SOURCE: Fairway Properties
HOLLYWOOD, CA--(Marketwire - Sep 4, 2012) - Fairway Properties, Inc. (OTCQB: FRYP) (OTCBB: FRYP) announced today that the Board of Directors has approved a resolution authorizing preferred shares, increasing the authorized common stock, changing the name of the company to Medient Studios, Inc. and the appointment of Mr. Manu Kumaran as Chief Executive Officer. Mr. Kumaran's appointment shall become effective ten days following the mailing of the company's information statement.
Medient Studios is a multi-platform media and entertainment company that creates motion picture content for theatrical release and home entertainment.
Mr. Kumaran, Medient Studios' CEO, stated that, "On behalf of the Medient team across the world, I share our excitement in bringing our movie production and marketing expertise to the company, and look forward to creating substantial shareholder value." Michael D. Murphy, Fairway's previous CEO, added, "We are impressed with Mr. Kumaran's vision. We are eager and excited to see the company execute its new business plan under his leadership."
In addition to the name change and the appointment of Mr. Kumaran as CEO, the Board of Directors increased the authorized common shares by one hundred forty million common shares and authorized the creation of fifty million shares of preferred stock.
About Medient Studios
Founded in 2002 in India, Medient has produced 15 feature films in four different languages, in seven different countries across four continents. It has grown from being an India focused company to an international production company with a global footprint. Today Medient has a strong presence in the world's key media markets -- North America, Europe and India -- and collaborates with some of entertainment's leading companies including Universal Pictures, ICM, Ed Pressman Film Corp, Muse Entertainment, Wild Bunch, Prime Focus Group and others.
About Manu Kumaran
Manu Kumaran is a second generation international film producer, who has produced 19 feature films in four languages. The eldest son of renowned Malayalam film director-producer K P Kumaran, Mr. Kumaran has been a part of the movie business from an early age, working on all aspects of production and distribution. An expert in film tax credits and incentives, Mr. Kumaran has built a reputation for producing theatrical quality releases at minimal costs with strong net margins.
For more information, please visit Medient Studios website at http://www.medient.in.
Safe Harbor Statement
The Private Securities Litigation Reform Act of 1995 provides a "safe harbor" for forward-looking statements. Certain information included in this press release contains statements that are forward-looking, such as statements related to the future anticipated direction of the industry, plans for future expansion, various business development activities, planned or required capital expenditures, future funding sources, anticipated sales growth, and potential contracts. Such forward-looking information involves important risks and uncertainties that could significantly affect anticipated results in the future and, accordingly, such results may differ from those expressed in any forward-looking statements made by, or on behalf of, the company. These risks and uncertainties include, but are not limited to, those relating to development and expansion activities, dependence on existing management, financing activities, and domestic and global economic conditions.