MD Local Global Ltd. and Goya Award-Winning Animation Studio Abano Producións Sign Feature Film Development Memorandum of Understanding for Journey to the West

MD Local Global (NASDAQ:UOKA) signed a Memorandum of Understanding with Spanish animation studio Abano Producións on March 8, 2026 to explore development of a feature-length animated film inspired by Journey to the West.

Rhea-AI Summary

MD Local Global (NASDAQ:UOKA) signed a Memorandum of Understanding with Spanish animation studio Abano Producións on March 8, 2026 to explore development of a feature-length animated film inspired by Journey to the West.

The collaboration builds on a current animated short, leverages Abano's 2026 Goya Award recognition, and aims for international co‑production, festival positioning, and multi‑platform distribution opportunities.

Argus Mar 10 session

-2.48% close to close Open Argus

Details

News Market Reaction – UOKA

On Mar 10, the day this news came out, UOKA closed 2.48% below the previous close.

Data tracked by StockTitan Argus for the Mar 10 session.

Market Context

This announcement expands MD Local Global’s Journey to the West initiative from an animated short in...

Analysis

This announcement expands MD Local Global’s Journey to the West initiative from an animated short into potential feature-film development with Goya Award–winning Abano Producións, reinforcing its strategic shift toward global animation IP. Recent history shows repeated capital raises and detailed SEC filings alongside creative milestones, so investors may monitor how future financing under the $70,000,000 F-3 shelf, once effective, balances against dilution risk. Tracking execution on production timelines, festival positioning, and distribution partnerships will be key to assessing long-term value creation.

Key Figures

MOU signing date: March 8, 2026 Press release date: March 10, 2026 Goya Award year: 2026 +1 more

MOU signing date

March 8, 2026

Date MDLG and Abano Producións signed feature film development MOU

Press release date

March 10, 2026

Date MD Local Global Ltd. announced the MOU

Goya Award year

2026

Year Abano Producións won Goya Award for Best Animated Feature Film

Prior agreement date

November 12, 2025

Date of Animation Production Agreement for the short film

Historical Context

5 past events · Latest: Mar 09

5 events

1. Mar 09

   Policy support highlight

   24h Move

   +1.3%

   Company highlighted UK and European policy support for animation and creatives.

2. Mar 05

   Growth initiative

   24h Move

   +9.9%

   Outlined digital animation museum as a funded growth and cultural project.

3. Mar 03

   Capital raise

   24h Move

   +15.4%

   Completed public offerings raising USD 8.5M for animation and cultural plans.

4. Mar 02

   Production milestone

   24h Move

   -16.4%

   Announced Journey to the West short entering full production with top team.

5. Feb 27

   Dilutive offering

   24h Move

   -61.9%

   Priced $2.5M registered direct share sale under existing shelf registration.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Key Terms

memorandum of understanding

1 terms

memorandum of understanding financial

"today announced that it signed a Memorandum of Understanding (the "MOU") with Abano Producións"

A memorandum of understanding (MOU) is a formal agreement between two or more parties that outlines their shared intentions and plans to work together. It acts like a handshake in writing, clarifying each side’s roles and expectations before any official contract is signed. For investors, an MOU signals that parties are serious about collaboration, which can influence future business opportunities and potential growth.

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LONDON, March 10, 2026 /PRNewswire/ -- MD Local Global Ltd. ("MDLG" or the "Company"), London-based cultural company, today announced that it signed a Memorandum of Understanding (the "MOU") with Abano Producións, a Spanish animation studio, to explore the development of an animated feature film inspired by the Chinese literary classic Journey to the West.

The MOU was signed on March 8, 2026, marking an important step in expanding the collaboration between the two parties beyond their ongoing animated short film project.

Earlier this year, Abano Producións received the 2026 Goya Award for Best Animated Feature Film for Decorado. Presented by the Spanish Academy of Cinematographic Arts and Sciences, the Goya Awards represent the highest honor in Spanish cinema and are widely regarded as the Spanish equivalent of the Academy Awards.

The award further strengthens the international reputation of producer Chelo Loureiro, whose work has long been recognized within the global animation festival circuit.

From Short Film Collaboration to Feature Film Development

On November 12, 2025, MDLG entered into an Animation Production Agreement with Abano Producións, launching the production of the animated short film project. Building upon this ongoing collaboration, MDLG and Abano Producións signed the present MOU, expressing the parties' shared intention to explore the development of a feature-length animated film based on the creative universe established by the short film.

Within the international animation industry, artist-driven animated shorts often serve as both independent artistic works and creative foundations for larger cinematic projects.

Under the MOU, the feature film initiative will seek to expand the narrative and visual identity of the project for a global audience while exploring international co-production structures and distribution opportunities.

An International Creative Collaboration

The project brings together a distinguished international creative team whose work spans animation, cinema, music, and visual storytelling.

The short film is directed by Isabel Herguera, one of Europe's most respected animation auteurs and former Artistic Director of the Animac International Animation Festival of Catalonia.

