Toronto upstart Annex Entertainment has formed a joint venture with Toronto-based action movie producer Film One Productions to produce and distribute several projects together.

First up is Tiger Claws 3, a sequel to Film One’s successful Tiger Claws films. Director Roger Vadim, (Barbarella, And God Created Woman) has also been signed to direct a separate unnamed upcoming project.

The two companies say their combined force will be able to finance the films well enough to deliver the level of production values needed to perform well in the changing Asian and ancillary markets.

Annex is headed by former Paragon president Richard Borchiver and real estate developer and film financier Paul Wynn.

Annex’s Damian Lee, who just wrapped Meet Prince Charming (David Charvet, Tia Carrere) and is currently producing Mercy starring Ellen Barkin, will most likely have a hand in the films produced under the joint venture along with Film One producer Jalal Merhi.