The battered stock of Rainmaker Entertainment Inc. (TSX:RNK) got a boost Wednesday following the release of details of its new animated film project based on a popular PlayStation game.
In February, the Vancouver animation studio announced it would co-invest and co-produce a new animated feature film, but did not disclose details.
The company announced Wednesday it will co-produce a new feature film called Ratchet & Clank, based on a popular PlayStation video game franchise published by Sony Computer Entertainment America LLC and developed by Insomniac Games. The game has sold 26 million copies worldwide.
The film is being co-produced with Blockade Entertainment LLC and is scheduled for release in early 2015.
A recent online review in Forbes of the film’s trailer says it has the humour and look of a Pixar film. Ratchet & Clank will be the second film that Rainmaker has made based on a video game.
“Following fast on the heels of our studio’s success with Escape From Planet Earth, we are excited to launch into production on the eagerly anticipated Ratchet and Clank feature film together with our partners Blockade Entertainment, SCEA and Insomniac Games,” said Rainmaker president and executive producer Michael Hefferon.
“Rainmaker is dedicated to pursuing top brands for our theatrical feature properties – and pursuing production associations with top creative entertainment companies to develop and produce them for worldwide release.”
Rainmaker has struggled financially in the past couple of years. In December 2012, the TSX gave Rainmaker 120 days to meet its listing requirements. It has since been granted an extension to May 1.
In March, the company reported a $500,000 loss in 2012’s fourth quarter, a more than 75% drop from the $2.1 million profit in the same quarter in 2011.
In 2012, Rainmaker lost $3.6 million, compared with a $3.3 million profit in 2011. The company’s shares fell 19%, or $0.03, to $0.13 on April 2.
On Wednesday, Rainmaker’s shares jumped 33% to close at $0.16 per share.
