In September 1999, AVCFL made an investment in a motion picture "Secrets of the Shell", shot wholly on local soil and produced and directed by our own Anthony Maraj.
Mr. Maraj has much international experience having made films regionally, in Asia and the United States over the last thirty years. The film was completed at a cost of US$260,000, which was an achievement in itself and attests to the skill of the producer. Additionally, producing this film exposed many in the local video industry to 35 millimetre film, which is standard for motion picture production. Most of the post-editing was done in Trinidad at a lower cost to what obtains in the US. The benefits of the expertise gained in various facets of this stage of production, viz. sound effects, scoring, editing and colorization of the film, have laid the foundation for the development of a local film industry in Trinidad and Tobago.
The marketing and distribution of the film is now being pursued at a pace, after its premier at the Cannes Festival in France in May 2001. Limited distribution has been secured in Asia, but the closure of a deal with a US cable network is in the offing and it is to this eventuality that we focus our efforts for the realization of a profit. The film will be released in Trinidad and Tobago on Ash Wednesday 2002.
In February 2000, AVCFL made its first investment in the Tourism sector, with the purchase of TT$600,000 worth of equity in Danakina Limited, a TT$3 million-dollar guesthouse project in Tobago operating as Glenn's Cove. At that time the facility was under construction in the north-eastern parish of Mount St. George. The guest-house consists of thirteen apartments, five of which are two-bedroom studio apartments, equipped with kitchenette. The property consists of one acre of gently sloping land with a beachfront. The bay, to which guests have a balcony view from their apartments, is locally known as Dolly Bay. It offers the enticing waters of the Caribbean Sea, along with a natural reef less than one hundred metres from the shore to those interested in snorkeling or diving.
The facility was opened in May 2001 amidst a relatively mild tourist season in Tobago. Although the anticipated level of bookings has not yet materialised, the management is confident that its marketing of group specials, particularly in Germany, will bring the sustained customer flow required to make this venture profitable. Market conditions are also expected to improve as more direct flights from Europe are scheduled for the upcoming season.
In June 2000, manufacturing was added to AVCFL's mix of investments. Lincoln Enterprises Limited, which is in the business of manufacturing and retailing steel-pans for the local market and for export, received a capital injection of $156,000 from AVCFL for improvement work on the company's office and showroom, and for the expansion of inventory on hand. This was an acquisition of 20% of the equity of this company by AVCFL.
Our first investment in January 1998 was in Kaisoca Productions Limited's Radio Tambrin 92.1. The station continues to aggressively expand market share and advertising sales in Tobago, Kaisoca Productions Limited, Radio Tambrin, has firmly established itself as the community radio station in Tobago.
Again, the objective of this company is to expand market share and to maintain listener loyalty at this stage of the company's life. AVCFL would benefit from the eventual sale of this goodwill being built when the time for exit arrives.
