Having established a presence in every province west of Ontario, Regina-based Minds Eye Entertainment president and CEO Kevin DeWalt says the company’s growth aspirations will see future expansion into Ontario, with the potential of an IPO in the ‘medium to long term.’

‘To get any attention in raising capital in this country, you have to get some presence and get some attention on Bay Street. I think that part of our third round of financing will be a movement towards Bay Street,’ says DeWalt, referring to the final round of fundraising in Minds Eye’s five-year expansion plan.

The first phase of the expansion was completed in 2001 thanks to a $10-million infusion from investors, including $4.5 million from Crown Investments Corporation, the holding company for Saskatchewan’s Crown Corporations, and $2.5 million from leading Canadian venture capital organization, Working Ventures Corporation.

The company’s most recent expansion came in May when it quietly acquired Winnipeg-based Buffalo Gal Pictures, giving Minds Eye a strategic presence in the easternmost Prairie province. DeWalt projects the company will increase its production volume from $52 million in 2002 to $65 million this year.

The results of the second round of expansion, raising an additional $4 million, will be announced in coming months and the final round is expected within the next 18 months.

Specifics on the move to Toronto remain sketchy, but DeWalt says another acquisition or a merger are two possible routes the company might take to establish its presence in the Ontario capital.

‘To me it’s a natural progression for a company like Minds Eye. In terms of growth and accessing finance for our company in the future, we do see Toronto fitting into that.’

Opening in 1986, doing primarily commercial production and industrial video, Minds Eye began its foray into drama in 1989. Since then, its has spread from its head office in Regina, setting up offices in Edmonton in 1996 – headed by former director of development at Superchannel, Josh Miller, who is now a shareholder and VP development at Minds Eye. The company has an office in B.C., where it is producing the dramatic series Just Cause for W Network in Canada and PAX Network in the U.S. Now it has successfully set up shop in Manitoba as well.

The company also controls Minds Eye International, a six-year-old distribution operation with approximately 1,000 half-hours for international distribution, about 60% of which comes from third-party producers. The library includes MOWs such as Barna-Alper/Park Ex’s Choice and series such as 65 half-hours of WestWind Pictures’ Designer Guys.

Minds Eye also operates a sales office in Los Angeles.

-www.mindseyepictures.com

-www.buffalogalpictures.mb.ca