MORRISTOWN, N.J.—Sep 1, 2005
Christie Digital Systems and Access Integrated Technologies' Christie/AIX Subsidiary Advance Rollout With New Supply Agreement
- AccessIT and Christie Digital Extend Digital Cinema Framework Agreement -
Access Integrated Technologies, Inc.
("AccessIT") (AMEX: AIX) and Christie Digital Systems ("Christie") announced
today that AccessIT's Christie/AIX subsidiary has entered into a Digital System
Supply Agreement with Christie, further advancing the companies' rollout plan.
The Supply Agreement provides for the purchase by Christie/AIX of 2,500 Digital
Cinema Projections Systems and related hardware. The initial 200-digital systems
are to be ordered from Christie before September 30, 2005. The first 100 systems
covered by this agreement have already been ordered by Christie/AIX.
In a related event, Christie and AccessIT have also amended their previous
Digital Cinema Framework agreement. AccessIT and Christie originally entered a
Digital Cinema Framework Agreement on June 21, 2005 that defined each firm's
commitment to a 2,500-screen Digital Cinema Rollout Plan. Among the various
terms included in this Agreement was the option of either party to terminate the
Agreement on August 31, 2005 if certain conditions were not met. Both companies
have agreed to continue working towards completing the key aspects of the
Framework Agreement, establishing a new date of September 30, 2005 for those
conditions to be met.
AccessIT's Christie/AIX unit serves as the funding vehicle and administrator for
the AccessIT's 2,500-screen Digital Cinema Rollout Plan announced in June 2005.
Under the Plan, Christie/AIX will act as a financing intermediary between
content owners - including major studios and independent distributors - and
exhibitors who will receive turnkey, DCI-compliant Digital Cinema systems
including 2K projectors and related hardware provided by Christie. AccessIT has
already secured the capital funding for the initial 200 systems and is currently
in late-stage contract discussion with several major Hollywood studios and
national exhibitors. Contracts with these parties will precede the formal
initiation of AccessIT's plan.