Hollywood Intermediate, Inc. (Pink Sheets:HYWI) announced today its Matchframe Digital Intermediate (MDI) division has just completed work on the motion picture "Edison" using the company's proprietary Digital Intermediate (DI) technology and workflow. With an all-star cast that includes Kevin Spacey, Morgan Freeman, LL Cool J, and Dylan McDermott, the film follows Justin Timberlake as a young journalist who uncovers the inner workings of a corrupt police unit.
By using Hollywood Intermediate's DI technology, redundancies and artistic restrictions found in today's photochemical and high definition film mastering processes were eliminated for "Edison." "Digital intermediate technology is proving to be far superior to the current photochemical film and High Definition mastering processes as it can dramatically reduce the overall time and associated costs of feature film mastering while endlessly enhancing artistic creativity for filmmakers," said David Waters, president of Hollywood Intermediate, Inc.
"Edison" star Morgan Freeman knows full well the potential for digital content. Last week, at the Allen & Co. sponsored Sun Valley Media Conference he announced he was teaming up with Silicon Valley giant Intel (INTC) on a new venture to distribute movies to consumers over the Internet before the films become available on DVD, called ClickStar. Intel spokesman Bill Calder said Intel had been working for several years with Freeman, setting up "digital home" technology in his studio and doing a long-range wireless demo at the Sundance film festival. "It fits into our whole digital home strategy," Calder said of the investment. "One of the things we've always said is content is key."
Additionally, studios such as Warner Bros., Sony (SNE) and others are planning to launch their own Internet and video on demand offerings, some of which may debut by the end of this year. "It's like the G8 Summit for media," said Sallie Hofmeister, media reporter for the Los Angeles Times, in Sun Valley for the retreat that started Tuesday. The event, Allen & Co.'s 23rd annual conference, draws the business elite, like Microsoft Corp. (MSFT) founder Bill Gates and Walt Disney (DIS) CEO Michael Eisner, Rupert Murdoch, Michael Dell and Warrren Buffett.
Digital intermediate technology can also provide the ultimate process for the restoration of analog to digital television and film libraries as it produces a single master file enabling extraction and archival of all current, as well as future formats including internet and video on demand offerings. "The timing for the DI restoration process couldn't be better given the FCC and Congress mandate pushing for the termination of analogue transmission by the end of 2006," said Waters.
"We have already seen a large build up of titles being readied for restoration by the major studios. These studio restoration contracts when outsourced can create an enormous amount of work for a company like Hollywood Intermediate as we have already seen with many support companies commencing library preparation in the analog field such as film negative companies," said James Delany, Chief Operating Officer of Hollywood Intermediate, Inc.
Newly produced films such as "Edison" using DI technology will not need digital conversion via restoration at a later date, while a vast amount of studio and network titles will require efficient restoration technologies to become compliant. "We believe that the Digital Intermediate process is the only future proof way of restoring old titles. By opting for DI and avoiding the use of High Definition hardware mastering for restoration, libraries prevent the need for future restorations due to mastering formats that can become outdated," said Waters.
About Hollywood Intermediate
Hollywood Intermediate provides a proprietary technology of Digital Intermediate services to feature filmmakers for post production for film mastering and restoration. This technology gives the filmmakers total creative control over the look of their productions. Whether shooting on film or acquiring in HD or SD video, Hollywood Intermediate puts a powerful cluster of digital tools at the director's disposal to achieve stunning results on the big screen. Matchframe Digital Intermediate, a division of Hollywood Intermediate, Inc., packages a full array of post production services with negative handling expertise and cost-effective 2K digital intermediate and 35mm film out systems. The Digital Intermediate process eliminates current post production redundancies by creating a single high-resolution master file from which all versions can be made including all theatrical and High Definition formats. By creating a single master file with resolution higher than the current High Definition broadcast standards, the DI master file enables cinema and television distributors to extract and archive all current and future cinema and television formats including Digital Cinema, Television and High Definition.
Disclaimer Regarding Forward-Looking Statements: This announcement may contain certain forward-looking statements that are made pursuant to the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995 that involve risks and uncertainties. Such statements reflect management's current views and are based on certain assumptions. Actual results could differ materially from the assumptions currently anticipated. Forward-looking statements speak only as of the date the statement was made. The Company assumes no obligation to update forward-looking information to reflect actual results, changes in assumptions or changes in other factors affecting forward-looking information. If the Company does update any forward-looking statement, no inference should be drawn that the Company will make additional updates with respect to that statement or any other forward-looking statements.
© 2005 Business Wire