The screenplay is written by Gianmarco Serra, an interdisciplinary filmmaker, composer, and sound artist known for integrating music, sound design, and narrative structure into a unified cinematic language.

Visual development is supported by Gina Thorstensen, an animation filmmaker and visual artist whose work explores emotional perception and experimental visual storytelling.

Together with Goya Award–winning producer Chelo Loureiro and Abano Producións, the collaboration represents a distinctive international creative partnership combining festival-recognized artistic practice, interdisciplinary storytelling, and global production experience.

Reimagining a Classical Myth for a Global Audience

Inspired by the well-known episode often referred to as "The True and the False Monkey King," the project explores enduring philosophical questions surrounding truth, illusion, identity, and self-awareness.

Through animation, the story becomes a reflection on the human mind itself — where fragmentation gives rise to illusion, while clarity emerges through self-knowledge and transformation.

By combining Chinese mythological imagination with contemporary European animation language, the project seeks to create a cinematic work capable of resonating across cultures while remaining rooted in universal philosophical themes.

Strategic and Economic Potential

Beyond its artistic ambition, the project may also present opportunities within the evolving global animation economy.

Animated films grounded in strong mythological worlds have, in certain cases, demonstrated the potential to generate cultural and commercial value across multiple platforms, including international theatrical distribution, global streaming platforms, and cross-media storytelling opportunities.

With the combination of a globally recognized literary source, a Goya Award–winning production company, and an international creative team with strong festival credentials, the Journey to the West animation initiative may be well suited to pursue both cultural relevance and economic opportunity within the international animation market.

Strategic Outlook

The combination of Abano Producións' recent Goya Award victory, the ongoing short film collaboration, and the newly signed feature film development MOU represents an important milestone for the project.

Together, these developments mark the early stages of an international animation initiative that seeks to bridge Eastern philosophical storytelling with the European auteur animation tradition.

As development progresses, the project intends to continue exploring international partnerships, festival positioning strategies, and potential distribution opportunities across both theatrical and streaming platforms.

About Abano Producións

Abano Producións is a Spanish animation studio internationally recognized for producing distinctive auteur animation projects. Led by Goya Award-winning producer Chelo Loureiro, the studio has established a strong presence across the international festival circuit, with productions selected at more than one hundred festivals worldwide.

About MD Local Global Ltd.

MD Local Global Ltd., headquartered in the United Kingdom, specializes in cultural IP development and ownership, animation film production, international licensing, cultural tourism operations, and cultural venue development.

The Company is committed to building a globally influential cultural and artistic ecosystem, bringing Eastern philosophy and aesthetics into the world through contemporary storytelling.

Forward-Looking Statements

This announcement contains forward-looking statements within the meaning of the U.S. Private Securities Litigation Act. All statements other than statements of historical fact in this announcement are forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties and are based on current expectations and projections about future events and financial trends that the Company believes may affect its financial condition, results of operations, business strategy, and financial needs. Investors can identify these forward-looking statements by words or phrases such as "may," "will," "expect," "anticipate," "aim," "estimate," "intend," "plan," "believe," "potential," "continue," "is/are likely to" or other similar expressions. The Company undertakes no obligation to update forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results and encourages investors to review other factors that may affect its future results in MDJM LTD's annual report on Form 20-F and its other filings with the U.S. Securities and Exchange Commission.

Investor Contact:

Sherry Zheng
WAVECREST GROUP INC.
Phone: +1 718-213-7386
Email: sherry@wavecrestipo.com

View original content:https://www.prnewswire.com/news-releases/md-local-global-ltd-and-goya-awardwinning-animation-studio-abano-producions-sign-feature-film-development-memorandum-of-understanding-for-journey-to-the-west-302709451.html

SOURCE MDJM LTD

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What did MD Local Global (UOKA) announce about the Journey to the West feature film?

They signed a Memorandum of Understanding to explore a feature-length adaptation on March 8, 2026. According to MD Local Global, the MOU expands an existing short-film collaboration with Abano Producións toward co-production and distribution planning for a global audience.

Who is Abano Producións and why is their involvement important for UOKA's project?

Abano Producións is a Goya Award–winning Spanish animation studio recognized in 2026. According to MD Local Global, Abano's award and producer Chelo Loureiro's festival credentials enhance the project's international artistic and commercial credibility.

When was the MOU between MD Local Global (UOKA) and Abano Producións signed?

The MOU was signed on March 8, 2026. According to MD Local Global, this step follows a November 12, 2025 animation production agreement and intends to develop a feature based on the short film's creative universe.

What creative team members are attached to the UOKA Journey to the West initiative?

The project involves director Isabel Herguera, writer Gianmarco Serra, visual developer Gina Thorstensen, and producer Chelo Loureiro. According to MD Local Global, the team brings festival-recognized auteur experience and interdisciplinary storytelling to the collaboration.

How might the UOKA and Abano feature film be commercialized or distributed?

The initiative will explore international co-production structures, theatrical and streaming distribution, and cross-media opportunities. According to MD Local Global, the partners aim to position the film for festivals and global platforms to pursue cultural and economic value.