Crocus investment boosts local film industry

July 24, 2001

(WINNIPEG) Crocus Investment Fund announced today it has invested $3 million in Minds Eye Entertainment, the largest privately held motion picture production and distribution company in Western Canada. Minds Eye is an integrated film, television and new media entity with offices in Calgary, Edmonton, Vancouver, Los Angeles and an office planned for Winnipeg in late fall 2001.

"This is good news for our more than 30,000 Manitoba shareholders," said Mr. Umlah. "Minds Eye has a proven track record and we expect to earn a significant return on this investment. Minds Eye is also a great fit with our other investments in the entertainment and hospitality sectors."

Kevin DeWalt, Chairman and CEO at Minds Eye sees great potential here in Manitoba. "Manitoba has a well developed film industry and in recent years has added the kind of infrastructure that caught our attention," says DeWalt.
"Facilities like Prairie Production Centre are critical to our success and from the outset we saw that Crocus was a great potential partner. Manitoba Film & Sound, the provincial film tax credits and investment in existing projects add to the value of motion picture production. In addition, Crocus brings tremendous value added services associated with their knowledge and experience in the local film industry."

"This investment will also have a significant impact on the Manitoba film industry and on the local economy in general," added Umlah. "Minds Eye recently completed its Winnipeg production of Without a Word, a $6.5 million feature film starring Patrick Swayze, and is currently filming the television series AD 2030 in co-production with Buffalo Gal Pictures of Winnipeg, Yan Moore Productions and Angela Bruce Productions at Prairie Production Centre and locations around the city."

"Kevin DeWalt and the incredibly talented team at Minds Eye will be producing a significant number of projects in Manitoba in the months and years ahead and has a number of projects in development for the Winnipeg-based market."
The $3 million investment is part of a $10 million equity financing raised by the company to fund the growth of the distribution library, as well as a number of planned acquisitions. "At this time, the opportunity for the company to expand, prosper and return value to our investors is tremendous. Our greatest challenge over the next few months will be choosing which opportunities to go for," says DeWalt.

Crocus Investment Fund is Manitoba's largest and most successful labour sponsored venture capital corporation with nearly $200 million in assets under administration and more than 30,000 Manitoba shareholders. Crocus investments in more than 55 Manitoba businesses have helped create, save or maintain almost 10,000 jobs and have made a major impact on the economy of Manitoba.

Established in 1986, Minds Eye Entertainment is a fully integrated production, post-production and distribution entity with offices in Canada and the U.S. As Western Canada's largest independent film and television production company, Minds Eye Entertainment has been instrumental in contributing to the country's thriving motion picture industry. Its award-winning feature films, television series, shorts and documentaries have been seen in more than 100 countries and 450 million households worldwide.

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