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Los Angeles, California, Nov. 21, 2022 (GLOBE NEWSWIRE) -- Valiant Eagle, Inc. (OTC Pink: PSRU), a media conglomerate focused on the energizing of entertainment in television, film, Internet, and social media, today released its second letter from the Company's Chief Executive Officer, Xavier Mitchell:
And just like that, It’s the last quarter of 2022.
As I reflect on this year, one thing is clear: being the CEO of Valiant Eagle has been one of the most rewarding experiences of my life. Like a proud parent, I have had the opportunity to be a part of the growth of this exceptional organization since its merger with my private company, OKTV in September of 2018.
As we can all attest, COVID-19 came as a shock to all of us. With nearly every industry experiencing some sort of impact, the pandemic was a true test for our organizational strength. A trial by fire.
On a personal level, my family and I were not spared the ravages of COVID-19 but have since recovered. We pray that all of you and your families have stayed safe and otherwise recovered as we can—hopefully—put the worst part of the pandemic behind us.
Our shareholders' patience and unyielding support has been an incredible driving force for us. Your encouragement instilled the confidence in our talented team that’s allowed us to strive towards excellence across our business verticals.
Of course, it’s impossible for the share price to always reflect the strength of the underlying company, or the daily commitment to success. As the legendary investor Warren Buffett explained:
With Buffett’s usual folksy charm, he’s alluding to the fact that any given day, a stock’s share price can bounce around based on the whims of the market. But over time, the market “weighs” a company based on its underlying merits. Results like growing revenues, cash flows, and profits.
Speaking of which…
Despite the pandemic’s challenges, we experienced significant growth during the last two years. Every success and every milestone is a reflection of our shareholders’ and employees’ faith in our mission.
Our company has scaled in every vertical, and we’ve enjoyed growth in net assets, net income, and revenues. None of this growth would have been possible without our partners, clients, and employees, to whom we extend our gratitude.
We will continue to carve our niche within the industry, as going public gave us the financial backing and flexibility to help differentiate us from our competitors. This outside validation served as the critical steppingstone we needed to pursue larger goals and make a lasting impact for our stakeholders.
Our company’s philosophy has always been, and will continue to be, results oriented. Rather than the industry standard of companies pursuing their own agenda and not servicing their customers, we will align our interest with that of our niche customers.
We will demand excellence, not mediocrity, from all our employees so as to service our customers to the best of our abilities. The steps our company has taken during these unprecedented times have been unprecedented in my decades long career. To that end, let’s drill down for a deeper look at each division within Valiant Eagle.
Updates on Recent Material Progress Across Our Company
Dilution
In June of 2021, our Regulation A was qualified. In March of 2022, we extended that raise and, although we realize how this may seem like a step backwards, some level of dilution is a necessary evil for a growing company with capital needs. Dilution—and the subsequent raising of capital— is an important element so that the company can grow. It was our need for growth that prompted us to continue our capital raise. In our opinion, every dollar of capital raised that is used for corporate purposes, has the potential to provide exponential returns. Once sufficient capital has been raised to fund our several initiatives and projects, we will immediately cease dilution. Furthermore, if and when our various ventures are successful, we can institute a share buyback program to retire shares that we feel are undervalued, thus increasing shareholder value.
Sumer Technology
We also expanded our presence into the tech space when we acquired an equity stake in Sumer Technologies Inc. Sumer Technologies owns Zoom2u, a unique ride-sharing company that is a direct competitor to Uber. The Zumr app is slated for launch in the United States during the first quarter of 2023 and will be available on Android and iOS devices. Sumer is also planning to roll out the Zumr app in Africa during the third quarter of 2023. They also have a catalog of powerful AI-based apps slated for release in 2023, bound to excite and energize the marketplace.
We anticipate that once launched, this app will be highly successful with celebrity investors. We have subsequently sold our stake in Sumer for five times the amount we paid to another publicly traded company.
American Basketball Association Canada, Hollywood Action, and Beverly Hills Majestics
The company executed a share purchase agreement to purchase the American Basketball Association in early 2021. Since the negotiations had become lengthy with some unresolved issues, we amended our focus by purchasing ABA Canada. This gives us majority ownership and exclusivity on all ABA activities in Canada. As you can imagine, launching a professional sports league is a long-term endeavor, which will require adequate staffing and hiring of executives. To this end, we have begun our search and interviews for a commissioner and other key executives.
