CANNES -- Berlin indie production house Odeon Film and veteran German producers Peter Rommel and Thomas Haeberle have set up a new label, Waterfall Prods., to produce low-budget genre films.

Haeberle and Rommel have ample experience in low-budget production.

With Christian Becker, Heaberle produced several hit local-language genre films including the horror title "7 Days to Live," the crime drama "Bang Boom Bang" and the blue-collar comedy "If It Doesn't Fit, Use a Bigger Hammer."

Rommel, whose specialty is low-budget art house fare, has had success with films such as Andreas Dresen's crossover hit "Summer in Berlin" and Valeska Grisebach's 2006 Berlin Film Fest entry "Longing."

Odeon will hold 50.1% of Waterfall, with Rommel and Haeberle each holding 24.95% stakes.

The company, based in Hanover, plans to produce up to eight films in the $3 million to $5 million range during the next three years. The films will be bankrolled via Odeon's standing credit line with German bank, the Bayerische HVB.

"With this financing already in place, we will be able to begin right away on several productions," Odeon Films CFO Stephan Hansch said.

Waterfall plans to produce English- and German-language features.