Laird Adamson, head of international sales at Magnolia's sister company HDNet, will screen the film and begin international sales at AFM.
Timecrimes centres on a man who inadvertently discovers the perils of time travel and premiered at the 2007 Fantastic Fest film festival in Austin, where it was named best feature before going on to screen at Sitges.
Magnolia plans a 2008 domestic theatrical release. It is understood several parties are pursuing English-language remake rights.
'Nacho is a serious talent and we're excited to be involved with him at the start of what promises to be a great career,' Magnolia president Eamonn Bowles said.
Carneros, managing director and co-owner of KV Entertainment, said Magnolia was 'the best company to market an extraordinary foreign language genre film like Nacho's.'
Magnolia's senior vice president Tom Quinn, director of acquisitions Dori Begley, and head of business affairs Jason Janego negotiated the deal with Carneros.