CINRAM SIGNS NEW MULTI-YEAR AGREEMENT WITH TWENTIETH CENTURY FOX HOME ENTERTAINMENT
14 Apr, 2011, 08:32 ET
Global Supply Chain Leader to Continue Servicing Studio's North American and European Territories
TORONTO, April 14 /PRNewswire/ - Cinram International Income Fund ("Cinram" or the "Fund") (TSX: CRW.UN) announced today that it has signed a new multi-year contract with Twentieth Century Fox Home Entertainment ("Fox"). Under the renewed service agreements Cinram will continue to serve as the primary supplier for replication and distribution services for the studio across North America and Europe.
Cinram and Fox's thriving 14-year relationship spans from VHS, to the launch of DVD and recently with the mainstream adoption of the Blu-ray Disc format. The two companies have demonstrated a seamless configuration in their operations. The resulting centralized manufacturing and distribution model offers a state-of-the-art dissemination of product with great success across the supply chain.
"It is with great pleasure we renew our alliance with Fox, a valued and essential partner," said Steve Brown, Chief Executive Officer, Cinram International, Inc. "Fox helped firmly establish our growth from the company's origins in Canada to expansion in the US and worldwide market that has resulted in top-notch levels of manufacturing and distribution services."
"Cinram has a strong history of providing quality service, with unsurpassed commitment and dedication," said Mike Dunn, President Worldwide, Twentieth Century Fox Home Entertainment. "As the media landscape evolves, they will continue to play an integral role in our business for many years to come."
Cinram's commitment to its customers, new technologies, digital content and delivery services is as strong as ever. Earlier this year, the company acquired digital media company 1K Studios as part of its broader initiative to expand into digital platforms. Specializing in building enhanced consumer experiences, 1K provides creative and technical services to help media and technology companies release content in different venues including digital downloads, mobile and tablet apps, advanced Blu-ray discs, stereoscopic 3D and social media. These services will be integrated with Cinram's existing media production and logistics business, creating an end-to-end supply chain for its customers.
Cinram International Inc., an indirect, wholly-owned subsidiary of the Fund, is one of the world's largest providers of pre-recorded multimedia products and related logistics services. With facilities in North America and Europe, Cinram International Inc. manufactures and distributes pre-recorded DVDs, Blu-ray Discs, CDs, and CD-ROMs for motion picture studios, music labels, publishers and computer software companies around the world. Cinram now also provides distribution and logistics services to the telecommunications industry in North America through its wireless subsidiaries. The Fund's units are listed on the Toronto Stock Exchange under the symbol CRW.UN. The Cinram group of companies now also incorporates 1K Studios, a digital media firm based in Los Angeles specializing in building enhanced consumer experiences for movies, TV shows, music, books and games. For more information, visit www.cinram.com.
Certain statements included in this release constitute "forward-looking statements" within the meaning of applicable securities laws. Such forward-looking statements include statements concerning the possible effects of the transactions described herein, and the likelihood of their successful completion. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Fund, or results of the multimedia duplication/ replication industry, to be materially different from any future results, performance or achievements expressed or implied by such forward looking statements. Such factors include, among others, the following: the Fund's ability to retain major customers; general economic and business conditions, which will, among other things, impact the demand for the Fund's products and services; multimedia replication industry conditions and capacity; the ability of the Fund to implement its business strategy; the Fund's ability to invest successfully in new technologies and other factors which are described in the Fund's filings with the securities commissions. These risks may affect the achievement of the expected results of the transactions described herein. There can be no assurance that the said transactions will be successfully completed or that, if completed, the expected consequences will result in whole or in part, and the deviations from such expectations may be material.
SOURCE Cinram International Income Fund
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