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  • Digital Cinema Destinations Corp. (DCIN) Acquires 10-Screen Entertainment Complex Paragon Entertainment Group 0 comments
    Jan 6, 2014 2:08 PM | about stocks: DCIN

    Digital Cinema Destinations (also known as Digiplex) announced that it has signed an asset purchase agreement to acquire a 10-screen entertainment complex in Daytona, FL (DMA 19) from Paragon Entertainment Group. The 10-plex is part of the Ocean Walk Shoppes, a premier dining, shopping, and entertainment destination along Daytona Beach.

    The 10-screen entertainment complex features large screens with high-quality Sony 4K digital projection. All auditoriums have stadium style seating and VIP luxury recliners. There is reserved seating available in select auditoriums. The theater also includes a large screen auditorium with a 50-foot wall-to-wall, floor-to-ceiling screen, and state-of-the-art Dolby Digital Surround Sound.

    Digiplex is also excited to announce that its new entertainment complex will feature "My Pi" Custom Pizza and Craft Beer, which marks its entry into the theater-restaurant service business. The company is licensing the My Pi concept through Paragon Entertainment, LLC.

    The company plans to complete the all-cash acquisition during the first quarter of 2014. Pursuant to the agreement, Digiplex will also have right of first refusal for Paragon Theatres' 8-plex in Deerfield, FL. Additional terms of the transaction were not disclosed. This transaction marks Digiplex's second announced location in Florida.

    Digiplex Chairman and CEO Bud Mayo stated, "Since December 2012, Digiplex has acquired or agreed to acquire 16 theaters and 158 screens and we remain firmly committed to expanding our national cinema circuit in top markets through our active M&A program. Today's announcement also marks our entry into the theater-restaurant service business with the 'My Pi' Pizza license. With a high-quality and wallet-friendly made-to-order menu, 'My Pi's' concept has performed exceptionally well at the Daytona complex."

    He continued, "With a large pipeline of expansion opportunities we believe there is further capacity to build upon the tremendous growth Digiplex has achieved in the 2013 calendar year."

    Mike Whalen, President of Paragon Theaters, added, "We are very pleased that our Daytona location will be in good hands under Digiplex's innovative management. Their team has a proven track record and a growing reputation for bringing expanded entertainment options to appreciative audiences around the country. Daytona cinemagoers will soon have the chance to enjoy opera, live sports, curated DigiNext content and much more, as well as the finest in Hollywood tent-poles and smaller, independently produced titles."

    For more information, please visit digiplexdest.com

    MissionIR provides investor relations services to publicly traded companies in exchange for compensation. This article may be part of our efforts to widen a client's exposure. To read our full disclaimer, visit http://disclaimer.missionir.com

    Stocks: DCIN
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