Moving Image Technologies Inc - MITQ STOCK NEWS

Moving iMage Technologies (NYSE: MITQ), a leader in digital cinema technology, will present at the Planet MicroCap Showcase Investor Conference from May 3-5, 2022. Joe Delgado, executive vice president, is scheduled to speak on May 4, 2022, at 2:30 p.m. PT. Investors can access the presentation live via this link. One-on-one meetings will be held on May 5, 2022, with registration available through the conference portal or by contacting Brian Siegel at brian@haydenir.com.

Moving iMage Technologies (MITQ) has acquired QSC LLC's USL accessibility products, taking on sales, distribution, manufacturing, and servicing of these items. This acquisition supports MITQ's mission to enhance the cinematic experience for underserved communities, particularly the hearing and visually impaired. The USL product line, compliant with the Americans with Disabilities Act (ADA), aims to improve accessibility in movie theaters. Additionally, MITQ plans to introduce the MiTranslator service to assist non-English speakers in enjoying films. Terms of the acquisition were not disclosed.

Moving iMage Technologies (NYSE American: MITQ) has formed a strategic partnership with SNDBX to enhance the cinema experience through e-Sports. This collaboration enables MiT to expand into the gaming sector by offering portable gaming carts for cinema operators, optimizing their auditorium capacity and boosting concession sales. The companies will showcase the gaming technology at CinemaCon Las Vegas from April 25-28. SNDBX manages amateur gaming leagues utilizing cinema auditoriums, promoting a unique experience for local gamers.

Moving iMage Technologies (NYSE American: MITQ) congratulates Metropolitan Theatres on the grand opening of its new MetroLux 10 with IMAX in San Clemente, California. The theater features advanced technology, including 4K RGB laser projectors and proprietary MiT products, ensuring a premium viewing experience. MiT provided a complete turnkey solution for this project, highlighting their strong partnership with Metropolitan. This collaboration marks the second successful project between the two companies, reinforcing MiT's reputation in the motion picture exhibition industry.

Moving iMage Technologies (NYSE American: MITQ) announced that it received a notice from NYSE Regulation on February 23, 2022, indicating non-compliance with listing standards due to a delayed filing of its Quarterly Report on Form 10-Q for the period ending December 31, 2021. This delay is linked to the need for a restatement of financial statements for Q3 of 2020 and 2021, stemming from a material misstatement identified by auditors. The company has until August 23, 2022, to file the report, with its stock continuing to be listed under a late filer indicator during this period.

Moving iMage Technologies (NYSE: MITQ) has appointed Francois Godfrey as Vice President of Business Development – Sales. Godfrey, with over 20 years of industry experience, previously held key roles at Christie Digital Systems and Barco Inc. His responsibilities will focus on enhancing the go-to-market strategy for MiT's CineQC SaaS platform and expanding the company's reach beyond North America. This leadership change aims to leverage Godfrey's expertise to drive revenue growth for MiT's innovative technology initiatives.

Moving iMage Technologies (MITQ) reported a strong year-over-year revenue growth of 113%, reaching $3.4 million for its fiscal second quarter ending December 31, 2021. The company also noted an impressive 44% sequential increase in backlog, totaling $11.1 million. Management has raised its fiscal 2022 revenue guidance to $14-$16 million, indicating a growth rate of 93%-121%. Despite operational losses, cash and cash equivalents stood at $9.0 million, reflecting a solid liquidity position.

Moving iMage Technologies (AMEX: MITQ) is set to report its financial and operational results for the Second Quarter Fiscal 2022, concluding on December 31, 2021. The earnings release will be available on their investor relations website on February 9, 2022, at 7:00 AM Eastern. Management will conduct a webcast for investors, who can also submit questions in advance. Details for replaying the webcast are provided, along with contact information for investor relations.

Moving iMage Technologies (AMEX: MITQ) recently secured three significant contracts to upgrade digital cinema technology. These procurements, supported by the Shuttered Venue Operators Grant (SVOG) under the Cares Act, aim to enhance customer experiences in theaters affected by COVID-19. Notable orders include upgrades for Flix Brewhouse's media servers, Dolby audio processors for Celebration Cinemas, and VIP recliners for Elvis Cinemas locations. The SVOG has disbursed over $2.5 billion to help venues recover, underscoring the industry's move towards modernization.