Moving iMage Technologies announces the repayment of its unpaid debts

FOUNTAIN VALLEY, Calif .– (COMMERCIAL THREAD) –Moving iMage Technologies (US NYSE: MITQ) (“MiT”), a leading digital cinema technology company, today announced that it has used its existing cash flow to repay approximately $ 3.1 million in debt, including accrued interest and repayment fees. debt, during the first quarter of fiscal 2022, eliminating substantially all of the short-term and long-term debt liabilities on the Company’s balance sheet. No proceeds from the Company’s IPO on July 12, 2021 were used to execute the withdrawal. The Company’s remaining debt is a second Payroll Protection Program (“P3”) loan, which it expects to be fully forgiven. MiT expects to realize annualized interest savings of nearly $ 0.3 million.

“Next to our IPO, becoming essentially debt-free is the second big step for MiT in recent months,” said Michael Sherman, chief financial officer. “This repayment immediately transformed the balance sheet while providing us with increased liquidity to invest in growth initiatives and increase our margins.”

As disclosed in the Company’s filing S-1 / A on July 7, 2021, the proceeds of the Company’s IPO on July 12, 2021 will be used for acquisitions and other growth opportunities.

About Moving iMage Technologies

MiT is a leading manufacturer and integrator of technology solutions and equipment specially designed to support a wide variety of entertainment applications, with an emphasis on motion picture exhibition. MiT offers a wide range of products and services, including custom engineering, system design, integration and installation, enterprise software solution, digital cinema, A / V integration, as well as customized solutions for emerging entertainment technologies. MiT’s Caddy Products division designs and sells proprietary cup holders and other seating and lighting based products 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 theater 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 delays or cancellations of projects and those set out in the Risk Factors section of the Company registration. Company’s offering statement and preliminary prospectus filed with the SEC. Copies of these documents are available on the SEC’s website, www.sec.gov. The Company assumes no obligation to update these statements for revisions or changes after the date of this posting, except as required by law.

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