Cinedigm Sells Digital Movie Projectors

Cinedigm Corp. has sold off 125 digital projection systems, bringing to more than 200 the total number of systems it has unloaded. Terms of the deal between the Sherman Oaks entertainment content distributor and the buyers of the systems were not disclosed. The sale represents an important step in monetizing the more than 3,700 digital cinema systems the company has installed in movie theaters, primarily in North America. In addition to the 125 recently sold systems, the company previously sold another 119 systems. Gary Loffredo, general counsel and president of the digital cinema division, said the company was pleased with the revenue generated from selling off 7 percent of its digital cinema inventory. “We know there are many additional international and domestic opportunities for future sales,” Loffredo said in a statement. Shares of Cinedigm (CIDM) closed Wednesday up 4 cents, or more than 6 percent, to 65 cents on the Nasdaq.