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Morristown, N.J. and Los Angeles, C.A.—May 26, 2010

Cinedigm Expands Non-recourse Credit Facility to $47 Million for Phase 2 Digital Cinema Conversions

Studio Contracts Fund Loan Repayment for 750 Theatre Screens
Cinedigm Digital Cinema Corp. (“Cinedigm”) (NASDAQ: CIDM) today announced its Phase 2 subsidiary has expanded an existing non-recourse $8.9 million credit facility to approximately $47 million. A previous increase of $2.9 million in the facility along with this new increase of $35 million will be used to fund approximately 750 digital cinema systems with exhibitors under signed deployment agreements.
 
As is the case with each of Cinedigm’s Phase 1 and Phase 2 loans, this expanded facility is non-recourse to Cinedigm and is structured to be repaid by Virtual Print Fees (VPFs) earned under long term contracts with all major studios. Cinedigm Digital Cinema Services will oversee the deployment of these systems and manage the installed asset base as it does for all Phase 1 and Phase 2 deployments. 
 
As announced in December of 2008, the original facility funded Phase 2 conversions of Premiere Cinemas’ theatres. The subsequent increases will fund additional conversions of Premiere Cinemas’ theatres, as well as digital cinema conversions at Movie Tavern, Rave Motion Pictures, and Starplex Cinemas.  These exhibitors have chosen to exclusively use Barco digital cinema projectors for their additional deployments.
 
Cinedigm’s Phase 2 Digital Cinema subsidiary expects to convert up to 10,000 theatre screens to Cinedigm Certified™ digital cinema systems in its Phase 2 VPF-backed deployment program. To date it has contracted for and funded in excess of 1,600 screen transitions through both non-recourse facilities and the Cinedigm Exhibitor-Buyer program. This facility will support the installation of approximately 750 digital cinema systems. 
 
“We are thrilled that this financing has closed and that we can continue the momentum which started late last year. As more theatres use digital cinema, the opportunity for new revenues opens for Cinedigm. We distribute and deliver content, provide software and offer advertising services all for digital cinema equipped theatres,” said Bud Mayo, Chairman and Chief Executive Officer of Cinedigm. 
 
Since 2005, Cinedigm has installed more than 4,200 digital cinema systems in theaters across the United States as the market leader in making digital cinema a reality for millions of moviegoers. Cinedigm created the industry-standard, studio-backed digital cinema deployment program that provides the funding, installation, support, and administration for Cinedigm Certified™ theatres.  The Company’s studio-backed 10,000 screen Phase 2 plan will provide networked, turnkey, digital cinema systems in conformance with DCI specifications, including Cinedigm’s industry standard software and hardware solutions.  The system will also include digital projectors and JPEG 2000 media servers from a variety of vendors whose equipment is designed to meet the DCI specifications as well as a demanding set of performance and reliability requirements Cinedigm developed through its success with the Phase 1 plan. 

About Cinedigm: Cinedigm Digital Cinema Corp. is a leader in providing the services, experience, technology and content critical to transforming movie theaters into digital and networked entertainment centers. The Company partners with Hollywood movie studios, independent movie distributors, and exhibitors to bring movies in digital cinema format to audiences across the country. Cinedigm's digital cinema deployment organization, state of the art distributor and exhibition software, and marketing and distribution platform for alternative content and independent films are a cornerstone of the industry's digital cinema transformation. With the April acquisition of New Video, the world's largest aggregator of independent digital content and leading distributor of quality entertainment, CIDM has created a new full service end-to-end digital studio, enabling the Company to acquire and distribute independent films and specialty content both theatrically and via digital, mobile and home media platforms. Cinedigm Directory page
Countries:
United States

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More Cinedigm News:
Dec 11, 2013 MJR Theaters Selects Cinedigm's Web-Based Digital Cinema Software, "ENTERPRISE WEB"
Oct 22, 2013 Cinedigm Launches "Enterprise Web," Industry-Changing Web-Based Digital Cinema Software
Jun 25, 2013 Omniplex Cinema Group Completes Installation of Cinedigm’s Theatre Command Center, Bringing Full Benefits of Digital Cinema to the Exhibitor
Jun 24, 2013 Omniplex Cinema Group Completes Installation of Cinedigm’s Theatre Command Center, Bringing Full Benefits of Digital Cinema to the Exhibitor
Jun 24, 2013 Neighborhood Cinema Group Selects Cinedigm Enterprise Software to Manage Head Office Functions
Apr 29, 2013 Cinedigm and ICAA Secure Virtual Print Fee Program to Benefit Independent Cinemas in Australia and New Zealand
Apr 12, 2013 Cinedigm Signs Over 100 Drive-In Movie Theatres to Digital Cinema Program
Feb 4, 2013 Cinedigm and NATO Team Together to Lead the Digital Conversion of Drive-In Movie Theatres
Jan 15, 2013 Southern Theatres Selects Cinedigm Enterprise Software to Centrally Manage its Digital Theatres
Dec 4, 2012 Cinedigm Names Dan Sherlock President of Software
Nov 6, 2012 Theatre Service Network Adopts Cinedigm EMS Software to Manage Booking Services for Over 50 Exhibitors
Oct 18, 2012 Cinedigm Digital Cinema Corp. Announces Digital Deployment with Reading International, Including the Angelika New York, the Most Prestigious Arthouse in the United States
Oct 16, 2012 Cinedigm Digital Cinema Corp. Announces First Large Scale International Digital Deployment with Caribbean Cinemas
Oct 16, 2012 LD Entertainment to Manage Theatrical Releases Using Cinedigm’s TDS Distribution Software
Oct 15, 2012 Cinedigm Digital Cinema Corp. Passes 12,200 Digital Screen Signings Mark, with 273 Exhibitor Partners on Board
Oct 12, 2012 Cinedigm Digital Cinema Corp. Reaches Milestone for Community and Local Theatres Across the Country with 3,000 Screens Signed
Oct 9, 2012 Goodrich Quality Theatres Expands Relationship with Cinedigm Software, Bringing Full Benefits of Digital Cinema To Their Digital Theatre Circuit
Oct 1, 2012 Cinedigm Digital Cinema Corp. Announces Digital Deployment Pact with Belmont Capital, LLC for “Your Neighborhood Theatres”
Sep 28, 2012 Cinedigm Announces Digital Deployment Pact with Metropolitan Theatres Corporation
Sep 12, 2012 Cinedigm’s EMS™ Software to Manage Carmike Cinemas’ Booking and Payments
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