PLANO, Texas, Mar 10, 2010 (BUSINESS WIRE) -- Cinemark Holdings, Inc. (NYSE: CNK), the second largest motion picture
exhibitor in the world in terms of both attendance and the number of
screens in operation, today announced the completion of the Digital
Cinema Implementation Partners, LLC ("DCIP") financing transactions,
which are expected to cover the cost of conversion for a large portion
of the Company's U.S. screens. DCIP is a non-consolidated investment of
"With the funding of DCIP now a reality, we are excited about
accelerating Cinemark's digital projector installations. Our immediate
focus will be on 3D deployments throughout our circuit expanding our
worldwide 3D footprint from approximately 400 screens currently to
between 1,100 and 1,300 screens by year end. Following the 3D roll-out,
we will begin the full digital conversion of these theatres," stated
Cinemark Chief Executive Officer Alan Stock.
Stock added, "Our digital conversions, including our 3D and XD Extreme
Digital auditoriums, reflect a commitment to bringing patrons a dynamic
theatre entertainment experience. Cinemark's 3D and digital conversion
plans align us well with Hollywood's growing slate of 3D releases. Our
operations will also benefit from the significant flexibility afforded
by digital, while opening the door to an expanding range of alternative
content, such as major sporting and entertainment events that will allow
us to optimize utilization of our theater base."
Cinemark intends to digitize its worldwide circuit. The full conversion
to digital projection will provide the Company with the flexibility to
easily add additional Real D 3D technology to its digital projectors to
meet future increases in demand. In addition, Cinemark presently has 21
XD Extreme Digital auditoriums, including one in Mexico, with plans to
add approximately 25 or more XD screens throughout the remainder of 2010.
About Cinemark Holdings, Inc.
Cinemark is a leading domestic and international motion picture
exhibitor, operating 424 theatres with 4,896 screens in 39 U.S. states,
one Canadian province, Brazil, Mexico and 11 other Latin American
countries as of December 31, 2009. For more information go to www.cinemark.com.
About Digital Cinema Implementation Partners
Digital Cinema Implementation Partners, LLC is a joint venture owned
equally by exhibition industry leaders AMC Entertainment Inc., Cinemark
Holdings, Inc. and Regal Entertainment Group, representing more than
14,000 screens in the United States and Canada. Formed in February, 2007
to facilitate the roll-out of a digital cinema infrastructure in the
United States and Canada, the company is headquartered in Mahwah, NJ
with offices in Minneapolis, MN and Denver, Co.
This press release includes "forward-looking statements" within the
meaning of Section 27A of the Securities Act of 1933, as amended, and
Section 21E of the Securities Exchange Act of 1934, as amended. The
"forward-looking statements" include our current expectations,
assumptions, estimates and projections about our business and our
industry. They include statements relating to future revenues, expenses
and profitability, the future development and expected growth of our
business, projected capital expenditures, attendance at movies generally
or in any of the markets in which we operate, the number or diversity of
popular movies released and our ability to successfully license and
exhibit popular films, national and international growth in our
industry, competition from other exhibitors and alternative forms of
entertainment and determinations in lawsuits in which we are defendants.You can identify forward-looking statements by the use of words such
as "may," "should," "could," "estimates," "predicts," "potential,"
"continue," "anticipates," "believes," "plans," "expects," "future" and
"intends" and similar expressions which are intended to identify
forward-looking statements. These statements are not guarantees of
future performance and are subject to risks, uncertainties and other
factors, some of which are beyond our control and difficult to predict
and could cause actual results to differ materially from those expressed
or forecasted in the forward-looking statements. In evaluating
forward-looking statements, you should carefully consider the risks and
uncertainties described in the "Risk Factors" section or other sections
in the Company's Annual Report on Form 10-K filed March 10, 2010 and
quarterly reports on Form 10-Q. All forward-looking statements
attributable to us or persons acting on our behalf are expressly
qualified in their entirety by these cautionary statements and risk
factors. Forward-looking statements contained in this press release
reflect our view only as of the date of this press release. We undertake
no obligation, other than as required by law, to update or revise any
forward-looking statements, whether as a result of new information,
future events or otherwise.
SOURCE: Cinemark Holdings, Inc.
Cinemark Holdings, Inc.
Robert Copple, 972-665-1500
Jaffoni & Collins
Robert Rinderman, 212-835-8500