Digiplex to Enter Chicago, Nation’s Third Largest Market, with Agreement to
Acquire 8-Plex in Lansing, IL
WESTFIELD, N.J. & LANSING, Ill. -- April 8, 2014
Digital Cinema Destinations Corp. (NasdaqCM:DCIN), a fast-growing motion
picture exhibitor dedicated to transforming movie theaters into digital
entertainment centers, today announced the signing of an asset purchase
agreement (APA) to acquire an 8-screen multiplex at 16621 Torrence Avenue in
Lansing, IL (DMA 3), a southern suburb of Chicago. This will be the Company’s
first location in Illinois.
Digiplex Chairman and CEO Bud Mayo stated, “We are delighted to continue our
rapid circuit growth with the addition of this 8-screen location in the
Chicago suburbs. Chicago is clearly a logical choice for us as a key pillar of
our strategy to build a national circuit of digital entertainment centers
based in leading markets. The Lansing location we plan to acquire is outfitted
with stadium-style seating auditoriums and we will be converting the six
analog screens to digital projection systems, some of which will also be
3D-enabled by technology partner, RealD.
“We also look forward to bringing a wealth of alternative programming to this
community – from opera to live sports, ballet, foreign language titles,
faith-based presentations, and much, much more. Digiplex continues to be a
pioneer and leader in bringing a wide array of non-Hollywood fare to our
entertainment centers around the country and we are excited to add the Lansing
location to that growing list in the near future,” added Mr. Mayo.
The all-cash acquisition is expected to be completed during the second
calendar quarter of 2014, subject to customary confirmatory due diligence. Two
of the screens were previously converted to digital from analog. Digiplex will
fund the digitization of the remaining six screens after closing the
transaction, and believes that an additional 4 screens can be accommodated
within the theater’s existing footprint. The transaction also involves the
purchase of the underlying real estate that the Company intends to sell to and
lease back from an unaffiliated third party.
Disclosure Regarding Forward-Looking Statements
This press release and other written or oral statements made by or on behalf
of Digital Cinemas Destination Corp. may contain forward-looking statements
within the meaning of the federal securities laws. Statements that are not
historical facts, including statements about our beliefs, expectations and
future performance, are forward-looking statements. Forward-looking statements
are only predictions and are not guarantees of performance. These statements
are based on beliefs and assumptions of management, which in turn are based on
currently available information. The forward-looking statements also involve
risks and uncertainties, which could cause actual results to differ materially
from those contained in any forward-looking statement. Many of these factors
are beyond our ability to control or predict. Risk factors are disclosed in
our Form 10-K for the year ended June 30, 2013 under the caption “Risk
Factors.” We believe these forward-looking statements are reasonable; however,
undue reliance should not be placed on any forward-looking statements, which
are based on current expectations. Further, forward-looking statements speak
only as of the date they are made, and we undertake no obligation to update
publicly any of them in light of new information or future events.
About Digital Cinema Destinations Corp.(www.digiplexdest.com)
Digital Cinema Destinations Corp. (NasdaqCM:DCIN) is Digiplex Destinations,
dedicated to transforming its movie theaters into interactive entertainment
centers. The Company provides consumers with uniquely satisfying experiences,
combining state-of-the-art digital technology with engaging, dynamic content
that far transcends traditional cinematic fare. The Company's customers enjoy
live opera, ballet, Broadway shows, sports events, concerts and, on an ongoing
basis, the very best major motion pictures. You can connect with Digiplex via
Facebook, Twitter, YouTube and Blogger.
Digital Cinema Destinations Corp.
Bud Mayo, 908-396-1362
Robert Rinderman or Jennifer Neuman
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