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Cannon Films was incorporated on October 23, 1967. It was formed by Dennis Friedland and Chris Dewey while they were in their early 20s. They had immediate success producing English-language versions of Swedish soft porn films directed by Joseph W. Sarno: "Inga" (1968), aka "Jag - en oskuld" and "To Ingrid, My Love, Lisa" (1968), aka "Kvinnolek". By 1970, they had produced films on a larger production scale than a lot of major distributors, such as "Joe", starring Peter Boyle. They managed this by tightly limiting their budgets to $300,000 per picture—or less, in some cases. However, as the 1970s moved on, a string of unsuccessful films seriously drained Cannon’s capital. This, along with changes to film-production tax laws, led to a drop in Cannon's stock price.
October 23, 1967