Provision Interactive Signs Exclusive Agreement With Phantasmic Entertainment to Develop Giant 3D "Without Glasses" Displays
January 28 2010 - 8:30AM
Marketwired
Provision Interactive Technologies, Inc. ("Provision"), a
subsidiary of Provision Holding, Inc. (OTCBB: PVHO), announced
today that it has signed an exclusive development and sales
agreement with Phantasmic Entertainment, Inc. ("Phantasmic").
Under the terms of the agreement, Phantasmic will underwrite the
development costs of a new life sized, large format 3D HoloVision
display. The display will be capable of projecting floating 3D
holographic videos three feet or larger in size without the need
for glasses. Provision will retain the intellectual property rights
while Phantasmic will enjoy exclusive sales rights within certain
market channels.
"We are very excited by this new opportunity to work with
Phantasmic, as this partnership allows Provision to offset the
significant research and development costs associated with
developing large format displays capable of projecting life size
images. We look forward to marketing and selling this display in
other market channels both in North America and globally," said
Curt Thornton, President and CEO of Provision.
Upon completion of the product development process, Phantasmic
will be granted exclusive sales and distribution rights for the
product within auto dealerships, themed entertainment, and retail
furniture stores in the U.S. and Canada. Phantasmic expects to
purchase a minimum of 4,000 displays over a three year period,
which equates to more than $30 million in hardware sales.
"Based on the overwhelming and positive response to Provision's
technology, we believe the addition of the larger free floating 3D
displays will provide a significant advantage to the marketing and
advertising of various products and services. We also believe that
this product will be extremely well received by our business
relationships. We are excited to be a part of the process and are
committed to its success," concluded Carl Smith, CEO and Chairman
of Phantasmic.
About Provision Interactive Technologies, Inc.
Provision Interactive Technologies, Inc., a subsidiary of the
publicly traded company Provision Holding, Inc. (OTCBB: PVHO), is
the leading purveyor of interactive 3D holographic display
technologies, software, and integrated solutions for both
commercial and consumer focused applications.
Provision's 3D holographic display systems represent a
revolutionary technology that provides the projection of full
color, high resolution videos into space detached from the screen,
without any special glasses. Provision is currently the market
leader in true 3D consumer advertising display products being
implemented by innovative, consumer-focused Fortune 1000
companies.
For more information, please visit Provision at
www.provision.tv.
Forward-Looking Statements
Such forward-looking statements are subject to a number of
risks, assumptions and uncertainties that could cause the Company's
actual results to differ materially from those projected in such
forward-looking statements. These risks, assumptions and
uncertainties include: the ability to complete systems within
currently estimated time frames and budgets; the ability to compete
effectively in a rapidly evolving and price competitive
marketplace; changes in the nature of telecommunications regulation
in the United States and other countries; changes in business
strategy; the successful integration of newly acquired businesses;
the impact of technological change; and other risks referenced from
time to time in the Company's filings with the Securities and
Exchange Commission.
Investor Relations: Poseidon Capital (702) 589-5830