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Megaplex Theatres Chooses Cinedigm Digital Cinema for Digital DeploymentDeal Will Enable the Rollout of 90 New Digital Cinema Screens at Six Locations (February 02, 2012)
WOODLAND HILLS, CA -- (Marketwire) -- 02/02/12 -- Cinedigm Digital Cinema Corp. (NASDAQ: CIDM), the global leader in digital cinema, today announced a long-term VPF deployment agreement with Megaplex Theatres. Megaplex will be providing its own financing in the Cinedigm exhibitor-buyer deal structure. The rollout comprises 90 screens at six Megaplex locations, with the majority of installations expected to be completed by summer 2012.
The transition from 35mm film projection, which has been used for 110 years, to digital projection systems is a world-wide 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 the 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 dozens of independent distributors.
Megaplex Theatres is a part of the Larry H. Miller Sports and Entertainment Group, which is also owned by Larry H. Miller Group of Companies. Corporate headquarters for Megaplex Theatres are located at Energy Solutions Arena in Salt Lake City, Utah. Megaplex operates six theatre complexes, including Thanksgiving Point in Lehi, UT, the Gateway, Salt Lake City, UT, the Junction, Ogden, UT, Jordan Commons, Sandy, UT, Legacy Crossing in Centerville, UT, and the District, South Jordan, UT.
"After extensive research and evaluation of our options, we are thrilled to be working with Cinedigm on this conversion to digital," said Blake Andersen of Megaplex Theatres. "Our guests expect the very best from Megaplex and we know they will immediately experience the benefits of digital cinema."
"Megaplex has a reputation for outstanding performance both technically and operationally," said Gary Loffredo, Cinedigm's President of Digital Cinema Services. "We are exceedingly proud now to be able to call Blake and his team our newest exhibitor partner."
In the combined Phase One and Phase Two digital cinema deployment program, Cinedigm has:
- Signed 10,189 screens overall
- Installed 8,950 digital screens
- Signed digital screens deals with 184 exhibitors
Cinedigm digital theatres are fully networked, turnkey systems -- simple and cost-efficient to operate.
* These figures do not include IMAX screens.
Cinedigm 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 digital cinema transformation. Cinedigm and Cinedigm Digital Cinema Corp are trademarks of Cinedigm Digital Cinema Corp www.cinedigm.com
About Megaplex Theatres
The Megaplex Theatres at Jordan Commons in Sandy, Gateway in Salt Lake City, Thanksgiving Point in Lehi, Legacy Crossing in Centerville, The Junction in Ogden and The District in South Jordan are among the most popular theatres in Utah. A new Megaplex Theatres location is currently under construction at Valley Fair Mall in West Valley City, Utah while a major renovation is also underway at Thanksgiving Point in Lehi, Utah.
Founded by local businessman Larry H. Miller, the theatres are among the top grossing in the nation. In addition, the Megaplex Theatres feature regular and large-format movie screens, Megaplex dinner and a movie gift card options, conference and auditorium rental and an industry-leading guest services team. Megaplex Theatres show times and other group information can be found on the web at www.MegaplexTheatres.com, texting "Movies" to 71354, or by calling (801) 304-4636.
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