Plans First Location to Open in 2019
BOCA RATON, Fla., Nov. 06, 2018 (GLOBE NEWSWIRE) -- 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:
ICR
Raphael Gross
Melissa Calandruccio, CFA
iPicIR@icrinc.com
646-277-1273
Media Relations:
The Gab Group for iPic® Entertainment Corporate
Michelle Soudry
msoudry@thegabgroup.com
561-750-3500
Jonesworks
Stephanie Jones/Michelle Bower
ipic@jonesworks.com
212-839-0111