After Riots Destroyed Sony DADC Facility, Cinram Supports the UK Home Entertainment Industry
TORONTO, Aug. 23, 2011 /PRNewswire/ - Cinram International Income Fund ("Cinram" or the "Fund") (TSX: CRW.UN), is pleased to announce that it has entered into an agreement with Sony DADC to support them in the wake of the destruction of their UK distribution facility by rioters earlier this month.
The agreement, which will provide fully automated distribution services for Sony Pictures' product, will include pick, pack and ship services using pick-by-light technology and include value added services and returns. The service will be run from Cinram's advanced retail distribution warehouse in Aylesbury, Buckinghamshire, within easy reach of central London and the Midlands.
"Cinram has a large manufacturing and distribution footprint across Europe and we have reached out to our European facilities in order to support the home entertainment industry with as much capacity as possible. We are pleased to be able to assist in the distribution of Sony Pictures' product and, as we have previous experience of handling this product, this has been leveraged to simplify the transition," comments Mark O'Connor, Cinram's UK Managing Director. "Cinram is making every effort to support sales of packaged media and help the industry bounce back from this incident. We are balancing these new requirements against the needs of our existing clients for whom capacity requirements have been carefully forecast and ring-fenced. Assisting in this way will ensure effective and efficient delivery to UK retailers and consumers. We continue to offer additional manufacturing and distribution services to Sony DADC as the need arises."
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, audio CDs, and CD-ROMs for motion picture studios, music labels, publishers and computer software companies around the world. Cinram also provides distribution and logistics services to the telecommunications industry in North America through its wireless subsidiaries. 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. The Fund's units are listed on the Toronto Stock Exchange under the symbol CRW.UN. 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