Digital Cinema Destinations Corp.
(NasdaqCM: DCIN), a fast-growing motion picture exhibitor dedicated to transforming movie theaters into digital entertainment centers, together with its joint venture partner, Start Media, LLC, today announced the addition of two new theater locations – a 16-screen multiplex in Solon, OH (near Cleveland) and a 3-screen cinema in Sparta, NJ – through negotiation of direct leases with the landlords who own the theaters. The Sparta lease began January 1, 2013 and the Solon property agreement commences February 1, 2013. Both theaters are newly converted to digital and will be operated by Digiplex under management agreements with subsidiaries of its recently formed joint venture, Start Media/Digiplex, LLC. In the near future the Solon property will feature 5 3D-compatible screens and Sparta will have one.
Digiplex Chairman and CEO Bud Mayo stated, “We are picking up where we left off in 2012 following the late December completion of our UltraStar acquisition, in which Digiplex added 74 screens in the Southern California and Arizona markets. The Solon 16-plex is our first theater in Ohio and the 3-screen facility based in Sparta marks our third New Jersey location. With the addition of these two properties we will have 18 locations with an aggregate of 178 screens on the growing Digiplex digital platform. We are pleased with the Company’s progress and plan to continue our aggressive pace of expansion as we strive to achieve a goal of managing 100 theaters and 1000 screens in top DMAs across the country.”
Commenting on the Solon theater lease agreement, Davis Development Group Vice President Paul Yusko stated, “We are delighted that Digiplex, a dynamic and forward-thinking leader in the theatrical exhibition space, has agreed to operate our Solon, Ohio multiplex property. As a key anchor tenant on Enterprise Parkway we are confident that their further improvements to the theater and their unique focus on showcasing alternative, non-cinematic programming – from opera to live sports – and successful community outreach via social media will help drive additional theater attendance as well as incremental traffic to the area’s surrounding retailers, including several nearby restaurants and fast food establishments.”