Fountain Valley, CA - August 4, 2021 - Boustead Securities, LLC (“Boustead”) IPO client Moving iMage Technologies (NYSE: MITQ) (“MiT”), a leading digital cinema company that designs, manufactures, integrates, installs and distributes a full suite of proprietary and custom-designed equipment, today announced it has been awarded a contract from Alamo Drafthouse Cinema to provide equipment and furnishings for its Alamo theatre location in Staten Island, NY.
The award follows a recently announced contract from an Alamo Drafthouse franchisee for a new theatre in Washington, D.C.
As part of the latest agreement with Alamo, MiT will aim to provide and install all projection and sound equipment for a new nine-screen state-of-the-art cinema. The equipment will likely include a full complement of MiT products—bases, dimmers, automations, power filtering and distribution electronics all proudly made in the USA. The project and theatre opening were delayed for more than a year because of the pandemic, which caused most movie theatres around the world to close.
MiT also is providing the Staten Island cinema with projection and audio products from Barco, QSC and GDC, along with auditorium interior finishes, including screens, drapery, carpeting and aisle lighting. MiT will aim to integrate and install the equipment as part of the pact.
“Alamo Drafthouse is looking forward to getting back to the movies, and MiT has been a long time partner of ours helping us with this latest venture, delivering the latest in high quality projection and sound systems that Alamo customers have come to expect,” said Vivek Abichandani, Vice President of Facilities, Energy, and Sustainability for Alamo Drafthouse Cinemas. “Alamo Staten Island will expect to be a new step up in performance and industry leading energy efficiency with all Barco SP4k RGB laser projectors, a first for a corporate Alamo location.”
About Alamo Drafthouse Cinema
Alamo Drafthouse Cinema is a high-end American cinema chain founded in 1997 in Austin, Texas, that is famous for serving dinner and drinks during the movies. It currently has 38 locations throughout the United States.
About Moving iMage Technologies
Moving iMage Technologies is a leading manufacturer and integrator of purpose-built technology 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.
About Boustead Securities, LLC
Boustead Securities, LLC is an investment banking firm that executes and advises on IPOs, mergers and acquisitions, capital raises and restructuring assignments in a wide array of industries, geographies and transactions, for a broad client base. Boustead’s core value proposition is the ability to create opportunity through innovative solutions and tenacious execution. With experienced professionals in the United States, Boustead’s team moves quickly and provides a broad spectrum of sophisticated financial advice and services. Boustead is a majority-owned subsidiary of Boustead & Company Limited, a diversified non-bank financial institution. For more information visit please visit: www.boustead1828.com
Forward-Looking Statements
This press release contains statements that constitute "forward-looking statements," including the expected start of trading of the Company’s common stock, the closing of the Company’s initial public offering and the anticipated use of the net proceeds received by the Company from the offering. No assurance can be given that the offering discussed above will be completed on the terms described, or at all. Forward-looking statements are subject to numerous conditions, many of which are beyond the control of the Company, including 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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