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Moving iMage Technologies Announces Approval of Direct View LED Frame Patent
Rhea-AI Impact
(Moderate)
Rhea-AI Sentiment
(Very Positive)
Tags
Rhea-AI Summary
Moving iMage Technologies (NYSE American: MITQ) announced the granting of a patent for a proprietary design related to Direct View LED screen frames in cinemas by the United States Patent Office. Designed by co-founder David Richards, this frame addresses the specific requirements of permanent LED installations in theaters, which have gained traction since 2019. With only four premium screens installed in North America, the technology is projected to revolutionize cinema displays, providing superior visual and auditory experiences. MiT is positioned for growth as the market for Direct View LED technology matures.
Positive
US Patent Office granted patent number 11,436,952 for Direct View LED screen frames, enhancing MiT's intellectual property.
MiT's proprietary design addresses specific needs for permanent installations of Direct View LED technology in cinemas.
Company anticipates growth as Direct View LED technology adoption matures over the next 5 years.
Negative
None.
FOUNTAIN VALLEY, Calif.--(BUSINESS WIRE)--
Moving iMage Technologies (NYSE American: MITQ) ("MiT"), a leading digital cinema technology company, announced today that the United States Patent Office has granted MiT a patent covering a proprietary design for Direct View LED screen frames in cinemas.
The frame was designed by David Richards, MiT co-founder and senior vice president of Engineering, to address specific needs of this new technology as it applies to the cinema theater. The first MiT frame of this type was installed in Richmond, Texas in 2019. Another installation was completed in Buena Park, California this year.
“Direct View LED displays have been used in entertainment for several years now, but usually in temporary concert installations,” said Richards. “The Direct View LED technology only became viable for permanent installation in a movie theater in 2019, which created a need for a robust and reliable frame system to support it.”
“Direct View LED displays in cinema are the next generation of screen technology, and MiT plans to be at the forefront in helping our customers implement it,” said Bevan Wright, executive vice president, operations at MiT. “While it is still very early days in the adoption cycle for Direct View LED displays in cinema, with only four premium screens installed in North America to date, this is the technology of the future due to the vastly superior visual improvements and custom-sound experience relative to today’s technologies. As the market matures over the next 5 plus years, MiT is well positioned to benefit from more customers installing Direct View LED screens in their theaters.”
The US Patent Office issued MiT and Richards patent number 11,436,952 relating to a DIRECT VIEW LED STAND FOR CINEMA THEATERS AND ACCESSORIES.
About Moving iMage Technologies
MOVING iMAGE TECHNOLOGIES (NYSE American: MITQ) is a leading provider of technology, products, and services to the Motion Picture Exhibition industry. We sell proprietary products, which we design and manufacture in-house, and are developing, introducing, and supporting a wide range of disruptive technologies that will bring SaaS and subscription-based products. Our Caddy brand of proprietary products is a leading provider of proprietary cup holders, trays, and other products to entertainment and sports venues. Based in Fountain Valley California, our 28,000 sq. ft. facility is home to our corporate offices, engineering & manufacturing, distribution, integration, and service and support divisions. Our strategic location is augmented by a global network of service partners & OEM manufacturers. For more information, visit www.movingimagetech.com.
Moving iMage Technologies Investor Relations and Media Contacts:
Brian Siegel, IRC®, M.B.A.
Senior Managing Director
Hayden IR
(346) 396-8696
brian@haydenir.com
Source: Moving iMage Technologies
FAQ
What recent patent was granted to Moving iMage Technologies (MITQ)?
The United States Patent Office granted Moving iMage Technologies a patent for a proprietary design related to Direct View LED screen frames in cinemas, patent number 11,436,952.
How many premium Direct View LED screens has MITQ installed in North America?
Moving iMage Technologies has completed the installation of four premium Direct View LED screens in North America to date.
Who designed the patented Direct View LED frame for Moving iMage Technologies?
The patented Direct View LED frame was designed by David Richards, co-founder and senior vice president of Engineering at Moving iMage Technologies.
What is the significance of the Direct View LED technology for cinema?
Direct View LED technology is considered the next generation of screen technology, providing vastly superior visual improvements and custom-sound experiences compared to traditional technologies.
When did Moving iMage Technologies install its first Direct View LED frame?
The first Direct View LED frame by Moving iMage Technologies was installed in 2019 in Richmond, Texas.
