Moving iMage Technologies and SNDBX Expand Strategic Partnership
Moving iMage Technologies (NYSE:MITQ) ("MiT"), a leading cinema technology company, and SNDBX, a division of The Five Agency, LLC and an emerging developer and operator of amateur Esports leagues played locally on the big screen, today announced an expansion to their strategic partnership to accelerate the growth of local amateur Esports leagues.
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"Our enhanced partnership with SNDBX brings two leading, entrepreneurial companies closer together to capture this significant market opportunity," said Joe Delgado, executive vice president, sales and marketing. "This agreement formalizes our partnership and incentivizes both companies to work in tandem to grow the market for SNDBX's Esports offerings in the U.S. and on a global scale."
"We are excited to take the next step in our partnership with MiT," said Rick Starr, CEO and founder of SNDBX. "MiT has been with SNDBX from our earliest concepting and has helped to design a technology solution that works specifically for cinemas. The formalized partnership is both parties 'putting a ring' on a great relationship."
Summary terms* of the expanded partnership include:
- MiT will become a minority shareholder in SNDBX upon its formation as a separate entity from The Five Agency, LLC;
- MiT will be the exclusive equipment supplier to SNDBX, which has committed to a multi-million dollar minimum purchase order agreement for MoveEsports 8-cart systems over the next three years;
- MiT can choose a member of the SNDBX advisory board for three years;
- MiT will provide SNDBX a three-year loan;
- MiT and SNDBX will co-own any IP-related to equipment.
*Please see the form 8-k filed on May 1, 2023 for the specific terms and conditions of the agreement.
Conference Call and Webcast
MiT and SNDBX plan to host a conference call/webcast and presentation during the week of May 8, 2023 to help investors better understand SNDBX's strategy and model and the growth opportunity for both companies in the years to come. The Company will send out a press release announcing the call information this week.
About Moving iMage Technologies
MOVING iMAGE TECHNOLOGIES (NYSE:MITQ) is a leading technology, products, and services provider to the Motion Picture Exhibition industry with emerging opportunities in eSports and sports venues. We sell proprietary products, which we design and manufacture in-house, and are developing, introducing, and supporting a wide range of disruptive technologies that will bring SaaS and subscription-based products. Our Caddy brand of proprietary products is a leading provider of proprietary cup holders, trays, and other products to entertainment and sports venues. For more information, visit www.movingimagetech.com.
About SNDBX
SNDBX creates amateur esports and gaming leagues at your local movie theater. With plans to expand to thousands of cinemas across North America, SNDBX is bringing organized kids leagues and adult social gaming to a theater near you. For more on SNDBX or to sign up for a league or free demo, visit www.sndbx.gg
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