Panavision New York to Become Wholly Owned Subsidiary of Panavision

WOODLAND HILLS, Calif.–– Panavision Inc. and itsaffiliate, PX Holding Corporation, have acquired all of the outstandingstock of Panavision New York not already owned by Panavision Inc. As aresult, Panavision New York has become a subsidiary of PanavisionInc.

“Panavision has done the right thing and increased ourcommitment to a very important market for us,” said Bob Beitcher,President, Panavision Inc. “We are now in position to provide thesame level of customer support and resources to our New York office aswe have been able to do with our other owned-and-operated facilitiesaround the world. Thanks to the efforts of Peter Schnitzler and IraGoodman and the entire Panavision New York team, we will continue tooperate a first-rate facility in a critical market.”

Peter Schnitzler and Ira Goodman, Panavision New York’sPresident and CFO respectively, will continue in their currentpositions. “I’m pleased that Panavision has taken a moreactive interest and investment in Panavision New York,” saidSchnitzler. “We have always been proud to serve the New Yorkcommunity under the Panavision banner, and we appreciate the supportPanavision has given us over the years. We look forward to becoming abigger part of the Panavision family.”

Panavision New York rents both camera systems and lightingequipment. The lighting division, known as TFN lighting, has facilitiesin New York, Florida and Dallas, Texas. Future plans includere-branding the lighting operations under the Panavision name.

About the Company:
Panavision Inc. is a leading designer and manufacturer ofhigh-precision camera systems, comprising film and digital cameras,lenses and accessories for the motion picture and televisionindustries. Panavision systems are rented through its domestic andinternational owned and operated facilities and agent network.Panavision also supplies lighting, grip and crane equipment for use bymotion picture and television productions and, through its subsidiaryEFILM, LLC, provides innovative digital post-production services.