HOUSTON, Feb. 21, 2007 (PRIME NEWSWIRE) -- Texas has emerged as one of the most significant geographic markets for DVD rental kiosks with the recent expansion by TNR Entertainment Corp., the nation's largest owner and operator of DVD rental kiosks in supermarkets and grocery stores operating under The New Release(tm) brand. The Company announced today that it has completed the installation of an additional 51 automated DVD rental kiosks at high traffic grocery stores throughout Texas. The new agreement with a major food retailer, part of TNR's ongoing aggressive expansion program nationwide, increases TNR's installed base to nearly 400 kiosks in Texas and makes the state one of the Company's largest single geographic markets.
"This new agreement will enable TNR to introduce even more customers in Texas - our home base - to the convenience and value afforded by the DVD kiosk rental concept," stated Jeff Karbowiak, COO of TNR Entertainment. "Building on successful partnerships TNR enjoys with grocery retailers reinforces the win-win aspect of our business - a model that offers distinct benefits to the consumer, the retail partner and TNR as the vendor."
The new kiosks are located throughout central and southern Texas in Austin, Dallas, Houston, Laredo, Waco and surrounding areas. For a complete listing of the Company's Texas and other supermarket and grocery store locations, see the geographic search section of TNR's website, www.thenewrelease.com.
The New Release automated DVD rental kiosks provide supermarket customers with a more convenient one-stop shopping experience. As the Company's kiosks are being introduced in new markets, more consumers are able to enjoy renting the latest DVD titles for $1-a-day and no late fees or memberships - a simple and affordable pricing structure that TNR was the first to successfully market. TNR's kiosks house up to 1,000 units each, representing more than 200 titles, including top new releases. The fully-automated kiosks operate on a wireless communications network and next-generation DVD kiosk operating system.
TNR has served nearly 1.3 million customers and rented more than 9 million DVDs since its inception in 2002. The privately-held company, based in Houston, dominates the self-service DVD rental category in the grocery channel. TNR currently has more than 1,300 locations across the country in such grocery chains as A&P, Dillon's, Food-4-Less, Food Lion, Fry's, H-E-B, Kroger, King Soopers, Publix, Quality Food Centers, Ralph's, Roundy's/Pick 'N Save, and Spartan/Family Fare.
Led by TNR Entertainment's management team of CEO Richard B. Cohen and COO Karbowiak, the Company's aggressive growth plans call for continuing national expansion of its retail locations, in addition to the three-fold increase of its kiosk network planned by this year end, TNR completed a capital infusion of $45 million last year to support this major effort.
Based in Houston, Texas, TNR Entertainment Corp. is backed by an institutional investor group including Celerity Partners, LP of Los Angeles; Chapton Partners, LP, a Houston family partnership; Laminar Direct Capital, L.P., a member of the D.E. Shaw group of companies; and MCG Capital Corporation (Nasdaq:MCGC), a leading specialized financial services company and financial advisor.
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