NEW YORK, NY--(Marketwired - January 06, 2014) - Following its November announcement that it started the digital scanning of a series of award-winning IMAX®-format films for release in the new 4K Ultra High Definition Format, VGTel, Inc. (OTCQB: VGTL) announced today that it has completed the scanning of the initial round of movies and has entered into new agreements with K2 Communications to secure the rights for additional films.
The announcement comes on the eve of the 2014 International Consumer Electronics Show ("CES") in Las Vegas where 4K TVs (officially designated for consumer products as Ultra HD) are expected to be this year's highlight. Together, VGTel and K2 are scanning acclaimed IMAX®-format films from 70mm film to digital ultra high definition 8K. The films are then downscaled to 4K for distribution in the new Ultra HD format. The films will be licensed to TV manufacturers, 4K broadcasters and science museum theaters worldwide.
With four times the image resolution of 1080p (Full HD), 4K displays were one of the main attractions at CES last year, but in the last twelve months this next-generation display standard has suffered from a lack of content. "In 2013, the biggest hurdle for the manufacturers and exhibitors has been the lack of quality 4K content. VGTel and K2 are jointly focused on filling this void immediately," said VGTel CEO Peter Shafran.
All of the major television manufacturers now offer a 4K TV option and, in fact, companies like LG, Sony, Samsung, Panasonic, Sharp, Toshiba, Seiki, Hisense, and TCL, are all engaged in a competitive price war to establish market share. Last week, Polaroid announced that its new 50-inch Ultra HD set will be one of the first sub-$1,000 4K TVs on the market.
"4K resolution is increasingly being employed in commercial digital cinema projection and, with the rise of high-resolution displays in consumer devices like the 15-inch Macbook Pro with Retina Display, Ultra HD is the technology consumers will demand," added Shafran.
Today, VGTel announced it has signed agreements to scan the IMAX®-format documentary films, Bears
and India: Kingdom of the Tiger, to digital 8K and, as the Company completes the post-production of the initial titles (which includes Adrenaline Rush, Amazing Journeys and the Academy Award-nominated documentary, Alaska), K2 Communications has entered negotiations with several OEMs for worldwide distribution of the VGTel titles in the beginning of 2014.
About VGTel, Inc.
VGTel, Inc. is a multi-platform company offering products and support in the entertainment industry and is focused on a strategy of growing and building business units through investments and acquisitions. For further information, go to www.360entertainmentandproductions.com.
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