HONG KONG, Aug 8 (AP) -- Hong Kong computer animation studio Imagi, which made the recent movie "TMNT," said Wednesday it plans to produce the tie-in toys for its next two films with a local company, instead of selling the merchandise rights.

Imagi International Holdings Ltd. announced the partnership with Hong Kong-based Wah Shing Toys Co. in a statement that didn't give financial details.

Imagi and Wah Shing will collaborate on the toys for the movies "Gatchaman" and "Astro Boy," both based on Japanese cartoon characters, the statement said. The toys will arrive at stores when the two films are released in 2009, Imagi said.

"Imagi is taking a different approach by pooling the creative juices of the filmmakers with those of the toy designers. The resulting toys will be truer to the movies," Imagi Co-Chief Executive Douglas Glen said.

"Gatchaman" revolves around five heroes who fight alien invaders and "Astro Boy" is about a half-human, half-robot youngster.

Imagi, which once made artificial Christmas trees before switching over to computer animation, reported net losses in its past two financial years.

It suffered a net loss of 138.9 million Hong Kong dollars (US$17.7 million; £á12.9 million) in the financial year ending March 31, 2007, compared to HK$72.2 million in losses the previous year.

Glen said in an earlier interview it will take time for the startup computer animation studio to achieve profitability.

Imagi, which launched its computer animation business in 2000, only released "TMNT," its first movie, this year.

The movie, a take-off on the 1990's "Teenage Mutant Ninja Turtles" films, made US$54 million (£á39.2 million) at the U.S. box office and US$93 million (£á67.4 million) worldwide, according to the box office tracking Web site Box Office Mojo.

The toys inspired by that movie were made by Playmates Toys Inc., a division of Hong Kong-based Playmates Holdings Ltd.

An Imagi spokeswoman didn't immediately return a call seeking comment.