Stan Lee Shares A POW! Entertainment Update
In a letter to shareholders, Stan Lee discusses the relationship between POW! Entertainment and Disney, future plans for the company and more...
POW! Shareholders,
First, let me start with an apology. This letter is long overdue. From now on I plan to report to you more often.
Since the inception of our company I've been working around the clock creating new characters, much as I used to do at Marvel. I'd estimate these new creations to number at least fifty. They constitute our "new project" inventory.
This inventory has been extremely active. To date, more than 20 of those projects are in various stages of development with various studios and other partners. It is for this and other reasons that Disney, our chief development partner, renewed their contract with POW! and acquired a substantial interest in the company itself. In essence, Disney bought a participation in the ownership of our future creations.
In return, the contract between us provides sufficient contribution to cover our basic overhead cost which should result in any revenues going directly to the bottom line. As such POW! has no further need for financing in order to maintain its daily activities for years to come. But we haven't stopped there. We currently have under consideration a development financing package in which, rather than our seeking development monies from studios, for which we give up a large share of the profits, we will do our own developing, thereby negotiating on a much more favorable basis with the studios. When that arrangement is completed we will, of course, announce it. As of now, it is simply the next step as we start to reach our projected goals.
Currently, the intellectual properties which we have in active development include movies, television, video games, wireless, publishing and sports. With each of these properties we're continuing to explore, successfully I might add, new means of distribution and strategic alliances, both domestically and internationally.
We've spent the past few years laying the foundation for a globe-spanning citadel of entertainment projects. Now, with all the elements coming together as planned, we're enthusiastically prepared to enter Phase Two, with the future for POW! looking brighter than ever.
Excelsior!
Stan
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