AGOURA, CA / ACCESSWIRE / April 01, 2015 / GD Entertainment & Technology, Inc. (formerly Donini Inc.) (DNNC), a leading entertainment and technology company, is pleased to announce that it has entered into a series of financing agreements with Blackbridge Capital LLC ("Blackbridge"), a leading New York based hedge fund.
Proceeds from the short-term bridge loan will be used towards an advance payment for development and production services on a documentary film project. Additionally, over the past 3 months, Company has been successful in reducing its debt obligations by almost $200,000 through various negotiated settlements with Blackbridge and other private investors. The Company is also currently in negotiations with its long term noteholders to cancel or negotiate out of over $855,000 in loans and convertible notes. If successful, the result is a reduction in the potential dilution to the Company's existing shareholders.
Dong Chung, CEO of GDET stated, "We are pleased to work with the Blackbridge team as we transition the company from media development into production and distribution mode. Blackbridge has been a key partner in helping us reduce our debt."
Lawrence Bracco, COO of GDET commented, "We believe it is important to demonstrate how the actions of our management team over the last five months have positioned the Company in a more positive strategic direction. We will continue to strive to strengthen the balance sheet and create shareholder value in the long run."
"We are thrilled to partner with GD Entertainment & Technology while enhancing their balance sheet, increasing shareholder value, and providing advice on business plan execution," said Alexander Dillon, Co-Founder and Managing Partner of Blackbridge Capital. "We believe the GDET management has a strong base of projects in their development pipeline that will bear fruit for years to come."
About GD Entertainment & Technology, Inc.:
GDET specializes in the development, production and exploitation of entertainment properties and technologies worldwide. Over the past 10 years, GDET and its management have created, produced, and/or distributed a variety of family-friendly content, including: Conan the Barbarian animated DVD, animated Voyages of Young Dr. Doolittle and Adventures of Odyssey and the acclaimed graphic novel series, The Almighty Bible, an ebook & print version of the Bible for teenagers. GDET principals have over 80 years of combined experience in producing and distributing media, consulting to and licensing major intellectual properties globally, including Warner Brothers, Marvel/Disney, and Mommy & Me. Management has been conducting business in Asia for more than 25 years, and has significant relationships with major corporations, investors and production facilities in Korea, Thailand, China, Japan and other markets. GDET has several projects in development including an animated feature film, a live stage show and an adaptation of a successful juvenile book series for digital video and mobile games.