CINEDIGM DIGITAL CINEMA CORP. ANNOUNCES DIGITAL DEPLOYMENT PACT WITH BELMONT CAPITAL, LLC FOR “YOUR NEIGHBORHOOD THEATRES”
October 01, 2012
Los Angeles, CA -- Cinedigm Digital Cinema Corp. (NASDAQ: CIDM), the global leader in digital cinema, today announced a long-term VPF deployment agreement with Belmont Capital, LLC for the theatres operating under the name "Your Neighborhood Theatres." The agreement will enable the conversion of the locations to digital cinema under the terms of Cinedigm's long-term agreements with all the major studios, as well as ongoing interim agreements with over one hundred independent distributors. This conversion will deploy 89 Cinedigm-CertifiedTM screens at 11 sites, with installation expected to be completed in the Fall. The theatres have chosen to utilize powerful digital projector systems from NEC Display Solutions.
Belmont Theatres are located in the Northeast, including the States of Connecticut, Maine, Massachusetts, New Hampshire, New York and Rhode Island.
The transition from 35mm film projection, which has been used for 110 years, to digital projection systems is a worldwide motion picture industry effort and the costs to deploy this new technology are covered primarily through the payment of virtual print fees (VPF) from studios to implementation companies. Cinedigm's Digital Cinema division facilitates funding, installation and operations support, along with ongoing VPF administration, for the company's digital cinema rollout plans. Cinedigm has signed long-term VPF agreements with all the major studios and interim agreements with over one hundred independent distributors.
"We are thrilled we were able to create a custom solution for Belmont and its theatre partners," said Gary Loffredo, Cinedigm's President of Digital Cinema Services. "Digital cinema will allow Belmont to continue its legacy of personalized neighborhood experiences by enabling the programming of customized and tailored content for its local theatre-going audiences."
"After considering all of our options for our digital cinema deployment, we are confident that in choosing Cinedigm we have made the best choice for Belmont," said Mark Benvenuto, Vice President of Operations, Belmont Capital. "We look forward to taking full advantage of the digital cinema conversion and the many benefits it provides to our operations and our customers."
"Cinedigm and NEC Display have played important roles in the march toward digital cinema, and we're excited to see Belmont make this transition," said Jim Reisteter, General Manager of Digital Cinema at NEC Display Solutions. "Belmont's patrons will find their theater-going experiences that much more enjoyable and meaningful as a result of digital technology."
In total (combined Phase One and Phase Two digital cinema deployment program), Cinedigm has:
• Signed 11,563 screens overall
• Installed 10,787 digital screens (as of 9/14)
• Signed digital screens deals with 260 exhibitors
Cinedigm digital theatres are fully networked, turnkey systems, simple and cost-efficient to operate.
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