David L. White to Leave Miramax Following Completion of Successful Film Distribution Deals, Significantly Increasing Company's Value

June 22, 2012 | June 2012 Bond Updates

David L. White, Miramax executive and a leading strategic consultant for home entertainment and other industries, announced earlier this month that he would be leaving the company after a year-and-a-half relationship.

(1888PressRelease) Los Angeles - During his tenure with Miramax, White was part of a team that Mike Lang, former Miramax CEO, assembled to negotiate distribution deals for packaged media and the execution of retail placement strategies of the Miramax film library. Filmyard Holdings acquired Miramax and its film assets from The Disney Company during December 2010 for a reported $660 million.

"I am extremely satisfied and proud of what the team accomplished during the first year at Miramax," said White, a twenty-year veteran of developing strategic initiatives for investment firms and manufacturers marketing consumer-packaged goods. "I was happy to assist my friend Mike Lang as a consultant, and then put my thriving consulting business on hold when he asked me to join full time."

Although White had limited experience in the entertainment industry, he worked closely with distribution partners Lionsgate and Echo Bridge Entertainment to help guide home entertainment and create market strategies that targeted both retail and digital formats. White has also been instrumental in overseeing the financial progress Lionsgate and Echo Bridge made against minimum guarantees paid to Miramax as part of their distribution deals.

"I didn't hesitate to dedicate myself 100 percent to Miramax because Mike is a true visionary and represents the future of entertainment. Plus, I'm a huge believer in the Miramax brand. I knew Miramax was the exciting challenge I needed," added White. "Now, however, with the first year of the distribution plan completed, the next stages are in the capable hands of Lionsgate and Echo Bridge."

According to a January 17, 2012 Los Angeles Times story "the company has added $325 million of contracted cash flow since it went independent, including $190 million from deals with digital distributors, including Netflix and Hulu, and $120 million from new DVD and Blu-ray deals."

The same Los Angeles Times story reported that Richard Nanula, Miramax chairman, said "the company's improved financial situation allowed it to issue debt in a $500-million recapitalization this fall that has already returned the majority of the new Miramax owners' invested capital."

"I'm very appreciative and grateful for the opportunity to work with Ron Swartz of Lionsgate Entertainment, Michael Rosenblatt of Echo Bridge Entertainment and Dave Rubenstein at Sony DADC. Partnering with these great organizations has been critical to our success," White added.

White reflected, "When I started in business, my father gave me some great advice: Surround yourself with great people and success is inevitable. I've always remembered that and at Miramax, we did just that with great people and great partners. It's truly a recipe for success."

Following a bit of rest and relaxation and spending time with his family, White plans to focus on his charities, advise the current clients of his successful consulting business, Centric Industries Inc., and add to the real estate holdings of his other business, DaLor Investment Group.

About David L. White and Centric Industries, Inc.: During a professional career of more than 20 years, David L. White has become an innovative, highly versatile and sought-after strategist. After many years with Belkin International, Actuant, Rainbird and The Flecto Co., he founded Centric Industries, Inc. during 2009. It has developed value-added partnerships with a number of retailers, manufacturers and investment firms. This value is primarily derived from the development of consumer products and placement, but also includes strategic development for its partners. Mr. White is a council member for Gerson Lehman Group. It is a consortium of consultants that help investment firms and analysts understand markets, prior to investing in them. To learn more, visit http://www.centricindustries.com.

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