Moving iMage Technologies Says it Has No Direct Financial Exposure to Silicon Valley Bank or Signature Bank

Rhea-AI Summary

Moving iMage Technologies (NYSE American: MITQ) announced that it has no direct financial exposure to Silicon Valley Bank or Signature Bank, which were recently closed by regulators. MiT uses banking services from Bank of the West, a subsidiary of BMO Financial Group, the 8th largest bank in North America. The closures by the California Department of Financial Protection and Innovation on March 10 and by the New York State Department of Financial Services on March 12 have raised concerns in the market, but MiT remains unaffected. Moving iMage is a provider of technology and products for the Motion Picture Exhibition industry and is expanding into live entertainment and Esports.

Positive

• No direct financial exposure to collapsed banks, mitigating financial risk for shareholders.
• Utilizes services from a stable banking institution (Bank of the West), enhancing financial security.

Negative

• None.

FOUNTAIN VALLEY, Calif.--(BUSINESS WIRE)-- Moving iMage Technologies (NYSE American: MITQ) ("MiT"), today said it has no direct financial exposure to Silicon Valley Bank or Signature Bank in the wake of the banks being closed by regulators. MiT utilizes banking services from Bank of the West, a subsidiary of BMO Financial Group, a highly diversified financial services provider and the 8th largest bank, by assets, in North America.

Silicon Valley Bank was closed by the California Department of Financial Protection and Innovation (“CDFPI”) on March 10, 2023. The CDFPI has appointed the Federal Deposit Insurance Corporation (“FDIC”) as receiver of SVB. Signature Bank, New York, NY, was closed on March 12, 2023 by the New York State Department of Financial Services, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver.

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 and is expanding into live entertainment venues and Esports. 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 manufactured products is a leading provider of 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/20230315005244/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 is Moving iMage Technologies' stock symbol?

Moving iMage Technologies is traded under the stock symbol MITQ on NYSE American.

Did Moving iMage Technologies have any exposure to Silicon Valley Bank or Signature Bank?

No, Moving iMage Technologies has confirmed it has no direct financial exposure to either Silicon Valley Bank or Signature Bank.

What banks does Moving iMage Technologies use for its banking services?

Moving iMage Technologies uses banking services from Bank of the West, a subsidiary of BMO Financial Group.

When were Silicon Valley Bank and Signature Bank closed?

Silicon Valley Bank was closed on March 10, 2023, and Signature Bank was closed on March 12, 2023.