MORRISTOWN, N.J.—Jan 8, 2007
Access Integrated Technologies to Acquire The Bigger Picture
- Acquisition Will Strengthen AccessIT’s Commitment to Alternative Programming -
Access Integrated Technologies, Inc. ("AccessIT") (NASDAQ:AIXD) today announced that it has signed a definitive agreement to acquire alternative content provider The Bigger Picture, a subsidiary of privately held Sabella Dern Entertainment. The acquisition is expected to close on or before January 15, 2007 and is subject to customary closing conditions.
AccessIT currently has an exclusive agreement with The Bigger Picture to make its entertainment programming available to all exhibitors across the country equipped with 2K digital projectors, including more than 1,600 deployed to date by its Christie/AIX business unit. The programs include Kidtoon Films providing G-rated movies for kids on the weekends, anime films for teen and college audiences and inspirational films from Fox Faith, a unit of Twentieth Century Fox Studios. Together the companies will expand the breadth of content The Bigger Picture is providing to include, at a minimum, other programs of genre films as well as an array of compelling non-traditional entertainment programs.
Bud Mayo, Chief Executive Officer of AccessIT, said: “Alternative content choices – such as concerts, faith based, ethnic and sports programs – have been enabled by AccessIT’s industry-leading technologies. There is no question that this content will change the model for exhibitors and movie-goers alike. We view our acquisition of The Bigger Picture, with its superb management team, as an important step in moving the digital cinema experience forward. We expect the already significant revenues from each Bigger Picture program to grow significantly over time. This is a marketplace we expect to become a multi-billion dollar opportunity over the next 5 to 10 years and AccessIT intends to win market share using its real world experience as well as its innovative technologies.”
Jonathan Dern, Co-CEO of The Bigger Picture, commented: “Our team looks forward to joining the leader in the digital cinema revolution. As an integral part of AccessIT, we will have the opportunity to take our alternative programming distribution capabilities to the next level, reaching an ever-growing number of exhibitors domestically and around the world who are using digital technology to expand their sources of revenue. AccessIT’s exhibitor partners will be the biggest beneficiaries of our growth.”
Greg Rutkowski, Co-CEO of The Bigger Picture, added: "AccessIT’s strategic vision for digital cinema and its ability to integrate solutions for the industry make it a very exciting company to join. We’re thrilled to become a part of it.”