Cinedigm Digital Cinema Corp. (NASDAQ: CIDM), the global leader in digital cinema, today announced a long-term VPF deployment agreement with a subsidiary of Reading International, Inc. (NASDAQ: RDI), providing for the digital conversion of some of the nation’s most prestigious and successful independent arthouses.
The agreement contemplates that Reading, through its affiliates, will deploy up to 253 digital systems, with installation expected to be completed by the end of 2012. The agreement will enable the conversion of theatres to digital cinema under the terms of Cinedigm’s long-term agreements with all the major studios, as well as ongoing interim agreements with over one hundred independent distributors.
Reading, through its affiliates, owns and/or operates cinemas throughout North America, including the Angelika Film Center, City Cinemas' Paris Theatre in NYC, Consolidated Theatres in Hawaii and Reading Cinemas in California and New Jersey. In addition to owning and/or operating cinemas in Australia and New Zealand, Reading is also engaged in real estate development in North America, New Zealand and Australia and operates "Off-Broadway" live theaters in New York and Chicago.
“We feel exceptionally fortunate to play such an important role as Reading transforms their prominent theatres to digital,” said Gary Loffredo, Cinedigm’s President of Digital Cinema Services. “Reading’s theatres are truly the cream of the crop in the markets they serve and we are certain they will immediately benefit from digital cinema technology.”
Bob Smerling, the President of Reading’s US Cinema group said that “After a long due diligence process, we are very happy to be working with Cinedigm on our digital conversion. They will be great partners in the rapidly changing digital cinema environment.”
