Benzinga | Dec 7, 2021 06:16AM EST

Moving iMage Technologies Announces Receipt Of Multiple Purchase Orders For Equipment Upgrades

Moving iMage Technologies (NYSE:MITQ) ("MiT"), a leading digital cinema technology company, today announced it recently received three procurement contracts for upgrades.

These purchase orders are part of a nascent upgrade cycle for aging digital cinema technology and equipment and are fueled by the Shuttered Venue Operators Grant (SVOG) distributed under the Cares Act. The SVOG is an SBA grant assisting eligible venues affected by COVID-19, including motion picture theatre operators. As of November 29, 2021, motion picture operators have received over $1.9 billion in initial funding and $0.6 billion in supplemental funding to help them recover from the impact of COVID-19.

"The SVOG grants are helping facilitate a much-needed upgrade cycle for theatre technologies and amenities that was delayed due to the onset of COVID-19," said Joe Delgado, executive vice president, sales and marketing for MiT. "We look forward to helping our customer base emerge even stronger from this pandemic by improving the customer experience through technology and comfort upgrades."