iPic® Entertainment Has Been Cleared to Receive its License to Operate Theaters in The Kingdom of Saudi Arabia
06 Noviembre 2018 - 7:00AM
Plans First Location to Open in
2019
iPic® Entertainment (“iPic” or the “Company”) (NASDAQ: IPIC),
America’s premier luxury restaurant-and-theater brand, today
announced that it has been cleared to receive a license to operate
theaters in The Kingdom of Saudi Arabia and should receive it once
required final documents are processed. The Company also plans to
open its first one-of-a-kind, world-class luxurious iPic®
theater-and-restaurant location in Riyadh during 2019.
The Kingdom of Saudi Arabia is now allowing
movie theaters to open for the first time in more than 35 years.
With a population of more than 33 million and roughly two-thirds of
it under 30 years of age, the country’s demographics play into
iPic®’s strength as a social entertainment destination that is also
an affordable luxury. The Company looks forward to bringing its
first-class entertainment experience to the people of Saudi Arabia
as part of its international expansion of the iPic brand while
continuing to open new units domestically.
iPic® believes the market in Saudi Arabia is
large enough to support 25 to 30 iPic® locations within the next
ten years and expects to expand to all parts of the country
starting in Riyadh and Jeddah.
iPic® combines polished-casual restaurants and
world-class luxury theater auditoriums with gourmet, in-theater
dining to create a one-of-a-kind experience. The new iPic® Theaters
in the Kingdom of Saudi Arabia will enable guests to enjoy their
movies in ultimate comfort and style with the option of iPic®’s
signature Premium or Premium Plus seating. The locations will also
feature iPic®’s US-patent pending viewing Pods and Chaise Lounge
seating.
Forward-Looking Statements
This press release includes ''forward-looking
statements'' within the meaning of Section 27A of the Securities
Act of 1933 and Section 21E of the Securities Exchange Act of 1934,
including statements regarding our proposed license to operate
theaters in Saudi Arabia; our expectations with respect to the
opening of new locations in Saudi Arabia in the near and long term;
our development plans in Saudi Arabia; and our expectations with
respect to international growth. Such forward-looking statements
can be identified by the use of words such as ''should,'' ''may,''
''intends,'' ''anticipates,'' ''believes,'' ''estimates,''
''projects,'' ''forecasts,'' ''expects,'' ''plans,'' and
''proposes'' or other variation of these or similar words, or by
discussions of future events, strategies or risks and
uncertainties. Such forward looking statements are inherently
subject to risks, uncertainties and assumptions about us, including
risks related to the following: our inability to successfully
identify and secure appropriate sites and timely develop and expand
our operations in existing and new markets, including international
markets; competition from other theater chains and restaurants; our
inability to operate profitably; our inability to obtain sufficient
capital to open up new units and to deploy strategic initiatives;
our inability to maintain sufficient levels of cash flow, or access
to capital, to meet growth expectations; our inability to manage
our substantial level of outstanding debt; our ability to continue
as a going concern; and other factors described in our Annual
Report on Form 10-K, our Quarterly Reports on Form 10-Q and our
Current Reports on Form 8-K, each as filed with the Securities and
Exchange Commission. In light of these risks, uncertainties
and assumptions, the forward-looking events discussed in this press
release may not occur. We do not intend to update publicly any
forward-looking statements except as required by law.
About iPic® Entertainment Inc.
Established in 2010 and headquartered in
Boca Raton, FL, iPic® Entertainment is America’s premier
luxury restaurant-and-theater brand. A pioneer of the dine-in
theater concept, iPic® Entertainment’s mission is to provide
visionary entertainment escapes, presenting high-quality,
chef-driven culinary and mixology in architecturally unique
destinations that include premium movie theaters and restaurants.
iPic® Theaters offers guests two tiers of luxury leather seating,
Premium Chaise lounge and Premium Plus pod or reclining seating
options. iPic® Theaters currently operates 15 locations with
115 screens in Arizona, California, Florida, Illinois, Maryland,
New Jersey, New York, Texas, and Washington and new locations
planned for Florida, Georgia, Texas, California and Connecticut.
For more information, visit www.iPic.com.
Investor Relations:ICRRaphael
GrossMelissa Calandruccio, CFAiPicIR@icrinc.com646-277-1273
Media Relations:The Gab Group for iPic®
Entertainment Corporate Michelle
Soudrymsoudry@thegabgroup.com 561-750-3500
JonesworksStephanie Jones/Michelle Boweripic@jonesworks.com
212-839-0111
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