Cinedigm Digital Cinema Corp.
(NASDAQ: CIDM), the global leader in digital cinema, today announced their first large scale exhibitor deployment outside the continental US and Canada via a long-term VPF deployment agreement with Caribbean Cinemas. Following a concentrated international expansion effort, Cinedigm has made significant inroads internationally in the last months, including selection as the digital cinema integrator for independent cinemas in Australia and New Zealand (ICAA), as well as providing negotiation and technical services for a consortium of Brazilian theatres; Caribbean Cinemas marks the first full scale international deployment.
Caribbean Cinemas will provide its own financing in the Cinedigm exhibitor-buyer deal structure and will deploy up to 290 Cinedigm-Certified™ screens, with installation expected to be completed later this Fall. The agreement will enable the conversion of theatres to digital cinema utilizing Cinedigm’s long-term agreements with all the major studios, as well as ongoing interim agreements with over one hundred independent distributors.
Caribbean Cinemas is the largest motion picture exhibitor in the Caribbean Islands, operating 53 theatres with a total of 437 screens throughout the Islands, including Puerto Rico, the Dominican Republic, Aruba, St. Lucia, St. Maarten, Antigua, St. Kitts, St. Thomas and Trinidad.
“We are thrilled to bring digital cinema to Caribbean Cinemas and we are certain that all their constituents, from employees to customers, will immediately enjoy its many benefits,” said Gary Loffredo, Cinedigm’s President of Digital Cinema Services. “This marks the first of what we expect will be a continuing worldwide expansion of our industry-leading digital cinema deployments.”
“Caribbean Cinemas has a long and successful history of providing our customers with state of the art movie going experiences, and being able to conclude this agreement with Cinedigm and our Studio partners to bring the enhanced digital cinema experience to our customers further demonstrates this promise and is very gratifying to us,” said Robert Carrady, President and CEO of Caribbean Cinemas. “We are confident, after our lengthy discussions and extensive evaluation process, that Cinedigm provides the outstanding service we expect, and we look forward to a long and mutually beneficial relationship.”