SASKATOON, SASKATCHEWAN, Apr 12, 2010 (MARKETWIRE via COMTEX) -- Far Vista Interactive /quotes/comstock/11k!fvst.a (www.farvistainteractive.com) a leading video game company in Saskatchewan, is positioning itself to take advantage of the changing media funding rules in Canada. As the Canadian Television Fund is retooled as the Canadian Media Fund, an era of unparalleled access to federally funded interactive media projects is emerging. Convergence of film and online gaming companies is being driven by the innovation and commitment of the government of Canada. Never before have traditional television production companies faced regulations requiring them to have interactive components for their television projects. Far Vista Interactive and Angel Entertainment recently entered into an Agreement to co-develop and produce Sheeba's Curse, as both a first person shooter online tournament game, and as a first class feature film. Far Vista and Angel will be raising $17 million in funding for the development of the game and movie.
Far Vista CEO Richard Buckley said, "With a cutting edge online first person shooter tournament game like Run The Gauntlet, Far Vista Interactive looks forward to using the new financing tools available to Canadian video gaming companies."
Bob Crowe of Angel Entertainment said, "Angel welcomes the new interactive imperatives of the CMF. This can only make Canadian companies stronger and better able to compete for attention in an 'anytime -- anywhere' environment. Our strategic alliance with Far Vista positions us on the vanguard of this shift."
Angel Entertainment (www.angelentertainment.ca) produces award-winning dramatic feature films and television series for the international marketplace. Industry veterans Bob Crowe and Wally Start are committed to the creative process and take an active role at each stage of production, from concept through to completion, to ensure creative excellence.
Far Vista Interactive Corporation /quotes/comstock/11k!fvst.a (FVST.A 0.18, +0.01, +8.43%) is a dynamic online entertainment company in Canada. The company plans to move from just offline PC games into the more unique and appealing online tournament version. This approach allows Far Vista Interactive Corporation to capture traditional game market sales while positioning it to reap the profits from online play as well. Far Vista Interactive Corporation's first tournament game to hit the market will be Far Vista Tournament: Run the Gauntlet. This genre changing game will be made available on the personal computer, Xbox360, PlayStation 3, and cellular phone platforms. Far Vista Tournament: Run the Gauntlet innovation and uniqueness positions Far Vista Interactive Corporation to capitalize and reap the benefits of future explosive and staggering market growth.
On behalf of the Board of Directors,
Richard Buckley President & Director Contact Tel: 306-230-3288
This announcement contains forward-looking statements. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. Statements in this announcement that are not historical facts represent only the Company's current expectations, assumptions, estimates and projections and are forward-looking statements. These forward-looking statements involve various risks and uncertainties. Important risks and uncertainties that could cause the Company's actual results to be materially different from expectations include but are not limited to the risks set forth in the Company's filings with the U.S. Securities and Exchange Commission, including the Company's annual report on Form 10-K. The Company does not undertake any obligation to update any forward-looking statement, except as required under applicable law.
On behalf of the Board of Directors,
President & Director
Contact Tel: 306-230-3288