GlobeNewswire Inc | Jul 19, 2021 08:00AM EDT

July 19, 2021

-- New Alamo Theater Currently Scheduled to Open in Fall 2021 in Washington, D.C. --

-- Contract Represents First Major OrderFollowing Theater Construction Delays Due to Pandemic --

FOUNTAIN VALLEY, Calif., July 19, 2021 (GLOBE NEWSWIRE) -- Moving iMage Technologies (NYSE:MITQ) (MiT), a leading digital cinema company that designs, manufactures, integrates, installs and distributes a full suite of proprietary and custom-designed equipment, today announced it has been awarded a $1.6 million contract from Alamo Drafthouse Cinema to provide equipment and furnishings for the new Alamo Rhode Island Avenue location in Washington, D.C.

The contract represents MiTs first major order following construction delays throughout the cinema industry due to the pandemic. As part of the agreement with Alamo Drafthouse Cinema, MiT will provide and install all projection and sound equipment for a new nine-screen state-of-the-art cinema, which is currently scheduled to open in fall 2021. The equipment will include a full complement of MiT manufactured productsbases, dimmers, automations, power filtering and distribution electronics.

In connection with this project, MiT also is providing, integrating and installing projection and audio cinema products from Barco, Dolby, QSC and GDC, along with auditorium interior finishes, including screens, drapery, carpeting and aisle lighting.

Joseph Edwards, owner and Alamo franchisee, said, MiT has been a long-time, trusted partner of ours, having furnished and installed equipment at our other sites in Charlottesville, Loudoun and Woodbridge. Its great to have a quality one-stop-shop for the auditorium and booth fixturing.

About Alamo Drafthouse Cinema

Alamo Drafthouse Cinemais a high-end American cinema chain founded in 1997 inAustin, Texas, that is famous for serving dinner and drinks during the movies. It currently has 38 locations throughout the United States.

About Moving iMage Technologies

Moving iMage Technologies is a leading manufacturer and integrator of purpose-built technology and equipment to support a wide variety of entertainment applications, with a focus on motion picture exhibition. MiT offers a wide range of products and services, including custom engineering, systems design, integration and installation, enterprise software solution, digital cinema, A/V integration, as well as customized solutions for emerging entertainment technology. MiTs Caddy Products division designs and sells proprietary cup-holder and other seating-based products and lighting systems 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 Cinema 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 project delays or cancellations and those set forth in the Risk Factors section of the Company's registration statement and preliminary prospectus for the Company's offering filed with the SEC. Copies of these documents are available on the SEC's website, www.sec.gov. The Company undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.

Investor Relations and Media Contacts:

Laurie Berman/Judy SfetcuPondelWilkinson Inc.310-279-5980Investors@movingimagetech.com