Moving iMage Technologies Announces Retirement of Outstanding Debt
October 06 2021 - 9:00AM
Business Wire
Approximate $3.1 million in debt reduction
leaves substantially no outstanding debt in the Company’s capital
structure
Annual interest expense savings expected to be
approximately $0.3 million
Moving iMage Technologies (NYSE American: MITQ) (“MiT”),
a leading digital cinema technology company, today announced that
it used existing cash on hand to retire approximately $3.1 million
in debt, including accrued interest and debt retirement fees,
during the first quarter of fiscal 2022, eliminating substantially
all short and long-term debt liabilities on the Company’s balance
sheet. No proceeds from the Company’s July 12, 2021 IPO were used
to execute the retirement. The Company’s remaining debt is a second
Payroll Protection Program (“PPP”) loan, which it expects to be
entirely forgiven. MiT expects to realize annualized interest
expense savings of nearly $0.3 million.
“Alongside our IPO, becoming essentially debt free is the second
significant milestone for MiT over the past few months,” said
Michael Sherman, chief financial officer. “This paydown immediately
transformed the balance sheet while providing us with increased
liquidity to invest in growth initiatives and expand margins.”
As stated in the Company’s S-1/A filing on July 7, 2021,
proceeds from the Company’s July 12, 2021 IPO will be used for
acquisitions and other growth opportunities.
About Moving iMage Technologies
MiT is a leading manufacturer and integrator of purpose-built
technology solutions and equipment to support a wide variety of
entertainment applications, with a focus on motion picture
exhibition. MiT offers a wide range of products and services,
including custom engineering, systems design, integration and
installation, enterprise software solution, digital cinema, A/V
integration, as well as customized solutions for emerging
entertainment technology. MiT’s Caddy Products division designs and
sells proprietary cup-holder and other seating-based products and
lighting systems for theaters and stadiums. For more information,
visit www.movingimagetech.com.
Forward-Looking Statements
This press release contains statements that constitute
"forward-looking statements," including, but not limited to, the
timing of the opening of the Alamo Drafthouse Cinema location.
Forward-looking statements are subject to numerous conditions, many
of which are beyond the control of the Company, including the
timing of the opening of the new theater, potential project delays
or cancellations and those set forth in the Risk Factors section of
the Company's registration statement and preliminary prospectus for
the Company's offering filed with the SEC. Copies of these
documents are available on the SEC's website, www.sec.gov. The
Company undertakes no obligation to update these statements for
revisions or changes after the date of this release, except as
required by law.
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version on businesswire.com: https://www.businesswire.com/news/home/20211006005204/en/
Investor Relations and Media Contacts: Brian Siegel,
IRC®, M.B.A. Managing Director Hayden IR (346)
396-8696 brian@haydenir.com
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