Scorpio East Entertainment ceases to distribute Universal Pictures home video releases

The term of the Universal Pictures International Entertainment licence has not been extended.

The Board of Directors of Scorpio East Holdings Ltd. announced that its subsidiary Scorpio East Entertainment Pte. Ltd. had received written notice from Universal Pictures International Entertainment that the tender for the licence for the home video distribution of UPIE’s content in Singapore from 1 October 2012 to 30 September 2013 was unsuccessful.

The Group distributed home video releases of new release titles, catalogue, special interest and other content from UPIE pursuant to an exclusive licence agreement which expired on 30 September 2012.

For the financial year ended 30 April 2012, revenue from the home video distribution of UPIE content accounted for 7.14% of the Group’s total revenue.

The expiry of the UPIE licence is expected to have a material impact on the revenue of the Group for the current financial year ending 30 April 2013.