P R E S S R E L E A S E
Electrohome Projection Systems Purchased by Christie Inc.
Kitchener, Ontario, CANADA - (August 23, 1999) - Electrohome Projection Systems, a worldwide leader in the development of high performance projection solutions, today announced that Christie Inc. has agreed to acquire the division from Electrohome Limited to create a new force in the projection marketplace.
The ongoing Electrohome Limited will have controlling interests in Robotel Electronique, the Fakespace Group of Companies, Pyramid Systems and an equity position in Immersion Studios.
"Projection Systems has been one of the largest and most successful divisions of Electrohome's business for more than a decade," said John Pollock, Chairman and Chief Executive Officer of Electrohome Limited. "However, the projection marketplace is undergoing an ever-accelerating rate of change and Christie will provide the resources and expertise to bring Electrohome Projection Systems to the forefront of dynamic new industries such as electronic digital cinema."
Christie, a world leader in the manufacture and design of film projection equipment for movie theatres, is a subsidiary of Ushio America, a wholly owned subsidiary of Ushio Inc., a supplier of lamps and lighting technology.
"There is a great synergy between Electrohome Projection Systems and Christie Inc.," said Gerry Remers, President, Electrohome Projection Systems Group. "With the increasing acceptance of electronic digital cinema, Christie was looking for an organization that could deliver this innovative technology to their existing customer base and sales channel, in order to maintain and grow their market-leading status. We believe the acquisition will not only create an excellent platform for R&D, but it will enhance Electrohome's presence world wide."
Through the agreement, Christie agrees to retain current Electrohome Projection Systems staff and maintain Electrohome Projection Systems' manufacturing facilities, engineering and administrative offices in Kitchener, Ontario as well as sales and service locations around the world. Electrohome Projection Systems will operate as a Division of Christie Inc.
"The acquisition of Electrohome Projection Systems allows us to build on our existing strength and leadership in cinema projection and positions us in the forefront of electronic digital cinema", said Jack Kline, Executive Vice-President and Chief Operating Officer, Christie Inc.
About Christie Inc. Established in 1929, Christie has evolved to become a recognized world leader in the design, manufacture and innovation of cinema projection equipment. A wholly owned subsidiary of Ushio America, Inc. since 1992, Christie film projectors are installed in over 35 countries worldwide. They are located in Cypress, California. For more information, visit the company's Web site at www.christieinc.com
About Electrohome Projection Systems Established in 1979 and headquartered in Kitchener, Ontario, Canada, Electrohome Projection Systems supplies high performance projection solutions to customers around the world. Specializing in large-screen video/data/graphic solutions, Projection Systems has over 20,000 projectors installed in more than 40 countries. For more information, visit the company's Web site at www.electrohome.com
About Ushio Ushio is a $545 million company, constantly challenging the global market by providing new and better lighting for the future, today. Since its establishment in 1967, Ushio America Inc. has developed its product technology to include a wide variety of light sources used in many, many different markets. Ushio America Inc.'s primary product focus is on discharge and halogen lamp technology.