Image Entertainment, Inc. (NASDAQ: DISK), one of the largest
independent home entertainment distributors in North America and a
leading pioneer of the multi-billion dollar optical disc industry,
proudly announces a new chapter with the close of the previously
announced sale of preferred stock to JH Partners. In connection
with the closing, the company unveils its new management team
consisting of corporate entertainment veterans Ted Green, John
Avagliano and award-winning producer John Hyde. The announcement
was made today at the company’s Chatsworth headquarters.
“Today marks an entirely new day for Image Entertainment,”
remarked Green, Chairman and CEO of Image. “Image is a name that
has meant quality not only in content, but in presentation. While
the new media marketplace poses great challenges for any home
entertainment programmer, our goal is to strengthen Image
Entertainment’s name while remaining synonymous with great product.
We expect to be very active in the acquisition of rights and
companies.”
Green will serve as Chairman/CEO with Hyde as Vice Chairman and
Avagliano taking the role of Chief Operating Officer/Chief
Financial Officer. In addition to Mr. Green, the other members of
the new board of directors of Image after the sale of preferred
stock include Patrick Collins and Michael John, both of JH
Partners. All members of the Image board prior to the close of the
sale of preferred stock resigned effective immediately after the
close. The company will immediately and aggressively pursue
acquisition of global media content for exploitation in the
packaged media, digital and mobile markets.
“We are excited to partner with an experienced and proven
management team and feel confident that the combination of their
strategic vision and an improved balance sheet will afford
impressive growth opportunities for Image,” commented Patrick M.
Collins, JH Partners.
“We are looking forward to maximizing our various different
individual strengths with Image,” stated Hyde, Vice Chairman. “Each
of us brings a different set of industry skills and relationships
to this venture and we are confident that we can expand on the rich
history that is Image Entertainment.”
“In the past, Image has focused primarily on content acquisition
and distribution for the North American market,” said Avagliano,
COO/CFO. “We plan to build a strong international presence for the
company as well.”
Ted Green’s accomplishments within the entertainment industry
reach back three decades, covering music and home entertainment.
From 2007 to 2009, Mr. Green was chairman of publicly traded TM
Entertainment and Media, an Amex traded company that merged in
October 2009 with ChinaMedia Express. From 2003 to 2006, Mr. Green
was CEO and Co-Owner of independent home media label Anchor Bay
Entertainment, which at that time was a subsidiary of IDT
Entertainment. From 1992 to 2000, Mr. Green was the founder and
President of Sony Wonder, the division of Sony BMG Music
Entertainment responsible for the production and distribution of
media geared toward youthful audiences and also for all home video
distribution. Green’s resume includes management positions at
such renowned media companies as CBS Records, Polygram Records and
ATCO.
John Hyde is an award-winning television and motion picture
producer whose long list of credits include such successful
television titles as “The Simpsons,” “King Of The Hill,” the
animated “Hellboy,” and Masters Of Horror, as well as many motion
picture titles including The Neverending Story, Short Circuit and
the award-winning Das Boot. Most recently, Hyde is in development
at Disney with Flight Of The Navigator 2 and at The Weinstein
Company with Short Circuit 3. Hyde also is currently Vice Chairman
at The Jim Henson Company and previously from 2006 to 2007 Chief
Operating Officer at Starz Media, as well as from 2003 to 2006
Chief Operating Officer of IDT Entertainment, CEO of IDT
Productions from 2003 to 2006, and from 1999 to 2006 CEO of Film
Roman, the animation company behind the wildly successful “The
Simpsons.”
John Avagliano is currently President of Britannia Holdings,
providing strategic and financial management services to the film,
video and apparel industries. Clients have included Live Nation
Entertainment, Ticketmaster Entertainment, Palm Pictures, GTCR, CAK
Entertainment and Pacific Connections. Prior to Britannia,
Avagliano held senior level finance management positions at Warner
Music Group, where he served as Senior Vice President of Financial
Operations and Shared Services; Warner Home Entertainment, where he
served as Chief Financial Officer; Polygram Records, where he
served as Vice President of Finance for audio, video and
merchandise distribution in the United States; and Avon
Products.
Pali Capital, Inc. acted as financial advisor to JH Partners and
the management team on this transaction. Houlihan Lokey served as
financial advisors to Image Entertainment.
