Morristown, N.J.—Jul 30, 2003
Access Integrated Technologies, Inc. Announces Agreement to Acquire Hollywood Software, Inc.
Combined Companies to Provide Delivery of Digital Cinema
Access Integrated Technologies, Inc. (AccessIT) announced today
that it had entered into an agreement to acquire all of the capital stock of Hollywood
Software, Inc. (Hollywood Software), a company engaged in the design, implementation
and management of software tools used by both motion picture distributors and exhibitors
to schedule, analyze, book and track movies and their financial results.
Located in Hollywood and Brea, California, Hollywood Software is the leading developer
of proprietary transactional support software for movie distributors in North America.
Hollywood Software has developed software applications, including the TDS2000 –
Theatrical Distribution System, which manages key operational and financial elements
of film distribution for distributors and studios, and EMS – Exhibition Management
System, which manages key operational and financial elements of film exhibition
for theater circuits.
Upon completion of the Hollywood Software acquisition, AccessIT expects
to offer interrelated services to the digital cinema and alternative entertainment
industries, including the delivery of digital content through software developed
by Access Digital Media, Inc., a subsidiary of AccessIT, and secure
hosting services offered by its bandwidth diverse Internet data centers. The closing
of the Hollywood Software acquisition, which is subject to various conditions, is
presently expected to occur in September 2003. All current management and staff
of Hollywood Software are expected to remain.
Bud Mayo, Chief Executive Officer of AccessIT, stated, “The digital
revolution is creating new opportunities for the entertainment industry and especially
in motion pictures, which still operates through cumbersome and expensive analog
delivery methods. Our combination of managed services and secure data center services
is expected to enhance Hollywood Software’s movie distribution software and help
further growth. Ultimately, we believe that Hollywood Software’s market penetration
will provide us with a favorable platform for enabling content creators and distributors
to provide a digital delivery solution that we expect to displace analog.”
David Gajda, chief executive officer of Hollywood Software, commented, “We welcome
this opportunity to become a part of AccessIT. From our first meeting,
we have shared the same vision of how our companies might provide broader services
to media companies as they begin to migrate further into the digital realm. By coming
together, we improve our ability to become a leader in developing, and then providing,