|
Monterey
See next panel for info on planning permission.
There is also a referral to a Historical Society committee in the
pipeline. Results are awaited. |
MONTEREY
Just before the end of the period, on 30 December 2005, Bella entered
into an
exclusive Letter of Intent with the landowner of a prime site in the
middle of
the tourist area of Cannery Row in Monterey, California for the
development of a
Bella Large Format Cinema and Entertainment complex. The company also has
entered into an exclusive agreement with IMAX for the supply of a 3D
IMAX System
for this site.
Monterey Bay offers an extremely attractive location for a Bella Destination
Large Format cinema. The primary tourist trade area, up to three to
four hour
drive, has a population of 9,500,000 and growing. Annual visitors to
the Cannery
Row area are consistently over 4,000,000 and the Monterey Bay
Aquarium alone has
1,500,000 to 2,400,000 visitors per year. Over the last 20 years 36,000,000
people have visited the Monterey Bay Aquarium.
The venue is a well known historical building which Bella will adapt preserving
the exterior and rebuilding the interior with a 290 seat IMAX 3D
Theatre along
with 3 floors complimentary lobby, retail, and concessions, including
a bar/cafe
on the 3rd floor with an outdoor deck with Monterey Bay views.
During the day the venue will offer great opportunities for
promotional and
educational tie-ins with the Monterey Bay Aquarium, about 3 blocks
away. While
in the evening it will offer a new entertainment venue for the local community
and tourists, as well as a venue for corporate events.
The Cannery Row area in Monterey has been a coveted location for an
IMAX Cinema
pursued by several groups over the last 10 years, but an appropriate
site always
eluded them. Bella has succeeded in securing an exclusive deal and
site for an
IMAX in Monterey at a great location convenient to the center of
Cannery Row
tourism, Monterey Bay Aquarium , and across the street from a 1,000
car parking
garage.
It is an exciting and prestigious project which can move fairly
quickly into
construction phase, subject to Monterey City Use Permit, final lease execution
and funding of project equity and financing.
|
|
Athens
This project is still at an early stage. |
ATHENS
Previously, we announced the Letter of Intent to develop a Large
Format Theatre
project in Athens, Greece. This project is contingent upon our local joint
venture partner securing a suitable site in central Athens and to
date, there
has been no firm deal proposed for such a site. Our interest still
remains in
Athens and we will evaluate the potential once any site is proposed
to us. |
|
Financing |
FINANCING STATUS
During the period, the Company completed an equity fundraising in
which #880,699
before expenses was successfully raised for Springfield IMAX payments and
working capital needs.
Further, at the Company's Annual General Meeting, on March 14, 2006, Shareholder
approval was requested to increase the Company's Authorised Share
Capital and
permit the issue of shares up to a nominal amount of #5,999,764.
The Monterey Project requires significant capital which the Company
intends to
pursue through equity, debt and limited partners within the project
entity -
Bella Cinema LLC -, and it is critical for the Company to have the
ability to
place equity to pursue the Monterey Project. Further, due to delays in
Springfield and development expenses related to Monterey, the Company
will also
need to increase working capital through an equity placement. We are currently
examining ways in which this need can be met.
We appreciate your investment in Bella Media and believe that the new positive
developments related to the Monterey Project will allow us to
continue with our
mission to move Bella Media from a development company to a major operating
company in the market niche of Large Format Destination Films and Cinemas.
Fred J. Weinert
Chairman
14 March 2006 |
