|Page (1) of 1 - 05/21/14||email article||print page|
Construction Begins on Medient Studioplex Property(May 21, 2014)
EFFINGHAM COUNTY, GA -- (Marketwired) -- 05/21/14 -- Medient Studios, Inc. (OTCQB: MDNT) ('Medient') announced the commencement of drilling for the fresh water well. The well is expected to be operational within 280 days.
The existing 155 foot tall water tower can hold up to 500,000 gallons of water. The new well is currently permitted to draw up to 150,000 gallons per day. The well is capable of drawing over 2 million gallons a day.
A locally owned business, PINCO, was awarded the drilling contract. PINCO specializes in water and sewer infrastructure construction.
John Henry of the Effingham County Industrial Development Authority stated, "Drilling this well should allow the studios to get up and running quickly now."
Manu Kumaran, Chairman of the Board of Medient, stated, "Water is the fundamental prerequisite for all other elements of the construction process. We expect to commence work on the roads in the next few days as well."
The company had released Activity Guidance Estimates in April and expects construction to stay on schedule.
Medient Studios, Inc. (OTCQB: MDNT) ('Medient') (www.medient.com) is an entertainment content creation company with a strong presence in North America, Europe and India. Medient's management team has approximately 150 years of experience in the motion picture industry and is responsible for producing and/or financing over 250 movies. Medient is realigning the content creation process to enable efficiencies of scale and eliminate process waste by building a fully integrated movie and electronic game production facility as part of its Studioplex on a 1,560-acre property in Effingham County, Georgia. Once operational this production facility will be the largest of its kind in the United States.
Safe Harbor Statement
The Private Securities Litigation Reform Act of 1995 provides a "safe harbor" for forward-looking statements. Certain information included in this press release contains statements that are forward-looking, such as statements related to the future anticipated direction of the industry, plans for future expansion, various business development activities, planned or required capital expenditures, future funding sources, anticipated sales growth, and potential contracts. Such forward-looking information involves important risks and uncertainties that could significantly affect anticipated results in the future and, accordingly, such results may differ from those expressed in any forward-looking statements made by, or on behalf of, the company. These risks and uncertainties include, but are not limited to, those relating to development and expansion activities, dependence on existing management, financing activities, domestic and global economic conditions, and other risks and uncertainties described in the Company's periodic filings with the Securities and Exchange Commission.
Copyright @ Marketwire
Related Keywords:USA, India, Marketwire, Inc., Business, Entertainment, india, Other,