Once the teams in these main territories are established, we will continue to pursue teams in other areas.
We also signed an ABA Team Reservation Agreement to launch a professional basketball team in Beverly Hills and Hollywood, California. Preliminary work has been performed on all of these deliverables. The infrastructure for each team is completed; logos designed, social media accounts, bank accounts, initial budgets, business plans, and scores of other tasks. The search for a General Manager has also begun. He/she will be responsible for assisting with a large portion of the teams’ startup tasks.
VE Gaming
In late 2021, Valiant Eagle entered the world of gaming. The global gaming industry has exploded across the globe as player numbers increase and games become more accessible. The gaming industry is now worth more than $200 billion, and it shows no signs of slowing. Tech giants such as Google, Meta, and Apple have all made plans to expand their presence in the video gaming-industry, and analysts predict the industry will generate more than $260 billion in revenue by 2025. This was the time for us to enter this lucrative market. As such, VE Gaming is developing exciting and noteworthy games for all major gaming platforms.
We have many exciting plans in the works for VE Gaming to become a triple-A gaming studio, on par with publishing and development teams like Activision, Rockstar, and Epic Games. We have begun development on a high-level basketball video game which will compete with best-selling franchise, NBA2K. This game will feature some of the same legendary characters as featured in the FOTS NFT gallery and will be available on all major gaming platforms - PC and gaming consoles.
VE Gaming has also engaged the game studio, Robot Sea Monster, to develop a slate of Web3 and mobile games. Robot Sea Monsters is set to dedicate over 200 pre-production hours and 500 production hours to launch our basketball game onto various technological platforms quickly— without compromising quality.
Further, we have already completed production on the demo for Roo Awakening. We are continuing development of several other gaming properties that we are confident will bring excitement to the gaming world as well. Stay tuned for future updates.
Shedding of Debt
In an effort to clean up and tighten the balance sheet, the company shed a significant portion of its convertible debt. As CEO, and a significant debt holder, I agreed to forgive all of my convertible debt to increase the profitability position of the company and to make the balance sheet significantly stronger.
This new initiative was reflected in the March 31, 2021 disclosure statement filed with OTC Markets Group Inc. The approximate amount of the debt forgiven was $26,500,000. Without the burden of debt weighing on the company, Valiant Eagle can now dedicate its energy and funds to the many projects maturing under its subsidiaries like OKTV, Franchise X Entertainment, Providence Film Group, Xavier Media Group, and ABA Canada.
Providence Film Group
Providence Film Group has been one of the most active subsidiaries in Valiant Eagle’s holdings. With the emergence and popularity of streaming giants who have an insatiable need for content, like Netflix and Hulu, we felt compelled to ramp up and streamline our productions.
Along those lines, we’ve wrapped production on the pilot for Ambush Karaoke. Ambush Karaoke was directed by industry veteran and former American Idol producer, Ron DeShay. Paula Abdul, an executive producer, is also set to be a judge on the show. The pilot has been fully edited and we are currently set to begin discussions with major networks for distribution.
We’ve also completed production of our horror movie, The Knock. This completion marks our first film with Subplot Entertainment. The film was penned by emerging screenwriter, Raveena Alam, whose unique ideas and vision are sure to have the audience jumping out of their seats, closing their eyes, or a combination of the two. The film will be fully edited week 1 of December. From there we will seek a sales agreement with a firm like Netflix or a comparable distributor.
To add to the good news on the film front, we entered into a groundbreaking film development deal with the iconic New Republic Pictures and its founder, the renowned film producer, Brian Oliver. Our first joint development project will be a remake of the 1978 war and action classic, "The Wild Geese”. Valiant Eagle will serve as the executive producer & co-financier of the remake, while the script will be penned by Academy Award-winning writer, William Monahan (“The Departed”). Jude Law has been confirmed in the cast, with many more A-listers to follow as we wrap up 2022 and enter 2023. We are projected to close on the balance of the financing and begin production in 2023 as well. This project is budgeted at around approximately $60M.
In January, we entered into a second film development agreement with New Republic Pictures to produce the long-awaited biopic on Zelda Fitzgerald. She was a famous American socialite, the wife of F. Scott Fitzgerald, and is widely regarded as the “first American flapper” of the 1920’s. Jennifer Lawrence is signed on to star as Zelda Fitzgerald. Currently, we are in talks with A-list directors to helm the project. We are projected to close on the balance of the financing and begin production in 2023 as well. This film is budgeted at over $50M.
