ROMN IDT Media's Digital Production Solutions Unit To Acquire Controlling Interest
in Film Roman, Inc.; Acquisition Significantly Broadens IDT Media's Animation Ca
ability
NEWARK, N.J., May 15, 2003 (BUSINESS WIRE) -- IDT Media today announced that
its animation production unit, Digital Production Solutions (DPS), pursuant to a
letter agreement, will acquire a 51% interest in Film Roman, Inc., (ROMN.OB) a
leading independent animation company, through the purchase of newly issued
shares of Film Roman common stock.
Film Roman is known for its production work on animated television programs
including "The Simpsons" and "King of the Hill." IDT Media is a subsidiary of
IDT Corporation (NYSE: IDT, IDT.C), a multinational carrier, telephone and
technology company.
Film Roman, Inc. develops, produces and distributes a broad range of television
programming for the television network, cable television, first-run domestic
syndication and international markets. The company, founded in 1984 by acclaimed
animator Phil Roman, has grown into one of the leading independent animation
studios in the world. Film Roman has produced and continues to produce some of
the world's best known animated series, including "The Simpsons," "King of the
Hill," "X-Men," "The Mask," "Bobby's World," "The Twisted Tales of Felix the
Cat" and "Garfield & Friends." Recently, the company announced it will be
teaming up with Showtime Networks Inc. to bring to life the characters of Brett
Merhar's popular comic strip "Free For All" for Hi-Definition broadcast release
in summer 2003.
"With 18 Emmys and program credits that include TV's best loved, most successful
primetime animated series, Film Roman is the broadcast industry's leading
animation company," said Jim Courter, IDT's CEO, and a Director of IDT Media.
"With this acquisition, IDT Media's Digital Production Solutions unit takes its
place among the world's animation production leaders."
"Digital Production Solutions brings Film Roman the ability to combine our
creative strengths with the incredible technological abilities of DPS. Together
we will be able to innovate and build a powerhouse in animation, both 2D and
CGI," stated John Hyde, President and CEO of Film Roman, Inc.
Digital Production Solutions is aggressively pursuing the acquisition and
licensing of program ideas and properties suitable for animation. These
properties can now be jointly produced by DPS and Film Roman.
"This acquisition has great synergy and works well for both companies," said
Morris Berger, IDT Media's Executive Vice President of Business Development. "By
adding Film Roman's 2-D animation expertise to our 3-D animation capability, we
create a powerhouse animation company and at the same greatly enhance the profit
potential of the companies' productions using DPS' proprietary production
management protocol tools."
In March of this year, DPS acquired rights to never-before-seen projects created
by Gene Roddenberry. "Gene Roddenberry's Starpoint Academy" and "Gene
Roddenberry's Char," are the first original properties acquired by DPS. DPS is
currently working on a co-production with Jim Jinkins and David Campbell of
Cartoon Pizza, the creators of Doug, Stanley and PB&J Otter. In addition, the
DPS studio has produced episodes of "Monster by Mistake" under an agreement with
CCI Entertainment, Ltd to be broadcast in the United States, Canada, Australia
and Germany.
In this press release, all statements that are not purely about historical
facts, including, but not limited to, those in which we use the words "believe,"
"anticipate," "expect," "plan," "intend," "estimate, "target" and similar
expressions, are forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995. While these forward-looking statements
represent our current judgment of what may happen in the future, actual results
may differ materially from the results expressed or implied by these statements
due to numerous important factors, including, but not limited to, those
described in our most recent report on SEC Form 10-K (under the heading
"Management's Discussion and Analysis of Financial Condition and Results of
Operations"), which may be revised or supplemented in subsequent reports on SEC
Forms 10-Q and 8-K. These factors include, but are not limited to, the
following: potential declines in prices for our products and services; our
ability to maintain and grow our retail telecommunications services,
particularly our prepaid calling card business; availability of termination
capacity; financial stability of our customers; our ability to maintain carrier
agreements with foreign carriers; effectiveness of our marketing and
distribution efforts; increased competition, particularly from regional bell
operating companies; our ability to manage our growth; competitiveness of our
Winstar subsidiary; impact of government regulation; our ability to obtain
telecommunications products or services required for our products and services;
and general economic conditions, particularly in the telecommunications markets.
We are under no obligation, and expressly disclaim any obligation, to update the
forward-looking statements in this press release, whether as a result of new
information, future events or otherwise.
SOURCE: IDT Media
CONTACT: IDT Media
Morris Berger, 973/438-4468
or
Michael Kunkes, 213/683-9701
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