Phoenix Pictures topper Mike Medavoy and “Mr. & Mrs. Smith” producer Lucas Foster have joined Korean production shingle Guardtec Incorporation as advisory board members.
Until March of this year, Guardtec was a manufacturer of electronic security systems, but became an entertainment player when privately owned production house Dyne Film was absorbed into the listed company. Guardtec now is controlled by Dyne and Hanmac principal Jonathan Kim Hyung-joon, who previously produced boffo hit “Silmido.”
Company raised $5.32 million through a share placement announced Friday.
Half the new shares were reserved for local Korean investors, half sold through a Japanese investment house. Buying part of the foreign allocation, the U.S. duo each invested $256,000, buying 220,000 shares at $1.14 apiece.
Medavoy, who heads Phoenix Pictures, told Daily Variety that he and Foster were approached independently of one another. He said while he’ll primarily be advising Guardtec, there could be co-productions down the road, pointing to the vibrant Korean box office.
Financial intermediaries told Kim that Medavoy and Foster are interested in establishing Korea-U.S. production and distribution ties. “We were not aware of their interest before the share sale, but we are always interested to meet people who put money where their mouth is,” said Kim.
The company has a market capitalization of $44 million.
(Darcy Paquet in Seoul contributed to this report.)