Redwood Palms Pictures, Truly Indie, and Magnolia Pictures announced that they will partner in acquiring Mike Mayer's teen-heist film "Graduation" for both theatrical and DVD release. The film stars Riley Smith, Shannon Lucio, Adam Arkin and Huey Lewis and details four high school friends who decide to rob a bank to help pay for college. Redwood Palms and Truly Indie will handle theatrical distribution of the film, which will premiere May 2, 2008 in Austin, Seattle, San Francisco, Berkeley and Minneapolis, and Magnolia will release the film on DVD. [Peter Knegt]