Cinedigm Announces the Completion of the Sale of a Total of 244 Digital Cinema Projection Systems
January 09 2019 - 1:15PM
Cinedigm (NASDAQ: CIDM) announced today that it has
completed the sale of a total of 244 digital cinema projection
systems. Last month, the Company announced the agreement to sell
125 digital cinema projection systems. The sale of those 125
systems has now been completed. In addition, the Company has
completed the sale of an additional 102 digital cinema projection
systems. Together with the previously announced sale of 17 systems,
the total number of digital cinema projection systems sold to date
is 244 systems. Details of the transaction were not
released.
This sale represents an important step in the monetization of
the 3,724 systems the Company owns from the Company’s Phase 1
deployment. Additionally, as announced in December, the Company is
currently in the process of selecting an advisory firm with
expertise in this area to monetize the remaining 3,480 equipment
systems.
“In accordance with our business plan to either lease or sell
equipment to our theater partners, our monetization initiatives for
our digital cinema projections systems continues to progress,” said
Gary Loffredo, President of Digital Cinema and General Counsel,
Cinedigm. “To date, we are very pleased with the revenues generated
by selling almost 7% of our owned systems and are now focused on
selling the remaining 3,480 owned projection systems. We know
there are many additional international and domestic opportunities
for future sales 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 244 of such systems
have been sold 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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