Imagi International announces stock sale

Latest share sale represents nearly 10% of pool

NEW YORK -- Hong Kong-based Imagi International, the CG-animation firm behind the 2007 hit "TMNT," said Friday that it has sold about HK$156 million ($20 million) in new shares to an unidentified U.S. company.

The stock sale is the company's second in a week. On Sept. 4, Imagi, which is pushing to raise funds for its remakes of anime classics "Astro Boy" and "Gatchaman," along with two other animated features, raised $10 million in a share sale to a unit of Hong Kong real estate firm Shui On.

In a statement issued late Friday through the Hong Kong Stock Exchange -- where its shares were halted Sept. 3 -- Imagi identified its newest Delaware-registered shareholders as investors in real estate and technology investment.

Imagi's latest share sale represents about 9.96% of its newly enlarged pool of stock.

On Friday, Imagi CEO Douglas Glen declined comment about the company's recent fundraising. The company's shares are set to resume trading Monday in Hong Kong.

"Astro Boy" is the CG-animated film version of Japanese director Osamu Tezuka's classic. Imagi's version will be released internationally in 2009 by Summit Entertainment -- excluding Japan, Hong Kong and China. The film's voice cast includes Nicolas Cage, Donald Sutherland and Nathan Lane.

Last year's "Teenage Mutant Ninja Turtles," or "TMNT," made with Harvey Weinstein and distributed by Warner Bros., earned about $100 million at the boxoffice and cost about $35 million to make.

Karen Chu in Hong Kong contributed to this report.
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