About Image
Entertainment
Image Entertainment, Inc. is a leading independent licensee and
distributor of entertainment programming in North America, with
approximately 3,200 exclusive DVD titles and approximately 340
exclusive CD titles in domestic release and approximately 400
programs internationally via sublicense agreements. For many of its
titles, the Company has exclusive audio and broadcast rights and,
through its subsidiary, Egami Media, Inc. has digital download
rights to approximately 2,000 video programs and over 300 audio
titles containing more than 5,100 individual tracks. The Company is
headquartered in Chatsworth, California. For more information about
Image Entertainment, Inc., please go to
www.image-entertainment.com.
About JH
Partners
JH Partners is a San Francisco-based private equity firm focused
on building sustainable, long-term equity value in consumer and
marketing-driven growth companies.
JH Partners' professionals work closely with the management
teams of partner companies, providing strategic, operating and
financial guidance to facilitate the growth and success of these
companies and to provide meaningful returns to investment and
management partners. JH Partners' relationships with management are
long-term in nature, which enables JHP to provide close
collaboration over a range of strategic issues.
The principals of JH Partners have invested, on behalf of
themselves and their co-investors, approximately $600 million and
are currently investing a $390 million fund raised in 2008. JH
Partners' principals consistently commit significant amounts of
personal capital to JHP investments and view themselves as
co-investors, not money managers.
Forward-Looking
Statements
This press release includes forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of 1995
relating to, among other things, its acquisition strategy. These
statements may be identified by the use of words such as “will,”
“may,” “estimate,” “expect,” “intend,” “plan,” “believe,” and other
terms of similar meaning in connection with any discussion of
future operating or financial performance or other events or
developments. All forward-looking statements are based on
management’s current expectations and involve inherent risks and
uncertainties, including factors that could delay, divert or change
any of them, and could cause actual outcomes and results to differ
materially from current expectations.
These factors include, but are not limited to, (a) the
Company’s ability to continue as a going concern, (b) the
Company’s ability to service its principal and interest obligations
on its outstanding debt or otherwise renegotiate or refinance such
outstanding debt, which renegotiation may not be successful and
refinancing may not be available on acceptable terms, if at all,
which may trigger defaults under its other debt agreements, create
liquidity issues, potentially force the Company to file for
protection from its creditors under Chapter 11 of the U.S.
Bankruptcy Code and prevent the Company from continuing as a going
concern, (c) the Company’s limited funds and the Company’s
inability to raise additional funds on acceptable terms or at all,
(d) the Company’s ability to borrow against the Company’s
revolving line of credit, (e) the Company’s ability to secure
media content on acceptable terms, (f) the Company’s DVD
manufacturer continuing to manufacture and fulfill orders to
Company customers while the Company is past due on its payables to
such manufacturer, (g) the ability of the Company to successfully
appeal the delisting determination issued by the Staff of The
Nasdaq Stock Market on December 15, 2009 and the ability of
the Company’s common stock to continue trading on The Nasdaq Stock
Market, (h) the performance of business partners upon whom the
Company depends upon, (i) changes in the retail DVD and digital
media and entertainment industries, (j) changing public and
consumer taste and changes in customer spending patterns,
(k) decreasing retail shelf space for the Company’s industry,
(l) further sales or dilution of the Company’s equity, which
may adversely affect the market price of the Company’s common
stock, (m) changes in the Company’s business plan,
(n) heightened competition, including with respect to pricing,
entry of new competitors, the development of new products by new
and existing competitors, (o) changes in general economic
conditions, including the performance of financial markets and
interest rates, (p) difficult, adverse and volatile conditions
in the global and domestic capital and credit markets,
(q) claims that the Company infringed other parties’
intellectual property, (r) changes in accounting standards,
practices or policies, and (s) adverse results or other
consequences from litigation, arbitration or regulatory
investigations.
For further details and a discussion of these and other risks
and uncertainties, see “Forward-Looking Statements” and “Risk
Factors” in the Company’s most recent Annual Report on Form 10-K,
and the Company’s most recent Quarterly Reports on Form 10-Q. Many
of the factors that will determine the outcome of the subject
matter of this press release are beyond Image Entertainment’s
ability to control or predict. Actual results may differ materially
from management’s expectations. Unless otherwise required by law,
the Company undertakes no obligation to publicly update any
forward-looking statement, whether as a result of new information,
future events or otherwise.
Image Entertainment (NASDAQ:DISK)
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