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Odyssey Plans Video Ventures

11 Jan, 2002 By: Hive News

Odyssey Pictures Corp. is gearing up to increase its efforts in the global markets for financing and licensing of feature films as well as domestic home video and future transmission markets.

The company, which plans to become more involved with recent distribution arrangements for film libraries and new film projects, sold 2 million shares of stock at market price to raise working capital and fund ongoing operations. Cofima Finanz AG of Zurich arranged for the placement in December. The new management of Odyssey Pictures met with Cofima Finanz in Switzerland earlier and Cofima Finanz has indicated it will continue its ongoing support of the company through its investment resources as needed.

Additionally, it received a subscription of $160,000 in its $5 million dollar Senior Secured Bond issue. The US dollar-denominated issue is for non-US investors only and carries an 8 percent interest coupon and is convertible at market rates to common after three years or earlier with certain conditions.

The first subscription was taken in the first fiscal quarter but not reported by the Luxembourg trust agent in time to be included in the unaudited first quarter financial filing. A restated first quarter financial statement will be submitted promptly through Edgar.

Odyssey, a Nevada corporation based in Dallas, operates as an international media company that has mainly been involved in financing and distribution of more than 120 feature films since 1989.

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