Summit Entertainment acquired feature rights to The Perks of Being A Wallflower, with novelist Stephen Chbosky adapting and directing his novel. Emma Watson and Logan Lerman star in a coming of age story of a 15-year old crushing hard on a girl while he deals with his best pal’s suicide and other emotional issues. Shooting begins this summer and Summit Intl is selling offshore rights…Titan Worldwide set a June production start for El Chico Blanco, with Carl Franklin directing a script by Twilight Saga‘s Peter Facinelli.  Facinelli stars as a white outcast raised in the barrio who becomes the head of a notorious crime family. Hyde Park is handling foreign sales…W2 has launched as a new distribution company based in LA, Vancouver and Toronto. The principals are John Flock, Warren Nimchuk and Warren Fergus. Flock had been CEO of Peace Arch. They plan to buy completed films for distribution, pre-buy rights to packages and through affiliate W2 Entertainment Finance, can finance tax credits and other production incentives and fund cash flow against distribution sales and arrange gap financing. W2′s initial slate includes the horror pic The Woman, which bowed at Sundance and Shadow and Lies, which has James Franco and Josh Lucas in its cast…