Cinedigm Digital Cinema Corp. formerly AccessIT, announced its Phase 2 Entity signed on an $8.9 million credit facility. The facility will fund the launch of Cinedigm's first 137 Phase 2 conversions of Premiere Cinemas' theatres to the company's digital-cinema platform, in what is expected to ultimately be a 10,000-screen digital-cinema deployment plan.

The first 35 systems are expected to be operational in December, bringing the total for Phase 2 to 55 by year’s end. To date, Cinedigm has signed almost 500 screens to its Phase 2 plan and anticipates thousands more in the months ahead.

Cinedigm's Digital Cinema division has already installed more than 3,700 digital-cinema systems in theatres across the United States during its two-year Phase 1 rollout. Cinedigm created the industry-standard, studio-backed deployment program that provides the funding, installation, support and administration for fully digital cinema.

"We are extremely pleased but not surprised to have closed on this initial financing," said Bud Mayo, chairman and CEO of Cinedigm. "While the credit markets overall remain largely closed, Cinedigm is a proven business with a strong track record thanks to its Phase 1 plan and was able to secure credit to initiate our next-stage plans. As industry leader and the only company actually to have converted thousands of screens so far, we are committed to delivering on our promise to begin Phase 2 installations for Premiere Cinemas in this quarter in a significant way. Our goal is to continue to sign thousands of additional screens in the months ahead in anticipation of additional financing from a variety of sources."
Cinedigm obtains financing for Phase 2 digital rollout

Cinedigm Digital Cinema Corp. formerly AccessIT, announced its Phase 2 Entity signed on an $8.9 million credit facility. The facility will fund the launch of Cinedigm's first 137 Phase 2 conversions of Premiere Cinemas' theatres to the company's digital-cinema platform, in what is expected to ultimately be a 10,000-screen digital-cinema deployment plan.

The first 35 systems are expected to be operational in December, bringing the total for Phase 2 to 55 by year’s end. To date, Cinedigm has signed almost 500 screens to its Phase 2 plan and anticipates thousands more in the months ahead.

Cinedigm's Digital Cinema division has already installed more than 3,700 digital-cinema systems in theatres across the United States during its two-year Phase 1 rollout. Cinedigm created the industry-standard, studio-backed deployment program that provides the funding, installation, support and administration for fully digital cinema.

"We are extremely pleased but not surprised to have closed on this initial financing," said Bud Mayo, chairman and CEO of Cinedigm. "While the credit markets overall remain largely closed, Cinedigm is a proven business with a strong track record thanks to its Phase 1 plan and was able to secure credit to initiate our next-stage plans. As industry leader and the only company actually to have converted thousands of screens so far, we are committed to delivering on our promise to begin Phase 2 installations for Premiere Cinemas in this quarter in a significant way. Our goal is to continue to sign thousands of additional screens in the months ahead in anticipation of additional financing from a variety of sources."