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Cinedigm Digital Cinema Corporation Announces Digital Deployment Pact With Hollywood TheatersDeal Will Enable the Rollout of 212 New Digital Cinema Screens (June 14, 2012)
LOS ANGELES, CA -- (Marketwire) -- 06/14/12 -- Cinedigm Digital Cinema Corp. (NASDAQ: CIDM), the global leader in digital cinema, today announced a long-term VPF deployment agreement with Hollywood Theaters. The agreement will enable the conversion of certain Hollywood Theaters locations to digital cinema under the terms of Cinedigm's long-term agreements with all the major studios, as well as ongoing interim agreements with over one hundred independent distributors.
This Cinedigm-financed conversion will deploy 212 Cinedigm-Certified screens, with installation expected to be completed in the Fall. The theaters have chosen to utilize powerful digital projector systems from NEC Display Solutions.
Moving Image Technologies (MIT) is the project's reseller, and will provide installation, warranty and technical services as well as support from its state-of-the-art network operations center.
The transition from 35mm film projection, which has been used for 110 years, to digital projection systems is a worldwide motion picture industry effort and the costs to deploy this new technology are covered primarily through the payment of virtual print fees (VPF) from studios to implementation companies. Cinedigm's Digital Cinema division facilitates funding, installation and operations support, along with ongoing VPF administration, for the company's digital cinema rollout plans. Cinedigm has signed long-term VPF agreements with all the major studios and interim agreements with over one hundred independent distributors.
"Converting to digital has been a tremendously challenging proposition," said Clyde Cornell, SVP/COO of Hollywood Theaters. "We are pleased that, together with NEC Display and MIT, Cinedigm has created a program for Hollywood Theaters that allows us to convert to digital projection in a remarkably cost-effective way."
"Hollywood has been very diligent in evaluating their digital cinema options, and we're thrilled we were able to create a custom solution that works for them," said Gary Loffredo, Cinedigm's President of Digital Cinema Services. "We look forward to sharing the benefits of digital cinema with Clyde and his team at Hollywood Theaters."
"Hollywood is taking a huge leap with its conversion to digital cinema, and we're grateful to be part of the initiative," said Jim Reisteter, General Manager of Digital Cinema at NEC Display.
Cinedigm and NEC Display have partnered to help exhibitors convert more than 2,000 screens to digital projection. NEC digital cinema projectors are Digital Cinema Initiatives (DCI) compliant and High Frame Rate upgradable, which allow exhibitors to capitalize on current and future growth opportunities.
Cinedigm offers a new business model to exhibitors by enabling theaters to present engaging alternative programming including live 2D and 3D sporting events and concerts, short films, cartoons, live Q&A's, as well as branded entertainment. Recent releases by Cinedigm include the first ever live 3D broadcast of a UFC bout on February 4, 2012, the ground-breaking, worldwide LIVE 3D broadcast of the FIFA World Cup Championship, the BCS Championship in LIVE 3D, the Dave Matthews Band 3D concerts, and the sold out 3D PHISH concerts. Cinedigm has also released the KIDTOONS series for the past eight years, a weekly family friendly matinee series that runs in over 150 theaters across the country.
In its combined Phase One and Phase Two digital cinema deployment program, Cinedigm has:
- Signed 10,877 screens overall
- Installed 9,777 digital screens
- Signed digital screens deals with 227 exhibitors
Cinedigm digital theaters are fully networked, turnkey systems -- simple and cost-efficient to operate.
Cinedigm Digital Cinema Corp. is a leader in providing the services, experience, technology and content critical to transforming movie theaters into digital and networked entertainment centers. The Company partners with Hollywood movie studios, independent movie distributors, and exhibitors to bring movies in digital cinema format to audiences across the country. Cinedigm's digital cinema deployment organization, state of the art distributor and exhibition software, and marketing and distribution platform for alternative content and independent films are a cornerstone of the industry's digital cinema transformation. With the April acquisition of New Video, the world's largest aggregator of independent digital content and leading distributor of quality entertainment, CIDM has created a new full service end-to-end digital studio, enabling the Company to acquire and distribute independent films and specialty content both theatrically and via digital, mobile and home media platforms. Cinedigm and Cinedigm Digital Cinema Corp are trademarks of Cinedigm Digital Cinema Corp www.cinedigm.com.
About Hollywood Theaters
Headquartered in Portland, OR, Hollywood Theaters is one of America's largest motion picture exhibitors, with 540 screens across 48 locations in the continental United States, Hawaii, South Pacific Territories and the Cayman Islands. Founded in 1991, the convenient and modern theater circuit features stadium seating in over 90% of their theaters. Visit www.GOHOLLYWOOD.com for more information.
About NEC Display Solutions of America, Inc.
Headquartered in Itasca, Ill., NEC Display Solutions of America, Inc., is a leading designer and provider of innovative desktop LCD monitors, commercial- and professional-grade large-screen LCD displays, a diverse line of multimedia and digital cinema projectors, and integrated display solutions. NEC Display Solutions develops leading-edge visual technology and customer-focused solutions for a wide variety of markets, including enterprise, healthcare, education and digital signage. For additional information about NEC Display Solutions of America monitors, consumers can call (866) NEC-MORE, or visit the website at www.necdisplay.com. For digital images, please visit http://necdisplay.com/digital-media-library.
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