iPic® Entertainment Announces Agreement to Partner With BAS Global Investments Company to Develop World-Class Luxurious iPic...
March 08 2018 - 9:00AM
iPic® Entertainment (“iPic” or the “Company”) (NASDAQ:IPIC),
America’s premier luxury restaurant-and-theater brand, today
announced the signing of a Memorandum of Understanding to develop
its one-of-a-kind, world-class luxurious iPic®
theater-and-restaurant locations throughout the Kingdom of Saudi
Arabia. iPic® has formed a partnership with BAS Global Investments
Company, a well-known Saudi group. This relationship reflects the
Company’s strategy to pursue international asset-light licensed
agreements.
This is a monumental time for the Kingdom of
Saudi Arabia as it is now allowing movie theaters to open for the
first time in more than 35 years. With roughly two-thirds of the
local population under 30 years of age, the country’s demographics
play into iPic®’s strength as a social entertainment destination
that is also an affordable luxury. Through this partnership, the
Company believes there are significant expansion opportunities for
the iPic® brand in the Kingdom of Saudi Arabia over time.
“We are thrilled to be working with BAS Global
which we believe will be excellent local partners to lead growth of
the iPic brand throughout the Kingdom of Saudi Arabia,” says Hamid
Hashemi, Founder & Chief Executive Officer of iPic®
Entertainment. “We are excited to bring our first-class
entertainment experience to the region and be a part of the
country’s Saudi Vision 2030 Plan which focuses on job creation and
transforming the economy toward more recreation and tourism
spending.”
iPic® combines polished-casual restaurants and
world-class luxury theater auditoriums with gourmet,
in-theater dining to create a one-of-a-kind experience.
iPic® currently operates three restaurant
concepts – The Tuck Room, Tanzy, and City Perch – with one planned
to be included at each location. The Tuck Room is a gastro lounge
whose name means to eat with enthusiasm or pleasure and be hidden
away comfortably; Tanzy is focused on garden-fresh Italian
cuisines; and lastly, City Perch Kitchen offers seasonal American
dining made from fresh, sustainable ingredients with shareable
plates.
The new iPic® Theaters in the Kingdom of Saudi
Arabia will enable guests to enjoy their movies in ultimate comfort
and style with the option of iPic®’s signature Premium or Premium
Plus seating. The locations will also feature iPic®’s patent
pending viewing Pods and Chaise Lounge seating.
These visionary seating Pods — which encapsulate
two reclining seats and a cubby in the corner to tuck away small
items — feature revolutionary sound-absorbing technology, courtesy
pillows and blankets. Expressly designed, they create an intimate
space for viewers to enjoy their movie without inhibiting or
diluting sound.
Guests will also be able to enjoy iPic®'s
gourmet chef-driven dine-in-the-dark menu helmed by acclaimed
three-time James Beard Award-winning Chef Sherry Yard from the
comfort of their seats. Premium seat ticketholders may purchase
their food and beverage selections direct from iPic® Express to
carry into the theater and enjoy from their seats. Premium Plus
ticket holders can summon iPic®’s ninja-like servers to deliver
menu selections direct to their chairs via personal service-call
buttons.
iPic® auditoriums seat 50 to 90 people in an
intimate setting. All auditoriums will be equipped with 4K digital
cinema technology and the viewing Pods. All seats can be reserved
ahead of time on iPic®'s proprietary reservation system on
iPic.com, or moviegoers can simply download the iPic® App to their
iPhone or Android for a one-step transaction process.
Access iPic Membership Rewards®, iPic®’s exclusive membership
program will further enhance the iPic® guest experience by
empowering iPic® members to customize and build their brand
experience via three levels of Access: -- Silver, Gold,
Platinum—and a secret status level members can reach by invitation
only. Members will receive special members-only ticket pricing
along with enhanced perks such as the ability to earn and redeem
points on qualifying purchases, exclusive access to iPic® member
events and the ability to purchase bulk iPic® ticket packages.
iPic® locations offer guests alternative content
such as live shows and gaming competitions. Additionally, the
Company will continue to leverage and expand its branded
sponsorships that are largely focused on iPic® Life which is a
20-minute segment shown before the movies. Content includes
showcasing luxury brands and products as well as new menu dishes
for the theaters and restaurants. iPic® has sponsorships with
luxury brands such as Burberry, Cartier, Lexus and more.
About iPic® Entertainment
Established in 2010 and headquartered in Boca Raton,
FL, iPic® Entertainment is America’s premier luxury
restaurant-and-theater brand. A pioneer of the dine-in theater
concept, iPic® Entertainment’s mission is to provide visionary
entertainment escapes, presenting high-quality, chef-driven
culinary and mixology in architecturally unique destinations that
include premium movie theaters and restaurants. iPic® Theaters
offers guests two tiers of luxury leather seating, Premium Chaise
lounge and Premium Plus pod or reclining seating
options. iPic® Theaters currently operates 15 locations with
115 screens in Arizona, California, Florida, New Jersey, New York,
Texas, and Washington and new locations planned for Florida,
Georgia, Texas, California and Connecticut. For more information,
visit www.iPic.com.
Investor Relations: ICR Melissa Calandruccio,
CFA iPicIR@icrinc.com 646-277-1273
Media Relations:
The Gab Group for iPic® Entertainment
Corporate
Michelle
Soudry
msoudry@thegabgroup.com
561-750-3500
Jonesworks Stephanie Jones/Michelle Bower
ipic@jonesworks.com212-839-0111
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