Expanding on the already lucrative relationship with Biolase Inc., Providence Film Group produced a first-of-its-kind, branded docuseries titled, “Talk Dental to Me”. Set to be directed by unscripted television veteran, Debbie Levin, the docuseries will explore the painful, albeit hysterical history of dentistry, and the evolution and revolution of modern dental technologies like lasers. Production has been completed with the entire season expected to be fully edited by the first week of December. We expect a distribution with Netflix, the History Channel, or a comparable network or distributor.
Providence Film Group, Inc., also acquired the full rights to 12 famous movies, including remake/reboot rights. The list includes one of Bruce Lee's most classic movies, "Fists of Fury" as well as Wes Craven's, "Swamp Thing”. The complete list of acquired movies is below:
Under the terms and conditions of the asset acquisition, Valiant Eagle and its subsidiaries have “all rights of every kind" to distribute, broadcast, and sell anywhere in the world. This includes copyright interests, all production rights, subsidiary rights, and more. Furthermore, Valiant Eagle will retain all negative and positive films, picture prints, and all other forms of media related to the titles above. Valiant Eagle intends to fully utilize these extensive new cinematic assets to increase shareholder value. Further details will be provided as they become available.
“Fists of Fury”
Since our acquisition of those popular and critically acclaimed titles above, Providence Film Group has begun the reboot of the iconic film, “Fists of Fury” (also known as “The Big Boss”). The reboot’s working title is “Fists of Fury: Johnny Too Bad,” with the author of the screenplay, Damian Lee set to direct.
Lee’s directing credits include award-winning “A Dark Truth” starring Andy Garcia, Forest Whitaker and Eva Longoria; and highly-acclaimed “A Fighting Man” with Dominic Purcell, James Caan, Famke Janssen and Academy Award winner, Louis Gossett Jr. Dominic Purcell has been confirmed on the cast. We are also in discussions and will soon announce several other high-level cast members whom have worked with Lee on past successful projects.
Providence Film Group has also agreed to serve as an executive producing entity of a planned action-packed martial arts film, "Rise of the Tarragon". Slated to direct the film is Chris Yen, the sister of Hong Kong actor and martial artist, Donnie Yen. Among the early cast, notable members include Jeremy Meeks,Carmen Electra, and more.
Moving along on our slate of projects, our hit comedy show Laugh At LA has been completed. The show is 12 episodes of stand up and sketch comedy featuring a solid lineup of stand-up comedy’s finest including, Debra Wilson, Todd Bridges, Leslie Jones, and many more top comics.
Finally, as we announced in September, Valiant Eagle Inc. appointed industry titan, Damian Lee, as Production President in addition to being appointed as President of its subsidiary, Providence Film Group. In his new roles, Lee will be responsible for overseeing sales and partnership initiatives; maintaining strategic contacts with existing commercial partners; developing new partnerships; managing the Company’s agency representation; and continuing to expand the Company’s footprint in the U.S. and global marketplace. He will also be overseeing all aspects of the Company's production policies; objectives and initiatives; supervising the overall production processes; assisting management, and other directors, with developing, communicating, executing and sustaining strategy, including strategic planning and strategic management.
ANI
Valiant Eagle Inc has acquired an equity stake in a premier crowdfunding company, America's Next Investment (ANI). The company can be described as "SharkTank-meets-Kickstarter”, and has already been featured on CNBC, Fox Business and Bloomberg. This visibility generated thousands of investor leads back to its crowdfunding platform. The TV portion of ANI is featured on major financial channels such as CNBC, Fox Business, and Bloomberg. This helps drive interest; and promotes the company's investment thesis and message to investors in real-time. Viewers of ANI can go onto its website (americasnextinvestment.com) and invest in the startup company they saw (and like the prospects for) on an episode through ANI's crowdfunding platform. Currently, ANI's platform supports approved Regulation A+ and Regulation D investment offerings.
Fungy
After a rigorous developmental process, we are thrilled to announce the launch of Fungy, the “Beta version” of our NFT marketplace. Fungy allows artists and creators to issue, buy, and sell custom digital assets representing ownership of their digital work. Fungy is both a marketplace for those assets and a distributed network built on the Polygon blockchain, enabling trade without a middleman.
