Moving Image Technologies to Upgrade Alamo Drafthouse’s Recently Acquired Richardson, Texas Location

Rhea-AI Summary

Moving iMage Technologies ($MITQ) has announced a significant upgrade project for Alamo Drafthouse's recently acquired Richardson, Texas location. The project includes the installation of seven state-of-the-art Barco SP4K RGB projectors, Alchemy servers, and a Dolby Atmos immersive sound system with 46 discrete speaker channels and 36,000W of QSC power. MiT will also provide its proprietary automation systems and power filtering IS-30 units, along with new screens to complement the high-definition projection system.

This comprehensive upgrade aims to enhance the movie-going experience significantly, offering exceptional image clarity, color accuracy, and immersive sound. The Richardson location is set to reopen this Friday, showcasing these cutting-edge technologies that promise a more vibrant and engaging cinematic experience for audiences.

Positive

• Secured a significant upgrade project with Alamo Drafthouse, a major cinema chain
• Installation of high-end Barco SP4K RGB projectors and Dolby Atmos sound system, showcasing MiT's ability to provide top-tier technology
• Inclusion of MiT's proprietary products in the project, potentially increasing revenue and demonstrating product value

Negative

• None.

Insights

Cinema Technology Expert

The upgrade project at Alamo Drafthouse's Richardson location signifies a substantial investment in cutting-edge cinema technology. The installation of seven Barco SP4K RGB projectors represents a significant leap in image quality, offering 300% wider color gamut and up to 40% more brightness compared to standard xenon projectors. This, coupled with the Dolby Atmos system featuring 46 discrete speaker channels, will create an immersive audiovisual experience that could potentially increase customer satisfaction and ticket sales.

MiT's proprietary automation systems and IS-30 power filtering units are important for maintaining consistent performance, potentially reducing downtime and maintenance costs. However, the ROI on this investment will depend on factors such as increased ticket prices, audience growth and operational efficiencies. While this upgrade positions Alamo Drafthouse competitively in the premium cinema market, it's essential to monitor how these enhancements translate to financial performance in the coming quarters.

Financial Analyst

This project represents a positive development for Moving iMage Technologies ($MITQ). While the exact contract value isn't disclosed, cinema upgrades of this scale typically range from $500,000 to $1.5 million per location. The deal showcases MiT's ability to secure contracts with prominent cinema chains, potentially leading to future opportunities within Alamo Drafthouse's network of over 50 locations.

For $MITQ investors, this contract demonstrates the company's strong position in the cinema technology market. However, it's important to consider the project's impact on MiT's overall revenue and profit margins. The cinema industry's recovery post-pandemic and the trend towards premium viewing experiences could drive further demand for MiT's services. Investors should watch for similar announcements and monitor MiT's financial reports to gauge the long-term impact of such projects on the company's growth trajectory.

FOUNTAIN VALLEY, Calif.--(BUSINESS WIRE)-- Moving iMage Technologies (NYSE American: MITQ), $MITQ, (“MiT”), a leading technology and services company for cinema, Esports, stadiums, arenas and other out-of-home entertainment venues, today announced a significant upgrade project with Alamo Drafthouse. As part of its ongoing commitment to enhancing the movie-going experience, Alamo Drafthouse has ordered seven state-of-the-art projectors and a new immersive sound system for its recently acquired Richardson, Texas, location.

“We are thrilled to collaborate with Alamo Drafthouse on these exciting upgrades,” said Joe Delgado, executive vice president, sales and marketing at Moving iMage Technologies. “This project highlights our commitment to providing top-tier cinematic technology that enhances every aspect of the movie-watching experience. We are confident that these upgrades will bring a new level of excellence to Alamo Drafthouse's Richardson location when it reopens this Friday.”

This upgrade will see the installation of the latest Barco SP4K RGB projectors, known for their exceptional image clarity and color accuracy, alongside Alchemy servers for streamlined content management. Alamo Drafthouse is also adding a Dolby Atmos immersive sound system with 46 discrete speaker channels and 36,000W of QSC power to the Richardson location. Additionally, Alamo Drafthouse will benefit from MiT's proprietary manufactured products, including its advanced automation systems and power filtering IS-30 units, which ensure optimal performance and reliability. The project also includes the installation of new screens, which will complement the high-definition capabilities of the upgraded projection system, delivering a superior visual experience for audiences. Thanks to these advanced technologies, movie-goers at the Richardson location can look forward to a more immersive and vibrant cinematic experience.

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.

About Alamo Drafthouse Cinema

Alamo Drafthouse Cinema was founded in 1997 as a single-screen mom and pop repertory theater in Austin, TX. Twenty-seven years later, with 41 locations and counting, Alamo Drafthouse has been called “the best theater in America” by Entertainment Weekly and “the best theater in the world” by Wired. Alamo Drafthouse has built a reputation as a movie lover’s oasis not only by combining best-in-class food and drink service with the movie-going experience, but also introducing unique programming and high-profile, star-studded special events. Alamo Drafthouse created Fantastic Fest, a world-renowned genre film festival dubbed “The Geek Telluride” by Variety featuring independents, international filmmakers, and major Hollywood studios. Alamo Drafthouse continues to expand its brand in new and exciting ways, including the American Genre Film Archive, a non-profit film archive dedicated to preserving, restoring and sharing film, and with several new theaters announced for this year and beyond.

Forward-Looking Statements

All statements above that are not purely about historical facts, including, but not limited to, those in which we use the words “believe,” “anticipate,” “expect,” “plan,” “intend,” “estimate,” “target” and similar expressions, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. While these forward-looking statements represent our current judgment of what may happen in the future, actual results may differ materially from the results expressed or implied by these statements due to numerous important factors. Our filings with the SEC provide detailed information on such statements and risks and should be consulted along with this release. To the extent permitted under applicable law, we assume no obligation to update any forward-looking statements.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240806150901/en/

Moving iMage Technologies Investor Relations and Media Contacts:

Brian Siegel, IRC®, M.B.A.

Vice President, Strategic Communications and Investor Relations, Moving iMage Technologies

Senior Managing Director, Hayden IR

(346) 396-8696

brian@haydenir.com

Source: Moving iMage Technologies

FAQ

What upgrades is Moving iMage Technologies (MITQ) providing for Alamo Drafthouse's Richardson, Texas location?

Moving iMage Technologies is providing seven Barco SP4K RGB projectors, Alchemy servers, a Dolby Atmos immersive sound system with 46 speaker channels and 36,000W of QSC power, MiT's proprietary automation systems and power filtering IS-30 units, and new screens.

When will the upgraded Alamo Drafthouse Richardson, Texas location reopen?

The upgraded Alamo Drafthouse Richardson, Texas location is set to reopen this Friday, featuring the new technology installed by Moving iMage Technologies (MITQ).

How will the upgrades from Moving iMage Technologies (MITQ) enhance the movie-going experience at Alamo Drafthouse?

The upgrades will provide exceptional image clarity and color accuracy through the Barco SP4K RGB projectors, immersive sound with the Dolby Atmos system, and improved overall performance and reliability with MiT's proprietary products, resulting in a more vibrant and engaging cinematic experience for audiences.