Navarre Corporation Announces Sale of FUNimation Entertainment

Navarre Corporation Announces
Sale of FUNimation Entertainment
Company Advances on Strategic Initiatives and
Affirms Debt-Free Status at March 31, 2011

MINNEAPOLIS, Apr 4, 2011 (GlobeNewswire via COMTEX) -- Navarre Corporation (Nasdaq:NAVR) today announced that it has sold FUNimation Entertainment for $24 million in an all cash transaction. Purchasers in the transaction are a group of entities that were newly formed by an investment group that includes Gen Fukunaga, FUNimation Entertainment's chief executive officer, as a minority stakeholder. In connection with the sale, the Company has entered into an agreement to act as FUNimation Entertainment's exclusive distributor in the United States on a continuing basis, and will also act as FUNimation Entertainment's logistics and fulfillment services provider.

FUNimation...for sale??

Yes everyone, Navarre Corporation, the parent company of FUNImation, has placed the anime power house up for sale. Why? Because FUNimation Entertainment and Navarre Corporation has "distinct" "strategy and capital requirements." As a result, to further the success of FUNimation, "the Company anticipates that those plans are best executed with ownership that has assets or expertise in those areas."

BioWare and FUNimation Entertainment

BioWare and FUNimation Entertainment Sign Anime Movie Deal for Award-Winning Dragon Age Franchise
Anime Leader to Create Home Video Adaptation of Award-Winning "Dragon Age"

REDWOOD SHORES, Calif., Jun 7, 2010 (GlobeNewswire via COMTEX) --BioWare(TM), an Electronic Arts Inc. (Nasdaq:ERTS) studio, and FUNimation Entertainment, the leading distributor of Japanese animation in North America, announced today an agreement to create an anime feature film adapted from BioWare's critically-acclaimed fantasy Action RPG franchise Dragon Age(TM). Production of the Dragon Age anime movie is slated to begin this month with a home video release in 2011. Executive producing the film are BioWare's Executive Producer Mark Darrah and Creative Director Mike Laidlaw, as well as FUNimation's president and CEO Gen Fukunaga and Director of Original Entertainment Chris Moujaes.