PLATIGE IMAGE SA (9/2017) Decision to withdraw from the contract with Imaginew Internacional Unipessoal Lda

Legal attitude: Art. 17 para. 1 MAR - confidential information. Referring to the current report of ESPI No. 7/2016 of October 31, 2016 regarding the conclusion by Platige Films Sp. z o.o. the contract ("Agreement") with Imaginew Internacional Unipessoal Lda with its registered office in Portugal ("Imaginew") regarding joint co-production of the film under the working title "Fatima" ("Film"), the Management Board of Platige Image S.A. ("Issuer") informs that on 18 July 2017, Fatima Film Sp. z o.o. Sp. k. ("Fatima Film"), a subsidiary of the Issuer, which has entered into the rights and obligations of Platige Films Sp. z o.o. resulting from the Agreement, decided to exercise the contractual right of withdrawal reserved in the Agreement. The reason why Fatima Film uses the contractual right of withdrawal is the delay of Imaginew in payments already made exceeding the deadline specified in the Agreement and the lack of payments of subsequent financial contribution installments in the amount of PLN 975 thousand as at today. EUR net, which installments were shown in revenues. Until now - in the implementation of the provisions of the Agreement - Imaginew paid 825 thousand. EUR in respect of payment of financial contribution installments and transferred proprietary copyrights to works that may be used in the Film, with a value determined by the parties for PLN 500,000. EUR. The agreement provides that if Fatima Film has a contractual right of withdrawal, the Agreement is considered void, Imaginew is not obliged to pay unpaid installments, and Fatima Film is not obliged to return Imaginew or amounts received in the execution of the Agreement, nor return the transferred copyrights . As a consequence of the Agreement being considered unstated, there is no contractual obligation of Fatima Film to transfer Imaginew any rights to the Film. In implementing the provisions of the Agreement, a number of works necessary to create the Film were made, in particular the so-called stillomatic Film with duration of about 80 minutes, models of the main characters, the concept of artistic film. In connection with the withdrawal from the Agreement, Fatima Film plans to continue production of the Film based on already completed works and copyright rights and seek sources of its financing, not excluding cooperation in this area with other entities. The release date of the Film will be determined at a later date after specifying Fatima Film's plans. Statement regarding the withdrawal from the contractwill be sent to Imaginew today. Withdrawal from the Agreement shall take effect upon the proper delivery of the declaration of withdrawal from the Agreement to Imaginew.

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Company information
Company name:Platige Image SA
Adress: ul. Racławicka 99 02-634 Warszawa
Phone:+48 22 8446474

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