The China premiere of Transformers 4: Age of Extinction will push on Friday as scheduled after Chinese promotional partner Beijing Pangu Investment Co. shelved plans to block its distribution. Pangu, however, will still pursue litigation for the alleged breach of contract.

Following Pangu's announcement last week that it was withdrawing its commercial sponsorship and filed court documents requesting for the blockage of the film's release in China, Paramount vice chairman Rob Moore, director Michael Bay, producer Lorenzo Di Bonaventura and actor Jack Reynor held a news conference on Tuesday to address the issue.

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"Transformers 4 will be released as scheduled on June 27^th, nothing will be affected," they announced.

With regard to the conflict with Pangu, they said that there were miscommunication problems in the terms of the contract and that they are now working with together to rectify the situation.

And while Paramount scrambles to appease Pangu, placing a giant Bumblebee Transformer replica in front of the dragon-shaped Pangu hotel, the financial giant said it will still pursue the contract violation lawsuit.

In a separate conference held by Pangu CEO Lu Tao, he announced that although the company dropped its request to block the movie's release it still intends to recover some $1.6 million worth of product placement it spent to promote the movie in exchange for benefits including a film appearance of at least 20 seconds, which Pangu claimed did not happen when it saw the film on the June 17 world premiere in Hong Kong, The Sydney Morning Herald noted.

The Chinese box office is a potentially large film market with a reported 30 percent growth per year, making it the second largest box office market in the world.

Paramount hopes that the Chinese box office will play a major role in getting back its investment which cost more than $200 million to produce, The Wall Street Journal noted.

The Transformers 4: Age of Extinction stars Mark Wahlberg, Nicola Peltz, Jack Reynor, Stanley Tucci, Kelsey Grammer, Li Bingbing, Sophia Myles, Titus Welliver and T.J. Miller.

Ray Liu, Michael Wong, Han Geng and GM vice president of design Edward T. Welburn will also cameo in the movie.

TagsTransformers 4, Transformers: Age of Extinction, Michael Bay, Mark Wahlberg, Nicola Peltz, Jack Reynor, Stanley Tucci, Kelsey Grammer, Li Bingbing, Sophia Myles, Titus Welliver, TJ Miller, Beijing Pangu Investment Co, Paramount, Jiaflix