[Tig] FW: [cml-general] Cintel/ITK Part 2

Richard Torpey rtorpey
Mon Sep 16 12:43:35 BST 2002


Forwarded from the CML:


-----Original Message-----
 On Behalf Of Bill Hogan
Sent: Monday, September 16, 2002 4:30 AM
 Subject: [cml-general] Cintel/ITK Part 2

Well here is part two of the Cintel/ITK saga.
I think the words: "An ironic welcome back to Cintel (for Stuart Hunt)"
is an
understatement.

Bill Hogan

 From the IBC web site coming the following:

Saturday 14 September 2002

Cintel beats off ITK users in heated ownership battle

Stuart Hunt and Adam Welsh: An ironic welcome back to Cintel

by George Jarrett
In a deal that closed locally on Thursday afternoon, Cintel
International won
out over an American-based Millennium user group to ownership of rival
telecine
manufacturer Innovation TK. It means the return to Cintel of Stuart
Hunt, the
brilliant engineer who started his own company with improvements, like
Twiggi
and Y-Front, to Cintel's machines.
Neil Feldman of Video Post & Transfer in Dallas, Ken Chamblis of VTA in
Atlanta,
Isaac Initz of Eyes Post in Toronto and UK partner Nick Pannaman
believed they
had won the day on 28 August, but on Friday of last week Cintel rushed
back to
ITK administrator Baker Tilly with an amended offer. "We were told last
Friday
that [Baker Tilly] was yanking it back from us," said Feldman. "I had
the final
paperwork in my hand! Our business plan was not just contingent on
saving ITK.
We made a fair offer, but couldn't match the other player," he added.
Referring to the huge wave of gossip about who would win ITK, Cintel MD
Adam
Welsh said: "It was never that clear cut. It was more a case of the
structure of
the deal, and obviously ours was more attractive to the administrator
and to
debtors and directors.
"There are 22 Millennium machines in the market and five Lites, and we
have
already advised owners that we will support and further develop these
products.
Stuart is on board to help with this continuity and future R&D," added
Welsh.
"This deal brings together some of the best talent and technological
expertise
in the film scanning world today."
Cintel bought all assets plus goodwill, and is already transferring
stock out of
ITK's Scott House. Taking a pot shot at industry people who said that
Cintel
would only shelve ITK for market share reasons, Welsh said, "They never
knew
that, and it's certainly not the case."
Hunt rejoins Cintel as technical director, bringing with him the design
concepts
for a new scanner. He said: "I am pleased to be in a position to
continue to
work on the Millennium road-map and to support the ITK customer base.
Cintel has
certainly evolved over the past few years, and now develops some of the
most
exciting products in the industry."

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