Cinedigm Digital Cinema Corporation Announces Digital Deployment Pact With Metropolitan Theatres Corporation
LOS ANGELES, CA -- (Marketwire) -- 09/28/12 -- Cinedigm Digital Cinema Corp. (NASDAQ: CIDM), the global leader in digital cinema, today announced a long-term VPF deployment agreement with Metropolitan Theatres Corporation ("Metropolitan").
This Cinedigm-financed conversion will deploy 82 Cinedigm-Certified" screens, with installation expected to be completed later this Fall. Metropolitan will utilize systems from Barco.
Metropolitan currently operates 16 theatres in California, Colorado, Idaho, Utah and British Columbia.
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.
"Metropolitan has been very diligent in evaluating their conversion options and we are thrilled they have chosen to work with us," said Gary Loffredo, Cinedigm's President of Digital Cinema Services. "We know David and his team will immediately benefit from the many enhancements digital cinema offers, both from the operational side as well as the consumer viewing experience."
Metropolitan's President, David Corwin, stated, "We are excited to complete our transition to digital cinema with the support of experienced industry leaders Cinedigm and Barco. They will be great partners in the continuously changing landscape of theatrical exhibition and the many new opportunities presented."
In its combined Phase One and Phase Two digital cinema deployment program, Cinedigm has:
- Signed 11,474 screens overall
- Installed 10,787 digital screens (as of 9/14)
- Signed digital screens deals with 259 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. 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 (CIDM) www.cinedigm.com.
About Metropolitan Theatres Corporation
Los Angeles based Metropolitan Theatres Corporation is a fourth generation family motion picture exhibitor in its 89th year of operation. Metropolitan operates a diverse collection of historic properties and state-of-the-art multiplexes among its 84 screens at 17 locations in California, Colorado, Idaho, Utah and British Columbia, including resort communities Santa Barbara, Aspen, Steamboat Springs, Sun Valley, Park City, and Whistler. Metropolitan is focused on achieving its next generation growth plan through new development, theatre acquisitions, and theatre management services. The Corwin family's participation in public affairs and civic and charitable projects is well-established in Los Angeles and beyond. Metropolitan Theatres fosters local relationships in the communities in which it operates.
Cinedigm Public Relations: MBC Maggie Begley Maggie@mbcprinc.com 310-301-1785 Cinedigm Investor Relations: Addo Communications Traci Tsuchiguchi firstname.lastname@example.org 310-829-5400 Metropolitan Theatres Contact: Phil Hermann CFO email@example.com 310-858-2822
Source: Cinedigm Digital Cinema