The first place winner will receive a $1,000 prize, the second place winner a US$500 prize, and the third place winner a US$250 prize.
The company also announced it is bringing back its Rising Stars of Manga competition.
The company also added that artists will retain the copyright on their works, and that Tokyopop will not have ownership of the IP.
The company will reveal more details like where to submit the entries online and the full terms at a later date.
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