VANCOUVER, Dec. 17 /CNW Telbec/ - Image Engine Design Inc., a Vancouver-based production studio specializing in visual effects for movies, today announced the expansion of its studio facilities to help meet growing business demand. The acquisition of a new building was made possible through a $2.2 million financial loan package from the Business Development Bank of Canada (BDC).
Image Engine, founded in 1995, began providing visual effects for feature films in 2006. Most notable of these early years was a significant body of work for Marvel Studios' The Incredible Hulk. The company, which started out doing work for television, gained experience and respect with its work on the popular TV series Stargate as well as several other television productions, including one for Stephen King where its creature work garnered a coveted VES award.
A turning point occurred with the opportunity to provide visual effects on District 9, the breakout film for Writer/Director Neill Blomkamp. The film gave Image Engine the chance to show what a Vancouver, Canada facility could accomplish under tight budgetary constraints and an extremely challenging creative agenda. Since the movie's release in August of this year, the alien shots delivered by Image Engine have received critical acclaim from the visual effects industry, including recognition from District 9 Producer, Peter Jackson, of "Lord of the Rings" fame.
For Greg Holmes, CEO of Image Engine, BDC's support and understanding of the company's expansion plans were key to helping prepare for future successes: "BDC was very supportive, and able to qualify risk and characterize it differently than traditional banks. Their years of experience in supporting entrepreneurs and matching a decent business model to a property acquisition opportunity helped them understand where we were going."
BDC Financing Account Manager in Vancouver, Kobie Lofty-Eaton, says "a sound and solid evaluation of risk factors can lead a project on the path to success. This is part of the expertise we offer at BDC. The movie industry is a good example. No matter how big or how risky the project, with the right tools we can help our clients show that their expertise is second to none worldwide."
Greg Holmes points out that there are lessons to be learned from playing at a high level in this very competitive business: "Knowing your appetite and capability for risk and execution is important. This industry is driven by gifted artists and talented people, but without a solid business backbone to carry the weight of that risk, it is difficult to achieve results that are sustainable".
BDC is Canada's business development bank. From more than100 offices across the country, BDC promotes entrepreneurship by providing highly tailored financing, venture capital and consulting services to entrepreneurs. For more information, visit www.bdc.ca.
SOURCE Business Development Bank of Canada
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