FOR IMMEDIATE RELEASE PANAVISION SELLS INTEREST IN EFILM TO DELUXE LABS August 9, 2004--Woodland Hills, Calif.--Panavision, the leading
manufacturer and supplier of camera systems to the motion picture and television
industries, has sold its 80% ownership interest in EFILM, LLC to Deluxe
Laboratories, Inc., it was announced today. Deluxe, which previously owned the
remaining 20% of EFILM, will now be the sole owner.
"It's been rewarding for us to have participated in EFILM's development
into the leading digital laboratory in the industry," said Bob Beitcher,
Panavision's President and CEO. "Now that EFILM has 'come of age' and the
digital intermediate has evolved into an essential creative tool for filmmakers,
we are happy to pass the management role to Deluxe, for whom EFILM is a natural
extension of its traditional film laboratory services. We will focus our energy
on what is our core strength - providing the best imaging systems to the motion
picture and television industries, as well as applying our expertise and
technology to new markets - and we are in the process of exploring acquisitions
and investments consistent with this mission. However, we will continue to work
with EFILM to offer our customers the extreme customer service and integrated
solutions they have come to expect. "
EFILM began providing digital laboratory services to the motion picture
industry in 1993. Panavision purchased EFILM in 2001, and in 2002 Deluxe
purchased a 20% interest in the company.
"I am grateful for the support that both Panavision and Deluxe have given
us in this phase of extraordinary growth," said Joe Matza, President of EFILM.
"I look forward to working even more closely with Deluxe as EFILM enters its
Utilizing proprietary digital color timing systems and image processing
tools, high resolution and scanning and recording technologies with a high speed
network, EFILM's services include digital intermediate, high-resolution scanning
and recording for the visual effects industry, digital opticals for features,
trailers and commercials and tape-to-film services including 24p HD, DV, NTSC
Founded in 1954, Panavision Inc. is a leading designer and manufacturer of
high-precision camera systems, including both film and digital cameras, and
lenses and accessories for the motion picture and television industries.
Panavision systems are rented through its domestic and internationally owned and
operated facilities and agent network. Panavision also supplies lighting, grip
and crane equipment for use by motion picture and television productions, as
well as advanced imaging solutions to broadcast and government customers.
FOR MORE INFORMATION, CONTACT:
TEL: 818-316-2233 CELL: 818-427-0116 E-MAIL: SUZANNE_LEZOTTE@PANAVISION.COM