DNEG to Launch ‘xSTUDIO’ as Open Source Project; Feature-Rich Playback and Review Application for Filmmaking Teams

Application Engineered to Meet the Needs of Filmmakers Throughout the Production Process

DNEG, a leading technology-enabled visual effects (VFX) and animation studio for the creation of feature film, television and multiplatform content, today outlined plans for the upcoming launch of xSTUDIO, a modern, flexible and feature-rich playback and review application designed to meet the needs of content creators throughout the production process.

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DNEG to launch ‘xSTUDIO’ open-source project, engineered to meet the needs of filmmakers throughout the production process through feature-rich playback and review application. (Photo: Business Wire)

Currently in development at DNEG, xSTUDIO will replace all other image review tools across DNEG’s content creation pipeline, allowing individuals and teams to review shots, edits and grades in a single, unified application on all desktop platforms and operating systems (Linux, Mac and Windows).

DNEG is intending to publish xSTUDIO as an open-source project, allowing each industry partner and filmmaking team to integrate the application into its own pipeline, with a view to encouraging the adoption of the tool as the new industry-standard toolset for collaborative review.

“From its conception, xSTUDIO was designed to allow everyone working in the media creation industries to collaborate seamlessly,” said Chas Jarrett, Senior VFX Supervisor, DNEG. “VFX supervisors, artists, directors, DoPs, studio executives, producers - we all look at images every day in many different ways. xSTUDIO will give us a common industry toolset for organizing and displaying all types of media, annotating and editing them, and then securely sharing the results with each other, on our laptops, in screening rooms or over the internet.”

Expected to launch as an open source beta application later this year, xSTUDIO will be available for free download and use, offering DNEG’s industry partners the ability to contribute features and workflows to support their own specific needs.

“Our teams across the globe design, create, animate and submit thousands of visual effects shots and animation sequences across multiple projects every day,” said Paul Salvini, Global Chief Technology Officer, DNEG. “In xSTUDIO we have created a modern, flexible, feature-rich playback and review application that we hope will become the new industry standard. By freely sharing xSTUDIO as an open source project with our clients and our industry partners we are encouraging everyone to use and develop the toolset, so that we all benefit from the collective expertise in our community.”

xSTUDIO will feature a modern, feature-rich and pipeline-agnostic core application, while also providing a full Python API, C++ plugin framework and extensive use of open-source libraries to allow contributors full control of its integration into their pipelines.

“By developing xSTUDIO and releasing it as an open source project, DNEG has created an opportunity for greater collaboration and more efficient workflows for content creation teams across our industry,” added Namit Malhotra, DNEG Chairman and CEO. “Built specifically for filmmakers by filmmakers, we are thrilled to launch this innovative, flexible platform that will support substantial efficiencies and advancements in our craft.”

More information about the application’s features and capabilities is available on https://www.dneg.com/xstudio/. To express interest and find out more about xSTUDIO, contact xstudio_oss@dneg.com.

On January 25, 2022, DNEG announced its entry into a definitive business combination agreement with Sports Ventures Acquisition Corp. (Nasdaq: AKIC). Upon the closing of the business combination, which is expected in the first half of 2022, the combined public company will be named DNEG. For more information about the transaction, please visit https://investors.dneg.com/.

About DNEG

DNEG (www.dneg.com) is one of the world’s leading visual effects (VFX) and animation companies for the creation of feature film, television, and multiplatform content. DNEG employs nearly 7,000 people with worldwide offices and studios across North America (Los Angeles, Montréal, Toronto and Vancouver), Europe (London) and Asia (Bangalore, Chandigarh, Chennai and Mumbai).

DNEG’s critically acclaimed work has earned the company seven Academy Awards^® for Best Visual Effects and numerous BAFTA and Primetime EMMY^® Awards for its high-quality VFX work. Current and upcoming DNEG projects on behalf of its Hollywood and global studio and production company partners include Bullet Train (July 2022), Black Adam (October 2022), Under the Boardwalk (October 2022), Shazam! Fury of the Gods (December 2022), Borderlands (2022), Knives Out 2 (2022), The School for Good and Evil (2022), “Super/Natural” (2022), Aquaman and the Lost Kingdom (March 2023), Haunted Mansion (March 2023), The Flash (June 2023), Meg 2: The Trench (August 2023), Nimona (2023), and “The Last of Us” (2023).

About Sports Ventures Acquisition Corp.

