NEW YORK, July 18, 2000 (PRIMEZONE) - American Film Technologies, Inc. (OTCBB:AFTC) and www.aftmedia.com, has announced the election of Barry B. Sandrew, Ph.D., an original founder of AFT and inventor of AFT's core technology, to its Board of Directors and its Executive Committee.
In announcing the appointment, Fred Rudy, AFT's President & CEO said, "AFT is fortunate to have attracted Dr. Sandrew back to AFT in this capacity. We view Barry as the father of colorization since he was responsible for our original systems and patents. His comprehensive knowledge of AFT's production systems and technology are invaluable as the Company builds out its new design and production studios and looks to recruit top technical, creative and management talent. Under Barry's direction, AFT was the low-cost, high-volume producer of modernized classic content and, with recent advances in technology, we expect our new facilities to generate significantly higher quality output at a lower cost. We believe these enhancements will drive AFT toward new opportunities, capturing its full potential as a producer, owner and distributor of quality classic entertainment content."
As Executive Vice President and Chief Technology Officer of AFT from 1986 to 1993, Sandrew established a client base that included Walt Disney Studios, Warner Brothers Animation, 20th Century Fox, MGM, Universal Pictures, Amblin Entertainment, Turner Broadcasting Systems, Republic Pictures, Marvel Entertainment, the three major US television networks, Gaumont, TF1 and other entertainment companies in the US and Europe. Through AFT's process, these customers realized substantial gains, including asset appreciation, new copyrights and distribution benefits derived through colorizing their content.
Today, rather than focusing on services for others, AFT has redirected its business strategy to build its own irreplaceable library of classic entertainment content for distribution through traditional and "new media" channels, including the Internet, cable TV, broadcast, satellite, direct response marketing, video clubs and DVD & VHS sales/rentals.
Commenting on his new position Dr. Sandrew stated "I'm excited about the opportunity of teaming with Jeff Yapp, President of Hollywood Entertainment, on the Executive Committee in steering AFT into a premier producer of quality programming for a new generation of distribution channels that includes broadband, high-definition and interactive media. As demand for content continues to grow throughout the world from traditional and digital platforms, this becomes the most exciting time to be rebuilding AFT. The recruitment of management and industry acclaimed technical and creative talent has begun and the Company is actively forging ahead with strategic content and distribution alliances."
Since leaving AFT in 1993, Dr. Sandrew has been involved in several startup companies including The Lightspan Partnership, which he co-founded that same year. In 1998 he was instrumental in the redirection of entertainment company, IATR, into an innovative Internet company, Netcurrents. Barry is currently President of Global Media Technology, Inc., a wholly owned subsidiary of eSAT, Inc. GMT is engaged in the development of leading-edge kiosk systems that are updated via satellite for global retail music and movie distribution. The company is also working with major video retailers and movie theater chains on an eCinema initiative designed to revitalize low performing screens via satellite distribution.
About American Film Technologies, Inc.
Historically, AFTC's principal business has been the production of color versions of motion pictures and television programs originally produced in black and white. Today, the company intends to utilize its patented technology to restore, modernize and preserve classic films and TV shows while building and distributing its own irreplaceable library of proven content. This new content will provide a platform for AFTC to generate licensing fees, advertising and e-commerce revenue from a variety of sources, including broadcast, cable, DVD, VHS, and all emerging digital and broadband distribution channels.
Private Securities Litigation Reform Act of 1995 provides a "safe harbor" for forward-looking statements. Certain information included in this Press Release (as well as information in oral statements or other written statements made or to be made by American Film Technologies, Inc.) contain statements that are forward-looking, such as statements relating to the future anticipated direction of the company, plans for future expansion, various business development activities, planned capital expenditures, future funding sources, anticipated sales growth, and potential contracts and joint ventures. Such forward-looking information involves important risks and uncertainties that could significantly affect anticipated results in the future and, accordingly, such results may differ from those expressed in any forward-looking statements made by or on behalf of the Company. For more information about these and other risks and uncertainties, see the SEC filings of American Film Technologies, Inc.