IMAGICA Corporation/Tokyo announced on September 11th that it is offering for sale its wholly-owned subsidiary, IMAGICA USA INC., Los Angeles. IMAGICA USA INC. is a pioneering visual effects company and a prominent leader in serving the 70mm large format film industry with digital and optical services. Since its 1993 founding, IMAGICA USA INC. operations have been directed by Christopher Reyna, as company president.
"The decision to sell IMAGICA USA INC. is one based on geography and corporate policy," said Fumio Nagase, president and CEO of IMAGICA Corp./Tokyo. "We have put the company on the market because of a fundamental corporate decision to concentrate on our core businesses in Japan and Asia."
Continued Nagase, "From the day it first opened for business seven years ago in Los Angeles, IMAGICA USA INC. has been an important and valued member of the IMAGICA family. This is largely due to the tireless dedication of IMAGICA USA INC. president Christopher Reyna, his intimacy with the large format film community, his thorough understanding of the medium and his keen business sense. Reyna's enterprising spirit, sense of responsibility and uncompromising devotion to quality and customer service have done honor to the IMAGICA name and the confidence we entrusted in him."
IMAGICA USA INC. president Christopher Reyna stated, "We are greatly indebted to IMAGICA Corp./Tokyo for the opportunity created seven years ago, to form this financially successful and highly respected company. By providing access to the best technology, equipment and services, IMAGICA USA INC. has been instrumental in enabling large format filmmakers to produce better films, and to get wider distribution of those films, during a key growth period for the industry. We view the prospect of new ownership as a fertile, new opportunity that will allow the company to further increase customer services, to pursue aggressive growth in several new markets and to further promote new technological advances for the large format filmmaking community."
IMAGICA Corp./Tokyo has retained the Los Angeles-based investment banking firm, R.E. Foy & Company, Inc., to handle the divestiture.
Background Information The term "large format" refers to a film exhibition medium using a giant screen and a 70mm film print, in 2D or stereoscopic 3D. Flat screens in large format theaters range from about 60 feet x 80 feet to 90 feet x 120 feet. Hemispherical dome screens can have diameters between 70 feet and 90 feet. Individual 70mm formats are defined by the number of perforations ("perfs") per frame: five, eight, ten or fifteen -- commonly termed as 5/70, 8/70, 10/70 and 15/70. Most large format theaters are either 8/70 or 15/70. Films may be crossprinted from one format to another.
Considered to be the premiere visual effects house for giant screen 65/70mm cinema, IMAGICA USA INC. provides optical effects as well as fully integrated digital processing -- including digital scanning, film recording, image manipulation and digital effects. IMAGICA USA INC. possesses the highly rated, proprietary "Bigfoot" digital 65mm film scanner. The company is also the primary source for cross- platforming of large format films, offering format conversions between 15/70, 8/70, 10/70 and 5/70.
"Our digital image processing has gone beyond '911' repairs to creation of quality greenscreen composites and more complex composites and visual effects," says IMAGICA USA INC. president Christopher Reyna. "The results are there to see in the latest giant-screen film releases, such as 'Solarmax,' 'Loch Lomond: Legend of the Loch,' 'Dolphins,' 'Adventures in Wild California' and 'Everest.' As large format cinema continues to gain acceptance as a mainstream medium, the bar is being raised on production values. We supply the tools and services essential to creating, improving and distributing our industry's core product: the films."
The emergence of stereoscopic 3D has helped large format film move quickly into new commercial markets and differentiate it from mainstream cinema. IMAGICA USA INC. provided services on four recent 3D giant screen releases: "Siegfried & Roy: The Magic Box"; "Cirque du Soleil(TM)" "Journey of Man"; "Ultimate Gs: Zac's Flying Dream" and "3D Mania: Encounter in the Third Dimension." Filmmakers make use of the company's 65/70mm digital and optical services to perfect, correct and manipulate their 3D shots. IMAGICA USA INC. was instrumental in developing Dynamic Digital Depth's (DDD) innovative, patented DeepSee technology, to convert 65mm shots from 2D to 3D stereo. IMAGICA USA INC. provides the DDD conversion process on an exclusive basis to the large format industry.
For 26 years, IMAGICA USA INC. president Christopher Reyna has promoted the advancement of large format cinema. Specializing in production, post production and theater and projection design, he has fostered high standards of quality and innovation through the use of appropriate technology, creative experimentation, and the application of 70mm film to urban attractions. He is a founding member and charter president of the Large Format Cinema Association, formed in 1996. In 1998, the Telluride Film Festival honored him with the Silver Medallion, its highest award. The Tokyo-based parent company of IMAGICA USA INC., IMAGICA Corporation is the largest, oldest and most respected advanced film laboratory service facility in Japan. From the early 1980s to the present, IMAGICA Corp./Tokyo pioneered large format post-production services in addition to operating in 16/35mm film, video, and HDTV formats. IMAGICA Corp./Tokyo has been a constant provider of new innovations in the large format film and the digital industry. In 1993, IMAGICA Corp./Tokyo founded IMAGICA USA INC. in Los Angeles to service the specialty film industry in the western hemisphere.
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