in production on its first feature film “Escape from Planet Earth” which will be distributed by The Weinstein Company in February 2013. It is also producing several DVD films for Mattel and developing its own properties. Rainmaker is currently represented by Hollywood management firm, Circle of Confusion.

SOURCES: Xing Xing, Rainmaker (28/06/2012)


. “Chinese Animator Seeks a Global Role” (NY Times, 8/11/2010)

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