Cinedigm Announces Sale of 84 Digital Cinema Projection Systems
February 14 2019 - 12:42PM
Cinedigm (NASDAQ: CIDM) announced today the sale of 84 digital
cinema projection systems to two cinema chains, bringing the total
number of systems sold to date to 328. This sale represents
the continued monetization of the systems the Company owns.
Details of the transaction were not released.
“We are very pleased with the continued interest from cinema
chains in purchasing our systems as such sales were originally
contemplated to occur at the conclusion of the digital cinema
deployment plan,” said Gary Loffredo, President of Digital Cinema.
General Counsel and Chief Operating Officer, Cinedigm. “We are just
at the beginning of this process and expect more success in the
future.”
Additionally, the Company is currently in the process of
selecting an advisory firm with expertise in this area to monetize
the remaining Cinedigm-owned systems.
Cinedigm led the entertainment industry
initiative to convert movie theaters from 35mm analog projectors to
digital projection technology. Cinedigm installed new digital
projection systems in 12,688 theater screens, with 382 exhibitor
partners in multiple territories worldwide.
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/310-466-5135Cinedigm jcalcaterra@cinedigm.com
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