NEWS BULLETIN
FOR FURTHER INFORMATION:
POINT.360
7083 HOLLYWOOD BLVD. SUITE 200
HOLLYWOOD, CA 90028
Nasdaq: PTSX
AT THE COMPANY:
Alan Steel
Executive Vice President
(323) 860-6206
FOR IMMEDIATE RELEASE
January 8, 2003
POINT.360 EXTENDS OPTION TO PURCHASE
THREE POST-PRODUCTION ENTITIES
HOLLYWOOD, CA, January 8, 2003 - Point.360 (Nasdaq: PTSX), a leading provider of
media asset management services, today announced that it had extended its option
to purchase three post-production subsidiaries of Alliance Atlantis
Communications Inc. ("Alliance Atlantis") of Toronto, Canada, from December 31,
2002 to March 21, 2003.
The option consists of the right to purchase Toronto-based Tattersall Casablanca
Sound Inc. ("Tattersall Casablanca") and Calibre Digital Design Inc.
("Calibre"), and Halifax-based Salter Street Digital Limited ("Salter Digital").
Tattersall Casablanca is a Golden Reel and Emmy award winning sound and picture
post-production service provider. Calibre is an award winning provider of
digital visual effects and 2D and 3D animation. Salter Digital provides sound
and picture post-production services principally for the Eastern Canadian
market.
Haig S. Bagerdjian, Point.360's Chairman, President and Chief Executive Officer,
said: "The option was extended by mutual agreement of the Company and Alliance
to provide sufficient time to complete due diligence and arrange financing for
the transaction. We are excited about the geographical expansion and
relationship with AACI afforded by this acquisition opportunity. AACI is the
largest Canadian broadcaster, creator and distributor of filmed entertainment."
ABOUT ALLIANCE ATLANTIS
Alliance Atlantis Communications Inc. is a leading vertically integrated
broadcaster, creator and distributor of filmed entertainment with ownership
interests in 18 specialty channels, including five established operating
channels: Showcase, Life Network, History Television, HGTV Canada, and Food
Network Canada; and nine recently launched developing channels: Series+,
Historia, Showcase Action, Showcase Diva, The Independent Film Channel Canada,
Discovery Health Channel Canada, BBC Canada, BBC Kids, and National Geographic
Channel Canada; and four channels in which the Company has minority interests:
Scream, The Score, PrideVision TV and One: the Body, Mind and Spirit Channel.
The Company's principal business activities are conducted through three
operating groups: the Broadcast Group, the Motion Picture Distribution Group and
the Entertainment Group. Headquartered in Toronto, Alliance Atlantis operates
offices in Los Angeles, London, Montreal, Dublin, Edmonton, Halifax, Shannon and
Sydney. The Company's common shares are listed on the Toronto Stock Exchange -
trading symbols AAC.A, AAC.B and on NASDAQ - trading symbol AACB. The Company's
Web site is www.allianceatlantis.com.
ABOUT POINT.360
Point.360 is one of the largest providers of video and film asset management
services to owners, producers and distributors of entertainment and advertising
content. Point.360 provides the services necessary to edit, master, reformat,
archive and ultimately distribute its clients' film and video content, including
television programming, spot advertising, feature films and movie trailers.
The Company delivers commercials, movie trailers, electronic press kits,
infomercials and syndicated programming, by both physical and electronic means,
to hundreds of broadcast outlets worldwide.
The Company provides worldwide electronic distribution, using fiber optics,
satellites, and the Internet.
Point.360's interconnected facilities in Los Angeles, New York, Chicago, Dallas
and San Francisco provide service coverage in each of the major U.S. media
centers. Clients include major motion picture studios such as Universal, Disney,
Fox, Sony Pictures, Paramount, MGM, and Warner Bros. and advertising agencies
TBWA Chiat/Day, Saatchi & Saatchi and Young & Rubicam.
FORWARD-LOOKING STATEMENTS
Certain statements in Point.360 press releases may contain "forward-looking
statements" within the meaning of the Private Securities Litigation Reform Act
of 1995. Such statements include, without limitation (i) statements concerning
the Company's projected revenues, earnings, cash flow and EBITDA; (ii)
statements of the Company's management relating to the planned focus on internal
growth and acquisitions; (iii) statements concerning reduction of facilities and
actions to streamline operations; (iv) statements on actions being taken to
reduce costs and improve customer service; and (v) statements regarding new
business and new acquisitions. Such statements are inherently subject to known
and unknown risks, uncertainties and other factors that may cause actual
results, performance or achievements of the Company to be materially different
from those expected or anticipated in the forward looking statements. In
addition to the factors described in the Company's SEC filings, including its
quarterly reports on Form 10-Q and its annual reports on Form 10-K, the
following factors, among others, could cause actual results to differ materially
from those expressed herein: (a) lower than expected net sales, operating income
and earnings; (b) less than expected growth, even following the refocus of the
Company on sales and streamlined operations; (c) actions of competitors
including business combinations, technological breakthroughs, new product
offerings and marketing and promotional successes; (d) the risk that anticipated
new business may not occur or be delayed; and (e) general economic conditions
that adversely impact the Company's customers' willingness or ability to
purchase or pay for services from the Company. Furthermore, there is a risk that
the Company will not exercise its option to purchase the Alliance Atlantis
subsidiaries, in which case the Company would be required to write off
approximately $900,000 of the value of warrants and cash attributable to the
option. The Company has no responsibility to update forward-looking statements
contained herein to reflect events or circumstances occurring after the date of
this release.