Oxxo Films(TM), Venus Pictures Terminate Strategic Alliance

Oxxo Films(TM), Venus Pictures Terminate Strategic Alliance



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Los Angeles, CA–(HISPANIC PR WIRE)–July 1, 2004–Oxxo Films (Oxxo) has announced the termination of their strategic alliance with Venus Pictures (Venus). Oxxo and Venus created the strategic alliance to expand their market share of the Cine En Español industry by distributing their respective film labels under one roof.

“The alliance did not fulfill our mutual business objectives,” says Adam Valdez, CEO for Oxxo. The alliance was created to take advantage of Oxxo’s expansive high caliber film library combined with Venus’s lines of classic and contemporary cinema under its film label. “ We were unable to develop the necessary synergies appropriate for the alliance,” observes Adam Valdez.

In 2003, Oxxo restructured its film distribution unit. Its film library is one of the most comprehensive representations of Mexican culture in North America. Over 400 film titles are offered on the company’s website, http://www.oxxofilms.com. All genres are represented including the latest American obsession with sophisticated, high caliber, and stylish movies from Mexico. Oxxo Films was one of the first companies to venture into this type of high-end cinema in early 1997. Its current library contains more than 200 titles with film production values on par with such titles as “Amores Perros” and “Y Tu Mama Tambien.”

Oxxo is currently converting its library from VHS to DVD format. A total of 40 titles will be released over the next six weeks. “The market in which we operate is more accepting to the DVD format than a few months ago. We are committed to delivering what our customers want, at the right price and with much more variety and content. Oxxo is known in Hispanic film circles for having the type of movies that have broad audience appeal and acceptance,” adds Helen Moaveni, President of Oxxo.

Oxxo Films will continue to focus on film right acquisitions and film production. The company is currently producing a 12 volume series of films based on the lives of women from all levels of Mexican society. Oxxo is set to release the third film in the collection. The street date of the release will be announced shortly. “We will continue to do what has made Oxxo a successful company and will look for distribution arrangements that meet our business objectives,” concludes Adam Valdez.

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CONTACT:

OXXO Films

Adam Valdez, (818) 379-7001

Oxxo Films(TM), Venus Pictures Terminate Strategic Alliance