Carmike Cinemas has extended its existing relationship with Screenvision for a 30-year term. In addition to its regular periodic payments throughout the term of the agreement Carmike will receive a cash payment of $30 million in January 2011. Carmike will also receive an approximately 20 percent ownership interest in the growth of Screenvision. We have been a business partner of Screenvision for over twenty years and we plan to be a partner for many more says David Passman president and CEO of Carmike. Adding an ownership interest to our already excellent business relationship is an exciting opportunity for Carmike's shareholders to benefit in the growth of Screenvision. In addition although still in its early stages we expect alternative content to play an increasingly important role in further enhancing capacity utilization of entertainment complexes and with its growing digital footprint and extensive distribution network we believe Screenvision continues to be the right partner for Carmike. Carmike is a technological innovator in the exhibition industry and our partnership has only become stronger with this agreement says Darryl Schaffer executive vice president exhibitor relations at Screenvision. The extended exhibition agreement is effective upon closing of Carmike's acquisition of the ownership interest in Screenvision which is expected to be this month. Carmike Cinemas www.carmike.com Screenvision www.screenvision.com
