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Process Media ("Shortbus") has snapped up feature rights to Dave Eggers' novel "You Shall Know Our Velocity!" and signed Miguel Arteta ("The Good Girl," "Chuck and Buck") to direct.

Tim Perell is producing; Howard Gertler co-produces and Bill Mulroy exec produces. Project is the first supported by Process' new development fund, sustained through equity investment.

Process has tapped Wells Tower, recipient of the Paris Review Discovery Prize, to adapt. Story centers on two childhood friends who come upon a large sum of money and embark on a weeklong around-the-world journey to give it away.

Eggers' first book, "A Heartbreaking Work of Staggering Genius," was optioned by New Line.

Perell and Gertler founded New York-based Process in 2001. They won the Axium Producers Award earlier this year at the Independent Spirit Awards; they also produced Bart Freundlich's "Trust the Man," released by Fox Searchlight last year.