Cinedigm Signs on Initial Financing for Phase 2 Digital Cinema Conversions
December 03 2008 - 8:00AM
Marketwired
Cinedigm Digital Cinema Corp. ("Cinedigm") (NASDAQ: CIDM) today
announced its Phase 2 Entity signed today on an $8.9 million credit
facility. The facility will fund the launch of Cinedigm's first 137
Phase 2 conversions of Premiere Cinemas' theatres to the Company's
digital cinema platform, in what is expected to ultimately be a
10,000-screen digital cinema deployment plan. The first 35 systems
are expected to be operational in December, bringing the total for
Phase 2 to 55 by year end. To date, Cinedigm has signed almost 500
screens to its Phase 2 plan and anticipates thousands more in the
months ahead.
Cinedigm's Digital Cinema division has already installed more
than 3,700 digital cinema systems in theaters across the United
States during its two-year Phase 1 rollout, making it by far the
market leader in making digital cinema a reality for millions of
moviegoers. Cinedigm created the industry-standard, studio-backed
deployment program that provides the funding, installation,
support, and administration for fully Digital Cinema. The Company's
Phase 2 plan will provide networked, turnkey, Digital Cinema
systems in conformance with DCI specifications, including
Cinedigm's unique Library Management Server� and Theatre Command
Center� software. The system will also include digital projectors
and JPEG 2000 media servers from a variety of vendors whose
equipment is designed to meet the DCI specifications as well as a
demanding set of performance and reliability requirements Cinedigm
developed through its success with the Phase 1 plan.
"We are extremely pleased but not surprised to have closed on
this initial financing," said Bud Mayo, Chairman and Chief
Executive Officer of Cinedigm. "While the credit markets overall
remain largely closed, Cinedigm is a proven business with a strong
track record thanks to its Phase 1 plan and was able to secure
credit to initiate our next-stage plans. As industry leader and the
only company actually to have converted thousands of screens so
far, we are committed to delivering on our promise to begin Phase 2
installations for Premiere Cinemas in this quarter in a significant
way. Our goal is to continue to sign thousands of additional
screens in the months ahead in anticipation of additional financing
from a variety of sources."
About Cinedigm (Formerly AccessIT)
Cinedigm Digital Cinema Corp. is the global leader in fulfilling
the promise of digital cinema. Its ground-breaking technology
platform helps exhibitors, distributors, studios and content
providers transform the consumer movie experience -- by expanding
theatrical features to include not only movies but also live 2-D
and 3-D performances such as sporting events, concerts and gaming.
The Company also enables theatres to create exhibitions and
advertising opportunities targeted to specific audience groups and
locations thereby offering new revenue opportunities for these
venues. Cinedigm's leading digital cinema platform and
one-of-a-kind satellite delivery operations support more than 3,700
theatres across the United States with over nine million digital
showings of Hollywood features to date. Access Integrated
Technologies, Inc. (AccessIT) (NASDAQ: AIXD) is now doing business
as Cinedigm Digital Cinema Corp. and trading under the ticker
NASDAQ: CIDM. www.Cinedigm.com [CIDM-G]
Contact: Suzanne Moore Cinedigm Digital Cinema Corp.
973-290-0056 Email Contact John Franklin Abernathy MacGregor Group
212-371-5999 Email Contact
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