Sports Ventures Acquisition Corp. is a blank check company organized with the purpose of effecting a merger similar business combination with a major entertainment powerhouse. Sports Ventures Acquisition Corp. is led by Alan Kestenbaum, businessman and minority owner of the Atlanta Falcons of the NFL. Other leadership members include Robert Tilliss, who brings with him extensive sports and arena expertise, Daniel Strauss, and Steve Horowitz.

Additional Information About the Transaction and Where to Find It

This communication may be deemed to be solicitation material with respect to the proposed transaction for Sports Ventures Acquisition Corp. to acquire Prime Focus World NV. In connection with this proposed transaction, Sports Ventures Acquisition Corp. will file a definitive proxy statement with the SEC, which will be sent to the shareholders of Sports Ventures Acquisition Corp. Sports Ventures Acquisition Corp. will also file other documents regarding the proposed transaction with the SEC. This communication does not contain all the information that should be considered concerning the proposed transaction. It is not intended to provide the basis for any investment decision or any other decision in respect to the proposed transaction. SHAREHOLDERS OF SPORTS VENTURES ACQUISITION CORP. ARE URGED TO READ ALL RELEVANT DOCUMENTS FILED WITH THE SEC, INCLUDING THE DEFINITIVE PROXY STATEMENT, BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED TRANSACTION. Investors and security holders will be able to obtain free copies of the proxy statement and all other relevant documents filed or that will be filed with the SEC by Sports Ventures Acquisition Corp. through the website maintained by the SEC at http://www.sec.gov.

The documents filed by Sports Ventures Acquisition Corp. with the SEC may also be obtained free of charge at Sports Ventures Acquisition Corp.’s website at https://www.sportsventuresacq.com or upon written request to Sports Ventures Acquisition Corp., 9705 Collins Ave 1901N, Bal Harbour, FL 33154.

Participants in Solicitation

Sports Ventures Acquisition Corp., Prime Focus World NV and their respective directors, executive officers and employees may be deemed to be participants in the solicitation of proxies from the holders of Sports Ventures Acquisition Corp. Class A Ordinary shares in respect of the proposed transaction. Information about the directors and executive officers of Sports Ventures Acquisition Corp. and their ownership of Class A Ordinary shares are set forth in its Annual Reports on Form 10-K for the fiscal year ended December 31, 2021, which was filed with the SEC on March 1, 2022, and its Reports on Form 8-K, which were filed with the SEC on April 6, 2021 and January 12, 2022, as modified or supplemented by any Form 3 or Form 4 since the date of that filing. Investors may obtain additional information regarding the interest of such participants by reading the preliminary proxy statement and the definitive proxy statement when available.

No Offer or Solicitation

This communication is for informational purposes only and is not intended to and does not constitute an offer to subscribe for, buy or sell, or the solicitation of an offer to subscribe for, buy or sell, or an invitation to subscribe for, buy or sell any securities or a solicitation of any vote or approval in any jurisdiction, nor shall there be any sale, issuance or transfer of securities in any jurisdiction in which such offer, invitation, sale or solicitation would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offer of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended, and otherwise in accordance with applicable law.

Forward-Looking Statements

This press release may contain statements that constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical fact contained in this communication including, without limitation, statements regarding Sports Ventures Acquisition Corp.’s or Prime Focus World NV’s financial position, expected operating performance, business strategy and the plans and objectives of management for future operations; anticipated financial impacts of the proposed transaction; the satisfaction of the closing conditions to the proposed transaction; and the timing of the completion of the proposed transaction, are forward-looking statements. These statements are based on management's current expectations and are subject to uncertainty and changes in circumstances. Investors are cautioned that any such forward-looking statements are not guarantees of future performance, results or events and involve risks and uncertainties, and that actual results or developments may differ materially from those in the forward-looking statements as a result of various factors, including financial community and rating agency perceptions of Prime Focus World NV, Sports Ventures Acquisition Corp. and their respective business, operations, financial condition and the industries in which they operate, the risk that the proposed transaction between Prime Focus World NV, and Sports Ventures Acquisition Corp. may not be consummated, and the factors described in the "Risk Factors" section of Sports Ventures Acquisition Corp.’s annual report on Form 10-K for the fiscal year ended December 31, 2021, which was filed with the SEC on March 1, 2022, the proxy statement discussed above and other documents filed by Sports Ventures Acquisition Corp. from time to time with the SEC. Prime Focus World NV and Sports Ventures Acquisition Corp. each disclaim any obligation to update any forward-looking statements contained herein.

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