Corporate | 23 October 2001 14:28

Senator Entertainment AG english

Senator and Canton agree on more flexible co-operation Corporate-news announcement sent by DGAP. The sender is solely responsible for the contents of this announcement. ——————————————————————————– Analyzing its co-operation and corporate units regarding cost and efficiency aspects led Senator Entertainment AG to a more flexible co-operation with Mark Canton. Both partners made the following statement: SENATOR ENTERTAINMENT AG AND MARK CANTON RESTRUCTURE CO-PRODUCTION JOINT VENTURE The exclusive joint venture between Senator Entertainment AG and The Canton Company announced in August 2000 has been dissolved effective immediately it was announced today in a joint statement by Senator Entertainment’s executive board and Mark Canton. Under the terms of the restructuring the partners give up exclusivity to work in the future on a picture by picture basis. Canton will control all aspects of future development and production of the 20 projects currently on the development slate, with Senator retaining their ownership and a position in any future completed film. “Our restructured deal is a more sensitive and flexible arrangement that better fits Canton’s and Senator’s needs in the current marketplace,” said Hanno Huth, Chairman of Senator Entertainment. “Unfortunately the business plan we envisioned a year ago does not seem as viable now and I believe it is in the best interest of both companies to restructure the deal,” said Canton. “While we retain enormous regard and respect for Senator Entertainment, I’m pleased that our new arrangement will allow me to proceed with all of the projects we have been working on for the past year.” The highly anticipated “24 Hours”, directed by Luis Mandoki, fully financed by Senator Entertainment AG and produced by Mark Canton, is unaffected by this restructuring. The $ 40 Million dollar thriller is set for a U.S. 2002 theatrical release through Columbia Pictures, which in addition also has acquired a number of key overseas territories for the film including UK, France, Italy, Spain and Latin America. Senator Entertainment AG investor@senator.de Karl-W.Homburg Head of Investor Relations and Corporate Communication Phone:+4930 88091 612 end of message, (c)DGAP 23.10.2001