U.S. Markets closed

Moving iMage Technologies Announces Retirement of Outstanding Debt

  • Oops!
    Something went wrong.
    Please try again later.
·2 min read
In this article:
  • Oops!
    Something went wrong.
    Please try again later.

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

FOUNTAIN VALLEY, Calif., October 06, 2021--(BUSINESS WIRE)--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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20211006005204/en/

Contacts

Investor Relations and Media Contacts:
Brian Siegel, IRC®, M.B.A.
Managing Director
Hayden IR
(346) 396-8696
brian@haydenir.com