SOURCE: Cinedigm

Cinedigm

March 04, 2009 09:00 ET

Cinedigm and Olympus Pictures Announce First All-Digital Multi-Picture Independent Movie Distribution Agreement

Deal Represents New Distribution Outlet for Independent Films; Digital Distribution Accommodates Small Budgets and Is Quickly Scalable

MORRISTOWN, NJ--(Marketwire - March 4, 2009) - Cinedigm Digital Cinema Corp. (NASDAQ: CIDM) (formerly AccessIT), a pioneer in the digital cinema industry, today announced a first-of-its-kind multi-picture agreement with Olympus Pictures Distribution LLC, a unit of Olympus Pictures, LLC, and Cinedigm's Content and Entertainment subsidiary.

As a part of the all-digital agreement, which runs through 2015 and will include up to 15 pictures, Olympus Pictures will theatrically distribute select movies through Cinedigm's unique digital distribution network on a nationwide basis. Cinedigm will provide marketing, promotion and other support for Olympus' produced films.

Cinedigm's national digital cinema network requires no film stock or delivery of physical materials, so any movie can be instantly broadcast at a significantly lower cost on a local, regional or national basis. Digital cinema offers theatres a green, cost-effective option to access more content for their audiences.

Olympus' "The Narrows," which premiered at the 2008 Toronto Film festival, will be the first collaboration between the two companies and will be released by Cinedigm in 15 to 20 major markets in June 2009. Olympus' feature "Adam" was just purchased at the Sundance Film Festival by Fox Searchlight to be released later in 2009.

"Cinedigm can now bring a world of new content to theatres across the country at a much lower cost, and offer targeted and scalable distribution to create theatrical windows and significant marketing opportunities for content owners," said Bud Mayo, Chairman and CEO of Cinedigm. "Consumer demand for independent films continues to grow and 'The Narrows' is a perfect example of an intelligent, well-made independent film that will find an expanded audience among mainstream theatergoers looking for a wider range of content."

Dean Vanech, CEO of Olympus Pictures, said, "As theatrical release options for smaller films are decreasing, we are extremely excited to be expanding our distribution reach through Cinedigm's national network. Their relationship with exhibitors, combined with their expertise and commitment to new marketing techniques, allows them to effectively serve movies that merit a theatrical life but may not be bought or best served by the current studio distribution system." Vanech continued, "Under Leslie Urdang's leadership, Olympus Pictures plans to complete one to three pictures annually with a goal of theatrical distribution for all of its films."

About "The Narrows"

"The Narrows," which had its premiere at the 2008 Toronto Film festival, was directed by Francois A. Velle and stars Kevin Zegers, Vincent D'Onofrio, Sophia Bush and Eddie Cahill. The story was adapted by Tatiana Blackington from the novel "Heart of the Old Country" by Tim McLoughlin. "The Narrows" tells the story of a photography student (Kevin Zegers) from a tough neighborhood in Brooklyn who takes a job from the local mob boss in order to pay his college tuition. His double life becomes dangerous when the two worlds violently collide.

About Cinedigm

Cinedigm Digital Cinema Corp. is the global leader in fulfilling the promise of digital cinema. Its ground-breaking technology platform helps exhibitors, distributors, studios and content providers transform the consumer movie experience -- by expanding theatrical features to include not only movies but also live 2-D and 3-D performances such as major sporting events, concerts and gaming. The Company also enables theatres to create exhibitions and advertising opportunities targeted to specific audience groups and locations thereby offering new revenue opportunities for these venues. Cinedigm's leading digital cinema platform and one-of-a-kind satellite delivery operations support almost 3,800 theatre screens equipped with DLP Cinema® projection systems across the United States with over ten million digital showings of Hollywood features to date. www.Cinedigm.com [CIDM-G]

Olympus Pictures

Based in Santa Monica, California, produces and develops motion pictures at all budget levels. Recent projects include: "The Narrows" (Executive Producer) starring Kevin Zegers, Sophia Bush and Vincent D'Onofrio which premiered at the Toronto Film festival in 2008, and Adam (Producer) starring Hugh Dancy, Rose Byrne, Frankie Faison, Peter Gallagher and Amy Irving which premiered at Sundance in 2009. Fox Searchlight Pictures acquired the distribution rights to Adam at Sundance. For more information, please visit www.olympuspics.com.

Contact Information

  • Contacts:

    For Cinedigm:

    Lex Suvanto
    The Abernathy MacGregor Group
    (212) 371-5999
    Email Contact

    For Olympus Pictures:

    Rita Colimon
    (310) 452-3335
    Email Contact