By Josette Martel, July 23, 2005
Access Integrated Technologies, Inc. ("AccessIT") announced that it has entered into definitive agreements with institutional and other accredited investors relating to a private placement of approximately $18.1 million of securities. This financing is related to the company's 2,500-screen Christie-AIX Digital Cinema deployment plan announced on June 21, 2005.
The Company has agreed to sell 1,909,115 shares of Class A common stock at $9.50 per share. Investors will also receive warrants, exercisable starting 7 months after issuance, to purchase 477,275 shares of Class A common stock at $11.00 per share for a period of 5 years. Use of proceeds for the financing will be to fund capital investments in the first Digital Cinema systems contemplated in the Christie-AIX rollout plan and provide working capital
. The private placement is subject to customary closing conditions.
The private placement is being made only to accredited investors in a transaction exempt from the registration requirements of the Securities Act of 1933, as amended (the "Securities Act"). The shares of Class A common stock and warrants being issued, and the shares of common stock issuable upon exercise of the warrants, have not been registered under the Securities Act, or any state securities laws, and unless so registered, may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the Securities Act and applicable state securities laws.
This press release does not constitute an offer to sell, or the solicitation of an offer to buy, any securities, nor shall there be any sale of the securities in any jurisdiction in which such offering would be unlawful.
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