Just when we'd written off Imagi, the studio that had been working on the Gatchaman CGI feature film, here comes this post on Twitchfilm.net. Also interesting was the fact that a blog referring to an "old" Gatchaman preview on Felix Ip's blog (an excellent source of Gatchaman info) is now deleted....
Hmm, I'm still a little skeptical, but if Imagi is indeed rising, Phoenix-like from the ashes of bankruptcy to forge ahead with the Gatchaman film, bravo!
Check out the Twitchfilm post: There are five demo/preview reels with Gatchaman action. Is this what might have been, or what could be?
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Hi Wendy,
I wouldn't be getting my hopes up that Imagi is coming back. The company is still in serious financial difficulty, evidenced by this announcement made by the parent company on July 15th:
"PROFIT WARNING
The Board wishes to inform the Shareholders and potential investors that the audited consolidated loss of the Group for the year ended 31 March 2010 are expected to increase significantly as compared to the loss recorded by the Group for the year ended 31 March 2009.
Shareholders and potential investors are advised to exercise caution when dealing in the shares of the Company.
This announcement is made by Imagi International Holdings Limited (the “Company”) pursuant to Rule 13.09 of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited.
The board of directors of the Company (the “Board”) wishes to inform the shareholders of the Company (the “Shareholders”) and potential investors that the audited consolidated loss of the Company and its subsidiaries (the “Group”) for the year ended 31 March 2010 is expected to increase significantly as compared to the loss recorded for the year ended 31 March 2009. The substantial increase in loss is principally due to (i) the unsatisfactory performance of Astro Boy, the Group's feature film launched in October 2009, the revenue from broadcasting the film attributable to the Group could hardly cover the production, promotion and financing costs; and (ii) loss arriving from redemption of bridge loans. Furthermore, with reference to the performance of Astro Boy, it is expected that the results for the year ended 31 March 2010 will include a significant impairment loss on the carrying value of Gatchaman, a feature film in the Group’s pipeline.
As the Company is still in the process of finalising its consolidated financial results for the year ended 31 March 2010, the information contained in this announcement is only based on preliminary assessment of the unaudited management accounts of the Group and the information currently available. Shareholders of the Company and potential investors are advised to read carefully the results announcement of the Company which is expected to be released on 21 July 2010.
* for identification purpose only
Shareholders and potential investors are advised to exercise caution when dealing in the shares of the Company."
The original can be found here:
http://www.imagi.com.hk/web/archives/pdf/announcement/announce_2010071 5E(2).pdf
I suspect that the updating of the Imagi site and the adding of previously produced teasers for both "Gatchaman" and "Cat Tale" is little more that an attempt by Imagi's parent company to fool potential investors into believing that the company is still a viable concern. It's only when legally required that they will admit just how badly off the studio is.
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