The new venture stems from the recent hire of chief executive officer Lee Solomon, who was brought on board with a mandate to find new revenue streams.
The Weinsteins aim to release six to 10 titles each year from new film-makers and 'established mavericks' a year through the theatrical and DVD pipelines that already exist.
'For over thirty years, The Weinsteins have remained committed to providing independent and ground breaking filmmakers with the strongest possible voice,' Solomon said.
'Utilising the strength of our multi tiered brand, Third Rail releasing will forge a new home for unique independent film-makers.'
'In addition to providing a theatrical showcase for these valuable films, our partnership will provide a mechanism and an infrastructure to ensure we are maximising home video profitability for these films,' Genius Products CEO Trevor Drinkwater said.
The Weinsteins acquired Diary of The Dead shortly after its world premiere in Toronto last September. Further titles are expected to be announced shortly.