Cinedigm Announces Agreement for Sale of 125 Digital Cinema Projection Systems
December 19 2018 - 9:15AM
Cinedigm (NASDAQ: CIDM) announced today that it has entered into an
agreement for the sale of 125 digital cinema projection systems.
This sale, from the Company’s Phase 1 deployment, represents a key
step in the monetization of the 3,724 systems the Company
owns. The Company previously sold 17 systems.
Details of the transaction were not released. The Company expects
to close the sale on or about January 15, 2019.
Additionally, the Company is currently in the process of
selecting an advisory firm with expertise in this area to monetize
the remaining 3,582 equipment systems.
“We are very pleased to announce this important transaction,”
said Gary Loffredo, President of Digital Cinema and General
Counsel, Cinedigm. “We are evaluating international and domestic
opportunities to monetize our additional owned projection systems
and look forward to sharing more news on this front in the near
future.”
Cinedigm led the entertainment industry
initiative to convert movie theaters from 35mm analog projectors to
digital projection technology. Cinedigm installed new digital
projection systems for 12,688 theater screens, with 382 exhibitor
partners in multiple territories worldwide. In total, 3,724
of those systems were owned by the Company, and 142 of such systems
have been sold or are contracted for sale to date.
About CIDMSince inception,
Cinedigm (NASDAQ: CIDM) has been a leader at the forefront of the
digital transformation of content distribution. Adapting to the
rapidly transforming business needs of today’s entertainment
landscape, Cinedigm remains a change-centric player focused on
providing content, channels and services to the world’s
largest media, technology and retail companies. Cinedigm’s
Content and Networks groups provide original and aggregated
programming, channels and services that entertain consumers
globally across hundreds of millions of devices. For more
information, visit www.cinedigm.com.
Press Contact for CIDM:Jill
Calcaterra/310-466-5135Cinedigmjcalcaterra@cinedigm.com
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