17/05/2013 - uMedia's CEO Adrian Politowski will announce the launch of the new funding mechanism uFX on May 17, which uses the Belgian Tax Shelter to cover up to 40% of a project's VFX budget

The international film financing, production and distribution group uMedia headed by Adrian Politowski (photo) has announced in Cannes the launch of uFX, a new financing incentive based on the Belgian Tax Shelter, offer financing of up to 40% of a project’s VFX budget on the condition that they handle the VFX elements.

“We’ve been proving over the last few years that we are able to compete with the larger VFX houses but this finance deal offers something that sets us apart from our competitors,” said Politowski. “40% finance against VFX work is a highly attractive proposition to any project regardless of its genre and size.” Eligibility is based on the project’s ability to spend a minimum of £50,000 through Belgium and fulfil the Belgian Tax Shelter criteria of being a feature film, a TV movie, a TV series or a documentary with a majority of European elements: cast, crew and financing.

uFX’s deal comes as uMedia continues to expand internationally with new offices in Los Angeles, London and Paris as well as an expanded sales operation incorporating a major long-term partnership with Hengameh Pahani’s Celluloid Dreams. The company has recently completed work on Grace of Monaco starring Nicole Kidman and is currently working on the Julian Assange feature The Fifth Estate starring Benedict Cumberbatch (Star Trek: Into Darkness).

In Cannes Umedia is handling Takashi Miike’s Palme d’or candidate Shield of Straw (Wara No Tate) and Katrin Gebbe’s Tore’s Pogo (Tore Tanzt) screening at Un Certain Regard.