Dominican Republic Government Passes New Tax Incentive Legislation to Boost Local Filmmaking in Conjunction With "Pinewood Indomina Studios" Launch
Indomina Group, the fast-growing U.S. and Dominican Republic based producer and distributor of film, TV and trans-media content, announced today it has entered into a partnership agreement with the world-renowned Pinewood Studios Group, which will operate, manage and market a new state-of-the-art film and television facility in the Dominican Republic. A ground breaking ceremony, inaugurated by the President of the Dominican Republic, Dr. Leonel Fernandez Reyna, is taking place today.
Located in the beach town of Juan Dolio on the Dominican Republic's southern coast, about 40 miles east of Santo Domingo, "Pinewood Indomina Studios" will be a full-service, world-class production facility for film, TV, and other related media content, servicing the growing Caribbean, Southern and Central American markets as well as Hollywood and the rest of the world.
The state-of-the-art film and television production facilities will initially comprise 5,000 sq m of sound stage space along with 15,000 sq m of associated production support facilities. The 35 acre site will include an acre water effects facility including a 75m x 75m exterior water tank with natural ocean horizons, blue screen capabilities and a fully equipped diving and marine department. When completed it will be the only tank of its type and size in the region. Commencement of initial operations is expected by early 2012.
Growth in spending on filmed entertainment in Latin America is expected to rise at a 4.5 percent compound annual rate to $3.1 billion in 2013 from $2.5 billion in 2008. Box office spending is expected to increase from $1.3 billion in 2008 to $1.7 billion in 2013, a 5 percent compound annual growth(1). Pinewood Indomina Studios will target production companies wanting access to the Caribbean, Central and South American markets and its population of 580 million(2) as well as the 47 million strong Hispanic and Latino market in North America(3).
As a production location, the Dominican Republic offers well-established infrastructures, reasonable labor costs, a technically-skilled workforce, and a secure and stable environment. Together with the unmatched production values that the Pinewood name guarantees, Pinewood Indomina Studios promises to be both highly
competitive and on the cutting edge of technical and creative content.
In a significant show of support for not only the new studio but the film industry as a whole, the National Congress of the Dominican Republic has passed into law a new bill that will provide a tax credit of up to 25% for feature films and TV series shot in the Dominican Republic (meeting traditional predetermined criteria). The new tax incentive, a first for the Dominican Republic, is now in
effect.
Indomina Group Co-Chairman and CEO Jasbinder Singh Mann said: "The ground breaking ceremony for Pinewood Indomina Studios marks a major step forward in Indomina's evolution. Building and operating a world-class production facility in the Dominican Republic has always been an integral part of our vision for the company, and we're delighted to be doing so with a partner as distinguished and
experienced as Pinewood."
Commenting on the announcement Ivan Dunleavy, Chief Executive, Pinewood Shepperton plc said: "This represents further progress in Pinewood's strategy to leverage the strength of our brand internationally and specifically to the growing Latino film and television market. The Pinewood brand stands for excellence in the global film industry and we have strategically targeted regions of the world where significant incremental growth has been forecast."
The formal groundbreaking ceremony takes place today, Wednesday the 23rd of February 2011 at 10:00am local time in Juan Dolio, Dominican Republic.
About Indomina
The Indomina Group is a vertically integrated independent studio launched in 2008 by Co-Founder and CEO Jasbinder Singh Mann and asset manager Vicini.
Operating in Los Angeles and the Dominican Republic, Indomina takes a transmedia approach to collaborating with content creators around the world to bring innovative entertainment properties to the market.
The company's global operations include the production and distribution of motion pictures, television, music, interactive games, and the ownership of world-class studio facilities and production services.
For more information please visit www.indomina.com
About Pinewood
The Pinewood Studios Group is a leading provider of studio and related services to the global film and television industry. Synonymous with world class British and international productions, the impressive heritage of its UK-based Pinewood, Shepperton and Teddington Studios date back to the early 20th Century and are home to some of the most successful feature films and TV shows ever made.
Renowned across the globe for excellence in its field, the Pinewood brand is now being exported overseas to studios in Toronto - Canada, Berlin - Germany and Iskandar - Malaysia.
The facilities comprise the best quality sound stages, a globally unique underwater filming stage, a wealth of specialist production resources, state of the art TV studios, post production and digital content services. The studios also offer easy access to the world's most experienced crews as well as the expertise of hundreds of complimentary media companies based at its Pinewood and Shepperton Media Parks.
Recent film and TV productions that have used the Studios' facilities include Pirates of the Caribbean: On Stranger Tides, Captain America: The First Avenger; Harry Potter and the Deathly Hallows: Part 1; Robin Hood; Moon; Gulliver's Travels; Little Dorrit, Dancing on Ice, The Magicians, ZingZillas, Would I Lie To You and Reggie Perrin. Visit www.pinewoodgroup.com for more info.
(1) Source: PricewaterhouseCoopers, Global entertainment and media outlook:2009-2013
(2) Source: US Aid, Population Reference Bureau, World Population Data Sheet, 2009
(3) Source: American Community Survey 1-Year Estimates, US Census Bureau, 2008
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For Press Inquiries Please Contact:
On behalf of Indomina:
Dennis Dembia
Vice President
Rogers & Cowan
Tel: +1 310 600 9005
ddembia@rogersandcowan.com