Moving iMage Technologies Receives Multiple Purchase Orders for Equipment Upgrades
December 07 2021 - 6:15AM
Business Wire
Moving iMage Technologies (NYSE American:
MITQ) (“MiT”), a leading digital cinema technology company,
today announced it recently received three procurement contracts
for upgrades.
These purchase orders are part of a nascent upgrade cycle for
aging digital cinema technology and equipment and are fueled by the
Shuttered Venue Operators Grant (SVOG) distributed under the Cares
Act. The SVOG is an SBA grant assisting eligible venues affected by
COVID-19, including motion picture theatre operators. As of
November 29, 2021, motion picture operators have received over $1.9
billion in initial funding and $0.6 billion in supplemental funding
to help them recover from the impact of COVID-19.
”The SVOG grants are helping facilitate a much-needed upgrade
cycle for theatre technologies and amenities that was delayed due
to the onset of COVID-19,” said Joe Delgado, executive vice
president, sales and marketing for MiT. “We look forward to helping
our customer base emerge even stronger from this pandemic by
improving the customer experience through technology and comfort
upgrades.”
Flix Brewhouse
Flix Brewhouse, a growing regional circuit known for its
amenities, including in-theatre craft brewing, has given a
circuit-wide purchase order to MiT to upgrade its digital cinema
media servers from GDC Technologies. The new generation of GDC’s
digital cinema media servers are purpose-built servers for secure
movie playback and offer higher frame rate capabilities and even
streaming support.
Celebration Cinemas
Celebration Cinemas, a Michigan regional exhibitor, has given a
circuit-wide purchase order for Dolby CP950 audio processors that
support Dolby 5.1 and Dolby 7.1 surround sound and include an
expansion slot to upgrade to Dolby Atmos sound.
Elvis Cinemas
Elvis Cinemas has issued a purchase order for the acquisition
and installation of VIP recliners for their Denver, Littleton and
Arvada Colorado locations.
About Moving iMage Technologies
Moving iMage Technologies 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/20211207005214/en/
Investor Relations and Media Contact: Brian Siegel,
IRC®, M.B.A. Managing Director Hayden IR (346)
396-8696 brian@haydenir.com
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