FOUNTAIN VALLEY, Calif., December 07, 2021--(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, 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, 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 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.
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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