A significant amount of development is being put into the marketplace. One of our primary points of emphasis is security and authenticity of NFT’s. To this end, we are taking measures to ensure that user information is extremely safe by having back up servers and security protocols. Additionally, when it comes to NFT protection, our engineers have designed safeguards to detect fraudulent and stolen NFTs. There are many exciting updates and developments coming for Fungy in the coming months.
Recent reports illustrate a resilient surge of interest in the NFT and crypto experience, despite recent downward volatility. Venture capitalists and angel investors have shown massive confidence in the sector by pouring billions of dollars into digital currency and blockchain start-ups. Thanks to its unique approach and marketplace, Fungy has already received worldwide interest that will crossover into the new year.
Roccstar
After naming Leon Youngblood as an Officer of the company, we have decided to sever ties and we wish him well in his future endeavors.
New Day Entertainment
The company acquired an equity stake in New Day Entertainment (NDE), an independent U.S.-based entertainment company to develop, produce, and fund Feature Films and Television projects. NDE is currently in negotiations with major studios to form a distribution and co-financing partnership. In addition, NDE has a potential development pipeline that spans all stages of production, including three films that are currently in the pre-production stage, that require near-term funding.
NDE’s raise—seeking funding of up to $100 million—has commenced. The funds will be utilized to help finance upcoming Providence Film Group projects in partnership with Brian Oliver of New Republic Pictures. These will be co-productions between New Republic Pictures and Providence Film Group.
New Addition
We have appointed Luis Pando as Chief Technology Officer. Pando will play a critical role in driving the growth and success of Valiant Eagle, while setting the vision and strategy for the development of systems and technologies that shape customer experiences. In the role of CTO, Pando will lead the charge in delivering Valiant’s bold and innovative tech solutions and gaming products in order to capture a larger portion of the market share.
EB5
In 2021 we signed an agreement with EB5AN to sponsor our film slate for funding through the EB5 Visa program. Unfortunately, between COVID and the new administration, the program was held up for nearly a year. Now with the program back up and running, we are on track and have resumed our activity. In the upcoming weeks, we will begin discussions with foreign investors to allow funding into our film slate fund.
ACQUISTIONS
Knowing how important it is to scale our company, we have targeted several potential companies to acquire. Throughout the course of 2023, we anticipate several acquisitions that will not only bolster our asset base, but will assist with the growth of subsidiaries we currently own and control.
A few other areas we feel necessary to devote time, attention, and resources to are the formation of a strong and credible Board of Directors and rounding out our C Suite team.
Conclusion
We believe that when a company acts in the interest of its employees, customers, communities, partners, and shareholders—in other words, all stakeholders—that company is destined to succeed.
As our shareholders, and anyone else reading this letter, we hope that you appreciate and are proud of the tremendous effort and abilities of our constituents, especially in light of our considerable growth against the backdrop of a global pandemic that decimated many industries.
Thank you for your support, and I look forward to delivering many more material updates on our progress in my next letter.
Warmly,
Xavier Mitchell
CEO
Valiant, Eagle, Inc. (PSRU)
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About Valiant Eagle Inc
Valiant Eagle, Inc. (OTC: PSRU) is a publicly traded corporation focused on energizing celebrity entertainment, social media, and TV communications. VE aims to achieve an unparalleled advancement in media through music, sports, and technology for the millennial generation.
Valiant Eagle
Investor inquiries: ir@valianteagle.net
Website: www.valianteagle.net
Twitter: @valianteagleinc
Facebook: @valianteagleinc
Legal Notice Regarding Forward-Looking Statements:
This press release contains forward-looking information within the meaning of Section 27A of the Securities Act of 1933 and section 21E of the Securities Exchange Act of 1934 and is subject to the safe harbor created by those sections. This material contains statements about expected future events and/or financial results that are forward-looking in nature and subject to risks and uncertainties. That includes the possibility that the business outlined in this press release cannot be concluded for some reason. That could be as a result of technical, installation, permitting or other problems that were not anticipated. Such forward-looking statements by definition involve risks, uncertainties and other factors, which may cause the actual results, performance or achievements of Valiant Eagle, Inc. to be materially different from the statements made herein. Except for any obligation under the U.S. federal securities laws, Valiant Eagle, Inc. undertakes no obligation to publicly update any forward-looking statement as a result of new information, future events or otherwise.