Iervolino Entertainment (hereinafter IE) – a company specialised in the production of cinematographic, television, web series and short content, listed on the AIM Italia stock exchange – announces that it has signed an agreement with Paradox Studios LLC for the worldwide distribution rights of the film State of Consciousness.
The contract is worth at least $4.8 million of revenues for IE, in addition to a share of the film’s worldwide box office. The exploitation rights in Italy, however, remain the property of IE.
This contract is part of the framework agreement stipulated with Paradox Studios for the production of five films. According to the agreement Iervolino Entertainment is responsible for the production of each film, while Paradox Studios acquires the global distribution rights and exploitation rights of the individual works (for more details see the press release of 30 September 2019).
State of Consciousness is a film by director Marcus Stokes and tells the story of Stephen (Emile Hirsch), an ordinary boy who finds himself having to manage a mental short circuit that detaches him from reality, finding himself forced to take medication for a psychological disorder that he does not actually have. To regain his sanity and return to his normal life, his only chance is to escape from the diabolical plans of Dr. Laura Fielder.
Like all the films covered by the agreement with Paradox, State of Consciousness qualifies as an Italian production and therefore subject to the regulations on the “Tax Credit” and the rules on European quotas.
The film is currently scheduled to be completed in 2021.
This press release is available on the company’s website (www.iervolinoentertainment.it) in the Investor Relations section under Press Releases.