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Muvico Theaters Secures Deal to Retire All Debt and AnnouncesFuture...



Muvico Theaters, announced today that it has completed a transaction to retire all of its senior debt obligations to New York based institutional investor. The transaction includes the sale of four Muvico theater locations to Plano based Cinemark USA, Inc., including Muvico Palace 20 (Boca Raton), Muvico Boynton 14 (Boynton Beach, Fl) Muvico Paradise 24 (Davie, Fl) and Muvico Egyptian (Hannover, Md). These locations will be rebranded under the Cinemark name over the next few months.



This transaction will enable Muvico to continue operations in ten remaining locations including their newest theater in Thousand Oaks, California, which opened with a great deal of fanfare last month. The remaining nine theaters are: Parisian 20 in West Palm Beach, Rosemont 18 in Chicago, Pompano 18 in Pompano Beach, Hialeah 14 in Hialeah and five locations in the West Florida area-- Starlight 20, Centro Ybor 20, Baywalk 20, Coconut Point 15 and Palm Harbor 10.



Joseph Amaturo, a prominent South Florida entrepreneur and long time Muvico investor, is now the sole owner of the company. As part of this transaction, he will make an additional investment in Muvico which will pave the way to new projects as well as add new amenities and upgrades for the existing facilities.



Going forward, Michael F. Whalen, Jr. will remain as President and CEO. Mike Wilson and Hank Lightstone will continue in their present executive posts.A new smaller, debt free Muvico will be the platform to grow the company as we prepare to take our brand and evolve our identity into an entertainment enterprise beyond just movies said Whalen in a statement today.



Muvico recently signed deals to build new facilities in Coconut Grove, Florida, Malvern, Pennsylvania, and Fredericksburg, Virginia, These facilities are envisioned to be more than traditional Muvico movie complexes, they will include amenities such as full service restaurants, luxury bowling lanes via its strategic relationship with Splitsville Bowling, LLC, interactive gaming via its relationship with Sony Electronics, as well as other night time entertainment. According to Whalen, These projects truly represent our forward vision and we are very fortunate in this economic environment to have secured the funding to complete these projects and retire all of our outstanding debt.



Resurgence of Movie attendance- amidst bad economic times, the movie industry continues to outperform many other industries. The theater industry is up year over year approximately 10%. Muvico'ss performance is closer to 12%. This industry has remained particularly strong in recessionary times, but it is still important that Hollywood continues to produce good movies.



Reinvestment in Present Locations- Muvico has also announced its intentions to reinvest new capital in its present facilities. In this effort, Muvico is evaluating the addition of new entertainment amenities to compliment the movie going experience, including the addition of interactive gaming, bar and dining facilities and reserved seating. Muvico has also secured an agreement with Sony Electronics to convert its entire circuit to Sony Digital 4K Projectors; the Super Definition format is the highest standard available to date. Muvico was the first company in the industry to outfit an entire complex with the Sony technology in its locations in Chicago and Thousand Oaks.



Muvico Theaters, based in Fort Lauderdale, Florida, now currently operates 169 screens in ten movie theater locations. The corporate headquarters is located at 3101 North Federal Highway, 6th Floor, Ft. Lauderdale, FL 33306-1042.






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