September 1, 2009
PRESS RELEASE
“STEVENS DIGITAL GROUP, INC ANNOUNCED TODAY THAT THEY HAVE EXECUTED AN AGREEMENT WITH VALUABLE TECHNOLOGIES “MOVIEBEAM” DIVISION TO INSTALL MOVIEBEAM IN 5,000 HOTEL ROOMS."
Chesterfield, Missouri, September 1, 2009
Stevens Digital Group, Inc. announced today that they have executed an agreement with Valuable Technologies Inc. (“VTI”) to install the Moviebeam Digital Movie Rental platform in over 5,000 hotel rooms beginning in September 2009. Stevens Digital Group CEO, Dave Stevens said, “The hotel industry has been looking for an alternative to current providers of Pay per View movies for over a year. VTI’s Moviebeam platform is a solid entry into this market. Disney originally founded Moviebeam, and along with investors Cisco, Intel and others, pumped over $200 million in developing the platform. We fully expect to see Moviebeam gain a presence in a significant percentage of hotels over the next few years. Stevens Digital Group expects installations to ramp to over 10,000 rooms per month with the Moviebeam platform.”
Moviebeam was initially founded by Disney in 2002 to deliver digital movies to Set Top Boxes (STBs) at home, using the extra bandwidth of television broadcast towers. It was re-launched in 2005 with backing from Disney, Intel and Cisco, and its second generation STB reaching over 10,000 homes in 33 large US markets. It was later purchased by Movie Gallery (the 2nd largest video rental chain in the US) in January 2007, which introduced digital delivery to the STB via broadband internet access. Moviebeam was acquired by Valuable Technologies Ltd. (VTL) in May 2008 from Movie Gallery.
The MovieBeam service was conceived specifically for delivery of digital content (primarily movies) to millions of consumer homes using state-of-the-art technology for efficiency and reliability. An estimated $250 million has been spent developing the system/service prior to sale to VTL. MovieBeam was operational in over 10,000 homes for nearly 3 years and is a working system with operational excellence.
About Valuable Group
The group manages and operates a spectrum of companies in three industry verticals – media and entertainment, technology and infrastructure, and has made pioneering technology-based business innovations the cornerstone of the group's success formula.
The group uses a blend of satellite technology and innovative models to create new markets and in the process build new businesses. Our vision is to 'Deliver Audiences' and our mission is to 'To create platform based delivery businesses'.
For information contact:
Stevens Digital Group, Inc.
17813 Edison Avenue
Suite 103
Chesterfield, MO 63005
636.728.062