Moving iMage Technologies Announces Completion of International Project

Rhea-AI Summary

Moving iMage Technologies (NYSE American: MITQ) has announced the completion of an international project for a luxury auditorium at a dine-in cinema in Reykjavik, Iceland. This expansion beyond North America aligns with their mid to long-term strategy, as stated by executive vice president of sales and marketing, Joe Delgado. The project involved close collaboration with Sambíó Cinemas' architect to design the auditorium featuring advanced projection and sound technology. The installation showcases the latest Barco SP4k RGB laser projection and Dolby Atmos sound system, alongside proprietary products from MIT, including ALF LED lighting and ALMS dimmers.

Positive

• Successful completion of an international luxury auditorium project in Reykjavik, Iceland.
• Strengthens global presence, aligning with the company's strategy for international market expansion.
• Utilization of advanced technology (Barco SP4k and Dolby Atmos) enhances project credibility.
• Demonstrates capability to manage and execute high-margin international projects.

Negative

• None.

FOUNTAIN VALLEY, Calif.--(BUSINESS WIRE)-- Moving iMage Technologies (NYSE American: MITQ) ("MiT"), a leading cinema technology company, today announced it completed an international project for a luxury auditorium at a dine-in cinema in Reykjavik, Iceland.

Luxury Auditorium - Reykjavik, Iceland (Photo: Business Wire)

“Part of our mid to long-term strategy is to expand beyond North America into international markets,” said Joe Delgado, executive vice president of sales and marketing. “While we believe the mid-term opportunity lies in our emerging product lines, including our CineQC SaaS platform, the MiTranslator and in Esports, today’s announcement demonstrates that we have the capabilities to manage projects and sell our higher margin proprietary manufactured products internationally as well.”

MiT worked closely with Sambíó Cinemas' architect from the beginning of the project to design the auditorium for both the latest projection and sound technology and overall acoustics/interior design. MiT also project managed and installed the luxury cinema.

MiT equipped the luxury auditorium with the latest Barco SP4k RGB laser projection and Dolby Atmos sound system. In addition, the installation utilized MIT‘s proprietary manufactured products, including its cinema-centric ALF LED lighting, ALMS dimmer and IS power management products.

About Moving iMage Technologies
MOVING iMAGE TECHNOLOGIES (NYSE American: MITQ) is a leading technology, products, and services provider to outside the home entertainment venues, including the motion picture exhibition industry, Esports league hosts and sports venues. We design, manufacture and sell proprietary products and are developing, introducing, and supporting a wide range of disruptive technologies including SaaS/IoT platform 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. For more information, visit www.movingimagetech.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20230221005120/en/

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 project did Moving iMage Technologies (MITQ) complete?

Moving iMage Technologies completed a luxury auditorium project at a dine-in cinema in Reykjavik, Iceland.

How does the recent project in Iceland impact Moving iMage Technologies (MITQ)?

The project reflects Moving iMage Technologies' strategy to expand into international markets and demonstrates their capability to manage high-margin projects.

What technologies were used in the luxury auditorium project by MITQ?

The auditorium was equipped with Barco SP4k RGB laser projection and Dolby Atmos sound system, along with MIT's proprietary products.

Who commented on the international expansion strategy for Moving iMage Technologies (MITQ)?

Joe Delgado, the executive vice president of sales and marketing, commented on the company's strategy to expand beyond North America.