LOS ANGELES, Feb. 14, 2019 (GLOBE NEWSWIRE) -- 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 CIDM
Since 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/310-466-5135
Cinedigm
jcalcaterra@cinedigm.com