Update on Virtual Performer Business and Joint Ventures in China
and Abu Dhabi
PORT ST. LUCIE, Fla.--(BUSINESS WIRE)--Jul. 13, 2012--
Digital Domain Media Group, Inc. (NYSE: DDMG), a leading digital
production company focused on visual effects, original content animation
and major studio co-productions, will host an investor conference call
with John Textor, chairman and CEO, on Wednesday, July 18, at 11:00 a.m.
EDT to discuss the following topics:
-
Improvements to the labor utilization rate
– The company will provide an update on improved labor utilization
rates across both its domestic and international facilities.
-
Favorable amendments to third-party outsourcing
agreements – The company will discuss amendments to its
agreements with RelianceMediaWorks Limited that eliminate on going
liabilities and improve collaboration on marketing efforts between
Digital Domain Media Group and RelianceMediaWorks Limited’s facilities
in the UK and Mumbai.
-
Digital Domain Media Group’s patent protection
and monetization – The company will provide an update to its
ongoing patent protection initiatives, including an update on filed
litigation, settlement discussions and resulting licenses of the
company’s 3D conversion technology.
-
Virtual Performer – The company will
review recent developments in its Virtual Performer business,
including a discussion of reallocation of resources to meet demand
from owners of high-impact intellectual property.
-
China and Abu Dhabi capacity expansion –
The company will provide an update on plans to expand the company’s
studios in China and Abu Dhabi to meet demand.
-
Strategic initiatives – The company will
provide an update on strategic discussions aimed at increasing
shareholder value.
The conference call will begin at 11:00 a.m. EDT and will be broadcast
live over the Internet and can be accessed through the Investor
Relations section of the company’s website at ddmg.co
or directly at DDMG
Investor Call. The call can also be accessed via telephone by
calling 866-730-5770 (U.S.) or 857-350-1594 (International) and using
the passcode 35604289. A replay will be available for seven days by
dialing 888-286-8010 or 617-801-6888 (International) and using the
passcode 53655621.
“We are making significant progress in improving our gross profit margin
by both building revenue and reducing unutilized labor costs,” said John
Textor, CEO of Digital Domain Media Group. “The recent developments
outlined above have accelerated the rate of improvement not only by
adding to revenue but also by enabling us to use our labor resources
much more effectively.”
About Digital Domain Media Group
Digital Domain Media Group (DDMG: NYSE) leverages its expertise in
digital visual effects (VFX) and computer-generated (CG) animation
across a group of interrelated businesses. At its foundation is Digital
Domain Productions (DDPI), an award-winning digital production company
founded in 1993. This leading provider of visuals has contributed to
more than 90 major motion pictures, including Titanic, the Transformers
series, Pirates of the Caribbean: At World’s End and TRON:
Legacy, hundreds of commercials, and recently created the virtual
likeness of rapper Tupac Shakur for Dr. Dre’s show at the Coachella
Valley Music Festival. Mothership, a DDPI subsidiary, focuses on
creating advertising, entertainment and branded content from concept to
completion, across multiple media platforms. DDMG, its work and its
employees have been recognized with numerous awards, including seven
from the Academy of Motion Picture Arts and Sciences. The company is
building on its success in VFX to participate as a co-producer in major
productions and is currently co-producing the upcoming live-action
sci-fi feature film Ender’s Game, as well as virtual likenesses
for Elvis Presley that will be jointly owned by CORE Media Group and
DDMG. DDMG also converts two-dimensional (2D) imagery to
three-dimensional (3D) imagery and holds key patents in this area. The
company is also applying its CG expertise to produce original,
family-friendly animated feature films at its subsidiary Tradition
Studios. The first movie, The Legend of Tembo, is in
pre-production and two more features are in development. The company’s
education subsidiary, the Digital Domain Institute, sets a new standard
in digital media education through a pioneering public-private
partnership with The Florida State University College of Motion Picture
Arts. DDMG is expanding its worldwide footprint of the highest quality
visual effects and animation at the lowest possible cost through global
partnerships in India and China. The company has studios in Los Angeles,
San Francisco, Florida, Vancouver, Mumbai and London, and is currently
establishing studios in Beijing and Abu Dhabi. http://www.ddmg.co
Safe Harbor Statement
Certain statements in this press release constitute “forward-looking
statements” within the meaning of the Private Securities Litigation
Reform Act of 1995. These statements include comments about the
Company's plans, prospects, strategies and future performance. They are
made on the basis of our management’s current expectations and beliefs,
as well as a number of assumptions regarding future events and business
performance as of the time the statements are made. Such forward-looking
statements are subject to known and unknown risks, uncertainties,
assumptions and other important factors, many of which are outside the
Company’s control. These could cause actual results to differ materially
from the results expressed or implied in the forward-looking statements.
Such differences may result from actions taken by the Company, as well
as from developments beyond the Company’s control, including, but not
limited to:
-
price volatility of the Company’s common stock;
-
changes in domestic and global economic conditions, competitive
conditions and consumer preferences;
-
our dependence on a limited number of large projects each year, and
the timing of revenue flows from those projects;
-
developments in the status of strategic initiatives taken by the
Company;
-
audience acceptance of feature films we may co-produce; and
-
rapid technological developments, including new forms of entertainment.
Further information on these and other factors and risks that could
affect our business is included in filings we make with the Securities
and Exchange Commission from time to time, including under the heading
“Risk Factors” in our Registration Statement on Form S-1. These
documents are available on the SEC Filings subsection of the Investors
section of the Company’s website at: http://www.ddmg.co
Information on our website is not part of this press release. All
information provided in this press release is as of July13, 2012, and
the Company undertakes no obligation to update publicly the information
contained in this press release, or any forward-looking statements, to
reflect new information, events or circumstances, or to reflect the
occurrence of unanticipated events.
Source: Digital Domain Media Group, Inc.
Digital Domain Media Group, Inc.
Investors:
Shannon Burns,
772-345-8105
CFA, Vice President, Investor Relations
sburns@media.d2.com
or
Media:
Digital
Domain
Julie Miller, 310-664-3412
Director, Communications &
Marketing,
jmiller@d2.com
