MAHWAH, N.J., Oct. 14 /PRNewswire/ -- Digital Cinema Implementation Partners, LLC (DCIP) announced today that Travis Reid, CEO of DCIP, has resigned effective Oct. 22. Led by DCIP's Board of Directors, the recruitment process for a new CEO is already underway and expected to proceed quickly.
During this transition period, Rich Manzione, COO (Chief Operating Officer) of DCIP, will manage the business, supported by DCIP's executive management team. Manzione has been with DCIP since its inception and was instrumental in the company's formation and launch. He manages DCIP's Operations and Technology groups, which includes system deployment and administrative services, and has been involved in all aspects of DCIP operations.
"Travis and our team have brought the organization to a great place and I look forward to continuing our exciting work at DCIP," said Rich Manzione, COO of DCIP. "I am confident that our strong management team will ensure a seamless transition and continued success with our digital cinema rollout."
DCIP has deployed more than 4,000 digital projection systems in more than 870 theatres and is tracking ahead of its planned deployment schedule to digitize more than 15,000 screens in the United States and Canada. DCIP was formed in February 2007 as a joint venture owned equally by AMC Entertainment Inc., Cinemark Holdings, Inc. and Regal Entertainment Group, the three largest theatrical exhibitors.
"Travis has done an outstanding job in guiding the formation of DCIP, including the negotiation of studio and vendor agreements, securing financing and managing the initial deployment of DCIP's digital projection systems," said Gerry Lopez, CEO and President of AMC Entertainment Inc. "Digital cinema will continue to provide an enhanced entertainment experience for our guests, so we thank him for his trailblazing work at DCIP."
"Digital cinema is an industry transforming technology, allowing us to significantly enhance the use of our auditoriums," said Alan Stock, CEO of Cinemark Holdings, Inc. "The deployment of digital projections systems is tracking ahead of its original schedule, thanks to Travis' leadership and the hard work of his executive team, led by Rich Manzione."
"Regal is confident that DCIP is in a very strong position both operationally and financially. The ongoing deployment of digital projection systems will continue to enrich the movie-going experience and greatly enhance our business and our industry," said Amy Miles, CEO of Regal Entertainment Group.
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 15,000 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, N.J. with offices in Minneapolis and Denver.
Cautionary Language Concerning Forward-Looking Statements
The statements contained in this release that are not historical facts are "forward-looking statements" (as such term is defined in the Private Securities Litigation Reform Act of 1995) that involve risks and uncertainties. These statements include our plans and our expectations regarding our rollout of digital projection equipment and the impact thereof on the moviegoing experience of theatre patrons and on the distribution of movies in digital format the projection of our rollout. DCIP cautions the reader that these forward-looking statements are only predictions and are subject to a number of both known and unknown risks and uncertainties, and actual results, performance, and/or achievements of DCIP may differ materially from the future results, performance, and/or achievements expressed or implied by these forward-looking statements as a result of a number of factors, including the actual production, installation and quality of digital projection equipment, acceptance thereof by theater patrons and the actual production of movies in digital format and bookings thereof to converted screens. DCIP undertakes no obligation to update any forward-looking statements.
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SOURCE Digital Cinema Implementation Partners, LLC