Iervolino Entertainment SpA (“IE”), a company listed on the AIM Italia market engaged in the production and co-production of cinematographic and television content for the international market, announces the signing of new contracts with the Serbian company Archangel Digital Studios for the licensing of the second 18 episodes of the web series Puffins: impossible.

The agreement follows the Memorandum of Understanding signed with the government of the Serbian Republic and Archangel Digital Studios on 5 June, and the signing of the contracts for the first 18 episodes communicated on 7 September.

Specifically, the agreement gives Archangel Digital Studios the right to use the animated characters of the Puffins series (the “Intellectual Properties”) and the production process (the “Pipeline”) of the IE animated web series. For its part, the Iervolino Entertainment Group will invest in the project and, through its Serbian subsidiary Iervolino Studios, will provide executive production of the new episodes of the series called Puffins: impossible.

The contracts signed today will bring in revenues for the Iervolino Entertainment Group of approximately €5.9 million, which will be realised starting in the current year and then continuing into the next. The new episodes are already in production.