Pacific Theatres Exhibition Corp. Chooses Cinedigm Digital Cinema for Digital Deployment
Deal Will Enable the Rollout of 160 New Digital Cinema Screens
HOLLYWOOD, CA -- (MARKET WIRE) -- 09/26/11 --
Cinedigm Digital Cinema Corp. (NASDAQ: CIDM), the global leader in digital cinema, today announced a long-term VPF deployment agreement with Pacific Theatres Exhibition Corp. The agreement will enable the conversion of Pacific's theatres to digital cinema under the terms of Cinedigm's long-term agreements with all the major studios and over a hundred different independent distributors that Cinedigm has worked with making interim VPF agreements. Pacific will be providing its own financing in the Cinedigm exhibitor-buyer deal structure. The rollout comprises up to 160 screens, with the majority of installations expected to be completed by early 2012.
Founded over 60 years ago, Pacific Theatres has developed and operated drive-in theaters, walk-in theaters and state-of-the-art multi- and megaplex theaters in the Los Angeles area. Known for their iconic Cinerama Dome theatre as well as ArcLight Cinemas and other quality theatres, Pacific has long been a leader in the motion picture exhibition industry.
"We are confident that we have made the best choice for Pacific Theatres to move forward with Cinedigm for our digital cinema deployment program," said Gretchen McCourt, Executive Vice President, Pacific Theatres. "We are looking forward to taking full advantage of Cinedigm's cutting edge software and technology to help us deliver a great sight and sound experience to our guests."
Cinedigm's Digital Cinema division is the industry-leading deployment program for Digital Cinema. It facilitates the funding, installation support and administration for the company's studio-supported Digital Cinema rollout plans. Cinedigm is also the digital cinema integrator of choice for the CBG, a buying program of the National Association of Theatre Owners (NATO) for small and independent theatre operators in United States and Canada.
"It has been a pleasure working with the Pacific team throughout the deal process," said Gary Loffredo, Cinedigm's General Counsel and corporate Senior Vice President Business Affairs. "Cinedigm takes great pride in working with our exhibitor partners to develop a digital cinema deal program that meets their requirements. We look forward to working with Pacific to utilize the full menu of Cinedigm digital applications, including our software."
"Pacific Theatres is one of the most respected companies in the exhibition industry," said Chuck Goldwater, President, Media Services Group. "Their reputation for outstanding performance both technically and operationally, as well as their decades of commitment to the communities in which they operate, exemplifies the best the exhibition industry has to offer. We are exceedingly proud now to be able to call them our newest exhibitor partner, and we look forward to supporting their digital cinema program with all the quality and care that is the hallmark of their business for many years to come."
Cinedigm offers a new business model to exhibitors by enabling theatres to present engaging alternative programming including live 2D and 3D sporting events and concerts, shorts, cartoons, live Q&As, as well as branded entertainment. Recent releases by Cinedigm include 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 six years, a weekly family friendly matinee series that runs in over 165 theatres across the country.
In the combined Phase One and Phase Two digital cinema deployment program, Cinedigm now has:
- Signed close to 9,700 screens
- Signed over 150 exhibitor partners
- Installed close to 7,500 digital screens
Cinedigm-installed screens account for over 33% of the total 22,000+ digital screens in the United States and Canada*.
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 [CIDM-G]
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Source: Cinedigm Digital Cinema
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