Access Integrated Technologies, Inc. Announces Agreement to Acquire Hollywood Software, Inc.
- Combined Companies to Provide Delivery of Digital Cinema -
MORRISTOWN, N.J. – Access Integrated Technologies, Inc. (AccessIT) announced today that it had entered into an agreement to acquire all of the capital stock of Hollywood Software, Inc. (Hollywood Software), a company engaged in the design, implementation and management of software tools used by both motion picture distributors and exhibitors to schedule, analyze, book and track movies and their financial results.
Located in Hollywood and Brea, California, Hollywood Software is the leading developer of proprietary transactional support software for movie distributors in North America. Hollywood Software has developed software applications, including the TDS2000 – Theatrical Distribution System, which manages key operational and financial elements of film distribution for distributors and studios, and EMS – Exhibition Management System, which manages key operational and financial elements of film exhibition for theater circuits.
Upon completion of the Hollywood Software acquisition, AccessIT expects to offer interrelated services to the digital cinema and alternative entertainment industries, including the delivery of digital content through software developed by Access Digital Media, Inc., a subsidiary of AccessIT, and secure hosting services offered by its bandwidth diverse Internet data centers. The closing of the Hollywood Software acquisition, which is subject to various conditions, is presently expected to occur in September 2003. All current management and staff of Hollywood Software are expected to remain.
Bud Mayo, Chief Executive Officer of AccessIT, stated, "The digital revolution is creating new opportunities for the entertainment industry and especially in motion pictures, which still operates through cumbersome and expensive analog delivery methods. Our combination of managed services and secure data center services is expected to enhance Hollywood Software’s movie distribution software and help further growth. Ultimately, we believe that Hollywood Software’s market penetration will provide us with a favorable platform for enabling content creators and distributors to provide a digital delivery solution that we expect to displace analog."
David Gajda, chief executive officer of Hollywood Software, commented, "We welcome this opportunity to become a part of AccessIT. From our first meeting, we have shared the same vision of how our companies might provide broader services to media companies as they begin to migrate further into the digital realm. By coming together, we improve our ability to become a leader in developing, and then providing, these services."
About Access Integrated Technologies, Inc.
Access Integrated Technologies, Inc., a Delaware corporation formed in March 2000, is a provider of managed infrastructure and storage services to various industries. AccessIT currently operates nine Internet data centers, called AccessColocenters, in eight states, and has 59 customer contracts. AccessIT built its first two AccessColocenters and acquired the remaining seven. Customers seeking additional information about AccessIT, or its services and facilities, are invited to call 973-290-0080 or visit our website at www.accessitx.com or Hollywood Software’s at www.hollywoodsoftware.com.
Company Contact:
Gary Loffredo, Esq.
Access Integrated Technologies, Inc.
(973) 290-0080
gloffredo@accessitx.com
Investors and readers are cautioned that certain statements contained in this document, as well as some statements in periodic press releases and some oral statements of AccessIT officials during presentations about AccessIT, are "forward-looking'' statements within the meaning of the Private Securities Litigation Reform Act of 1995 (the "Act''). Forward-looking statements include statements that are predictive in nature, which depend upon or refer to future events or conditions, which include words such as "expects'', "anticipates'', "intends'', "plans'', “could”, “might”, "believes'', “seeks”, "estimates'' or similar expressions. In addition, any statements concerning future financial performance (including future revenues, earnings or growth rates), ongoing business strategies or prospects, and possible future actions, which may be provided by AccessIT’s management, are also forward-looking statements as defined by the Act. Some of the factors that could significantly impact the forward-looking statements in this press release include, but are not limited to: insufficient cash flow to continue to fund the development and marketing of the Company's products and technology, a rejection of the Company's products and technologies by the marketplace and disputes as to the Company's intellectual property rights. Forward-looking statements are based on current expectations and projections about future events and are subject to various risks, uncertainties and assumptions about AccessIT, its technology, economic and market factors and the industries in which AccessIT does business, among other things. These statements are not guarantees of future performance and AccessIT has no specific intention to update these statements.
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