AMC Entertainment to Acquire Gulf States Theatres.Business Editors KANSAS CITY Kansas City, two adjacent cities of the same name, one (1990 pop. 149,767), seat of Wyandotte co., NE Kansas (inc. 1859), the other (1990 pop. 435,146), Clay, Jackson, and Platte counties, NW Mo. (inc. 1850). , Mo.--(BUSINESS WIRE)--Jan. 29, 2002 AMC (Advanced Mezzanine Card) See AdvancedTCA. Entertainment Inc., one of the world's leading theatrical exhibition companies, announced today that it has executed a letter of intent to acquire the operations of Gulf States Theatres. In a related transaction, AMC will execute lease agreements with Entertainment Properties Trust (NYSE NYSE See: New York Stock Exchange :EPR EPR Electron Paramagnetic Resonance EPR Extended Producer Responsibility EPR Electronic Patient Record(s) EPR Emergency Preparedness and Response (US DHS) EPR Endpoint Reference EPR Ethylene-Propylene Rubber ) for the Gulf States theatre real estate. AMC expects to complete both transactions by March 1. Gulf States Theatres operates five stadium-style megaplex theatres with 68 screens in the New Orleans area, where it is the market share leader. All five of the Gulf States theatre complexes have been built since 1997. "The acquisition of Gulf States Theatres exemplifies our strategy of acquiring high-quality assets in major markets," said AMC chairman and chief executive officer Peter Brown. "It will be an excellent fit and a great addition to our industry-leading circuit." The Gulf States transaction is the second acquisition planned by AMC. In December 2001, AMC announced it had signed a letter of intent to acquire GC Companies, Inc., parent company of General Cinema Theatres, pursuant to a plan of reorganization filed in the GC Companies bankruptcy proceedings bankruptcy proceedings n. the bankruptcy procedure is: a) filing a petition (voluntary or involuntary) to declare a debtor person or business bankrupt, or, under Chapter 11 or 13, to allow reorganization or refinancing under a plan to meet the debts of the party . The GC acquisition is subject to bankruptcy court bankruptcy court n. the specialized Federal court in which bankruptcy matters under the Federal Bankruptcy Act are conducted. There are several bankruptcy courts in each state, and each one's territory covers several counties. approval and other conditions. AMC Entertainment Inc. is a leader in the theatrical exhibition industry. Through its circuit of AMC Theatres, the Company operates 177 theatres with 2,836 screens in the United States, Canada, France, Hong Kong, Japan, Portugal, Spain, Sweden and the United Kingdom. Its Common Stock trades on the American Stock Exchange American Stock Exchange (AMEX) Stock exchange in the U.S. Originally known as “the Curb,” it began as an outdoor marketplace in New York City c. 1850. It moved indoors to its present location in the Wall Street area in 1921. under the symbol AEN AEN Address Enable AEN America's Emergency Network AEN Australian Energy News (magazine) AEN Agenzia per l'Energia Nucleare (Italian: Nuclear Energy Agency; OCSE) AEN Administrative Exception Note . The Company, headquartered in Kansas City, Mo., has a web site at www.amctheatres.com. Any forward-looking statements contained in this release, which reflect management's best judgment based on factors currently known, involve risks and uncertainties. Actual results could differ materially from those anticipated in the forward-looking statements included herein as a result of a number of factors, including, among others, the Company's ability to enter into various financing programs, the performance of films licensed by the Company, competition, construction delays, the ability to open or close theatres and screens as currently planned, political, social and economic conditions, demographic changes, increases in demand for real estate, changes in real estate, zoning and tax laws and unforeseen changes in operating requirements. |
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