The overall size and weight of the statuette remains the same as its predecessor -- 13.5 inches high and 8.5 pounds.

"With the help of some 21st century technology, we're able to honor the Oscar's proud beginnings," said Academy President Cheryl Boone Isaacs. "The new statuette exemplifies impeccable craftsmanship and the enduring nature of art."

"With this project, we've been entrusted with continuing a great tradition," said Dick Polich, Polich Tallix founder and CEO. "It's a privilege to be able to bring our art experience and technical expertise to the Oscar."

The Academy still plans to work with R.S. Owens to service existing statuettes and create other awards for the Academy, including plaques for its annual Scientific and Technical Awards.

The 88th Oscars will be held on Sunday, Feb. 28, at the Dolby Theatre in Hollywood Los Angeles.