TORONTO, June 10 /CNW/ - Cinram International Income Fund (the "Fund")
(TSX: CRW.UN) today announced that it has signed a long-term agreement with
Universal Pictures International BV ("Universal") for manufacturing and
distribution of DVDs throughout the majority of Western Europe.
"We are delighted that Universal has selected Cinram for the majority of
their European business," said Cinram chief executive officer Dave Rubenstein.
"This is a great opportunity for us to leverage our existing European
footprint to grow our core business and effect consolidation in the industry."
Under the terms of the agreement Cinram will be increasing its
manufacturing and distribution capacity to provide the additional capacity
necessary to service Universal and to continue to provide best-in-class
service to Cinram's other blue-chip customers throughout Europe.
"Cinram's proven manufacturing and distribution capabilities along with
their recognized customer-centric approach made them the best choice to handle
our business in Europe," said Eddie Cunningham, President Universal Pictures
Financial terms of the agreement were not disclosed.
Cinram International Inc., an indirect, wholly-owned subsidiary of the
Fund, is the world's largest provider of pre-recorded multimedia products and
related logistics services. With facilities in North America and Europe,
Cinram International Inc. manufactures and distributes pre-recorded DVDs,
audio CDs, and CD-ROMs for motion picture studios, music labels, publishers
and computer software companies around the world. Cinram now also provides
distribution and logistics services to the telecommunications industry in
North America and Europe through its wireless subsidiaries. The Fund's units
are listed on the Toronto Stock Exchange under the symbol CRW.UN. For more
information, visit our website at www.cinram.com.
Universal Pictures International Entertainment is part of NBC Universal -
one of the world's leading media and entertainment companies in the
development, production, and marketing of entertainment, news, and information
to a global audience. Formed in May 2004 through the combining of NBC and
Vivendi Universal Entertainment, NBC Universal owns and operates a valuable
portfolio of news and entertainment networks, a premier motion picture
company, significant television production operations, a leading television
stations group, and world-renowned theme parks. NBC Universal is 80%-owned by
General Electric, with 20% controlled by Vivendi.
Certain statements included in this release contain words such as
"could", "expects", "expectations", "may", "anticipates", "believes",
"intends", "estimates" and "plans" (and similar expressions) and constitute
"forward-looking statements" within the meaning of applicable securities law.
These statements are based on Cinram's current expectations, estimates,
forecasts and projections about the operating environment, economies and
markets in which Cinram operates. Such forward-looking statements involve
known and unknown risks, uncertainties and other factors which are difficult
to predict and may cause the actual results, performance or achievements of
the Fund, outcomes, or results of the multimedia duplication/replication
industry, to be materially different from any future results, performance or
achievements expressed or implied by such forward-looking statements. Such
factors include, among others, the following: general economic and business
conditions, which will, among other things, impact the demand for the Fund's
products and services; multimedia duplication/replication industry conditions
and capacity; the ability of the Fund to implement its business strategy,
including having the cash resources necessary to do so; a shortage of product
due to labour disruptions, the Fund's ability to retain major customers; the
Fund's ability to invest successfully in new technologies and other factors
which are described in the Fund's filings with Canadian securities
commissions. Unless otherwise required by applicable securities laws, Cinram
disclaims any intention or obligation to update or revise any forward-looking
For further information:
For further information: Lyne B. Fisher, Tel: (416) 321-7930,
email@example.com; Denise Bassett, Tel: +44 207 079 6071,