Trimark Announces Creation of CinemaNow Online Subsidiary
BUSINESS WIRE - August 03, 1999 13:34
SANTA MONICA, Calif., Aug 3, 1999 (BUSINESS WIRE via COMTEX) --
CinemaNow Set to Become Leading Online Destination for Distribution of Independent Films; Curt Marvis Named CEO
Trimark Holdings Inc. (Nasdaq:TMRK) Tuesday announced the formation of a new subsidiary, CinemaNow Inc.
CinemaNow is designed to become the premiere online destination for the streaming of independent, art house and niche-oriented feature-length motion pictures.
Mark Amin, chairman of Trimark Holdings and CinemaNow announced the appointment of Curt Marvis as chief executive officer of CinemaNow. Marvis most recently held the position of president of 7th Level (now Learn2.com, Nasdaq:LTWO).
CinemaNow will leverage the nearly 650-title film library of Trimark Pictures as its initial motion picture catalog. Current plans include the pre-launch of the CinemaNow site, CinemaNow.com, later this year, with the fully enabled site premiering in early 2000.
"The deal in February between Trimark Pictures and broadcast.com created the foundation for our growth as an online distributor of theatrical films," saidAmin.
"My enthusiasm for CinemaNow is similar to my feelings when I started 20/20 Video during the birth of the home video industry and the subsequent creation of Trimark during the explosion of independent film production and distribution. The potential of the Internet and broadband is now well established and we feel our early start in this medium will contribute greatly to our future success."
Amin added, "Curt's drive and ambition as well as his background in the production business and Internet provide the perfect combination of experience for this venture."
"I share Mark's enthusiasm for the future potential of CinemaNow," stated Marvis. "Starting with a large, proven library of content and combining it with the targeted commerce and community building capabilities of the Web provides us with a remarkable opportunity to exploit an explosive market in the future development of the Internet."
CinemaNow.com will offer users the ability to stream movies to their computers on demand using both Real Networks (Nasdaq:RNWK) and Microsoft (Nasdaq:MSFT) streaming technologies. Various genres of content will be offered including action, drama, horror, gay and lesbian, and international cinema.
Films will be available on both a free and pay basis with additional revenue generated through advertising, sponsorships and e-commerce transactions in the CinemaNow store.
Marvis began his career as executive vice president of seminal documentary producer and syndicator Bill Burrud Productions, producing series for The Disney Channel and international syndication. In 1984, he and partner/director Wayne Isham formed The Company, which became one of the most successful production houses for music video and concert programming in the history of MTV.
In 1995, he was a founder of CD-ROM start-up Powerhouse Entertainment. In 1997, he moved to 7th Level and helped lead their transition from the CD-ROM business to the Internet culminating in their merger with Street Technologies to form Learn2.com.
Trimark Holdings is a broad-based entertainment company that acquires, produces and distributes motion pictures domestically and internationally under the Trimark Pictures banner; licenses to the broadcast industry under the Trimark Television moniker; and distributes to the domestic home video market under the Trimark Home Video label. Through each of the company's separate entities, Trimark is the owner of nearly 650 titles.
Trimark Television recently produced "The Simple Life of Noah Dearborn," which won the night for highest ratings on May 9 for CBS sweeps. The telefilm features Academy Award Winners Sidney Poitier and Dianne Wiest. The company previously produced "Trucks," based on a Stephen King short story and produced for USA Cable.
Trimark Home Video releases approximately 35 titles per year to the home video rental market, approximately 15 titles per year to the sell-thru market and is expanding rapidly into the DVD market. The company recently entered into a multi-year deal with NBC Home Video to distribute their product line into retail outlets.
Recent releases include the NBC mini-series "The 60's," "Another Day In Paradise," Stephen King's "Storm of the Century" and "Happiness."
Trimark Pictures has released such critically acclaimed films as "Eve's Bayou," "Billy's Hollywood Screen Kiss," "Another Day In Paradise" and "Chinese Box."
Upcoming features include: "Better Than Chocolate," starring Wendy Crewson, Karyn Dwyer and Christina Cox; "Romance," directed by renowned French director Catherine Breillat; "Joe the King," starring Noah Fleiss, Val Kilmer, John Leguizamo, Ethan Hawke, and written and directed by Frank Whaley; "Beautiful People," written and directed by Jasmin Dizdar; and "The Last September," starring Maggie Smith and Michael Gambon. Trimark Pictures produces approximately 10 pictures per year.
In February of 1999, Trimark became the first motion picture company to enter into a licensing agreement to distribute its movies via the Internet. Its deal with broadcast.com in which the companies exchanged equity, allows Trimark titles such as the cult classic "Leprechaun" to be streamed on the Internet and positions the company as the first studio to embrace this new entertainment medium.
Except for the historical information contained herein, certain matters discussed in this news release, including the potential success of CinemaNow Inc. and the new technologies described above, are forward-looking statements, within the meaning of the Private Securities Litigation Reform Act of 1995, that involve risks and uncertainties. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may causethe actual results, performance or achievements of the company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Other matters, uncertainties and risks are detailed from time to time in the SEC reports of Trimark Holdings Inc., including the report on Form 10-K for the year ended June 30, 1998, and its current filings with the SEC.
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