Moving iMage Technologies Inc. (NYSE: MITQ) witnessed a tremendous surge in pre-market trading hours on Wednesday, with shares jumping 32.19% to reach $1.54. This impressive growth is a result of the company’s announcement of a significant shipment of its cutting-edge cinema technology.
MITQ has shipped what?
A Wyoming movie exhibitor has purchased the first two MovEsports for SNDBX eight-cart gaming systems for the Esports market from Moving iMage (MITQ), announced the company today. As part of a partnership with SNDBX, Moving iMage introduced amateur Esports leagues to local big screens. Through its massive, diverse community for people of all ages and abilities, Cinema Esports builds on a national tradition of participating in and watching games for fun.
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A program specifically designed for cinema exhibitors is being developed by SNDBX, and Esports exhibitors can participate in SNDBX using MITQ’s MovEsports System. MITQ supplied the MovEsports systems that supported SNDBX’s first leagues. With the help of MITQ’s MovEsports System, Cinema Esports has the opportunity to expand its reach to cinema exhibitors, allowing them to partake in SNDBX’s innovative esports programming.
The massive movement by exhibitors is converting their auditoriums into alternative uses. The collaboration between cinemas and SNDBX will allow MITQ to scale local Esports leagues across the country. Recently, Moving iMage also announced it was partnering with technology company LEA Professional to distribute LEA’s smart power amplifier line for global cinemas. LEA’s best-in-class audio technology will be available to cinemas through this partnership between two leading, entrepreneurial companies.
By combining MITQ’s cinema experience with this partnership, both companies will be able to expand their market reach in a significant way. The timing of this relationship is also excellent since the global cinema industry is undergoing a technology refresh.
How will MITQ leverage the partnership?
Cinema applications utilizing Digital Cinema Initiatives (DCI) displays, projectors, and servers will be distributed by MITQ worldwide, including studios, high-end home theaters, and post-production facilities. MITQ will benefit from this partnership in entering new markets outside of North America. Moving iMage (MITQ) believes it will be able to penetrate global markets by adding LEA’s power amplifiers to its existing and future product and service lines.
