AccessIT to Pay Quarterly Interest in Cash.MORRISTOWN, N.J. -- Access Integrated Technologies Access Integrated Technologies is a large company concerned in, amongst other things, motion pictures. It bought all of Boeing's digital cinema equipment assets, intellectual property licenses, and existing theatre contracts. , Inc. ("AccessIT") (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :AIXD), today announced that it would pay quarterly interest, due September 30, on its $55 million Senior Notes in cash rather than to exercise its option to pay interest using its shares of common stock. "Despite uncertainties in the capital markets, we continue to believe in the future of our company and our ability to navigate through these choppy chop·py 1 adj. chop·pi·er, chop·pi·est Having many small waves; rough: choppy seas. [From chop1. waters to continue our progress. With that mindset mind·set or mind-set n. 1. A fixed mental attitude or disposition that predetermines a person's responses to and interpretations of situations. 2. An inclination or a habit. , giving up equity at this time makes no sense," said Bud Mayo, chairman and chief executive officer of AccessIT. "Although progress on certain initiatives has been slowed by the condition of the credit markets, most of the company's plans continue to move forward. We remain optimistic op·ti·mist n. 1. One who usually expects a favorable outcome. 2. A believer in philosophical optimism. op that we can begin Phase 2 shortly, and that the capital markets will return to stable levels again." Access Integrated Technologies, Inc. (AccessIT) is the global leader in providing integrated solutions for digital cinema. The Company's ground-breaking digital cinema networked services along with its Library Management Server[R] and Theatre Command Center[R] software have enabled theatres across the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. to play more than eight million digital showings of Hollywood features to date. AccessIT's 24/7 satellite operations delivers feature movies, alternative content advertising, and pre-show entertainment through its UniqueScreen Media subsidiary, including live 2-D and 3-D events through its CineLive[R] satellite network, expanding box office sales and developing new ways to attract incremental revenues. Through its alternative content distribution unit, The Bigger Picture, AccessIT offers channels of programming including Opera, Kidtoons, Faith Based, Concerts, Sports and Anime an·i·me n. A style of animation developed in Japan, characterized by stylized colorful art, futuristic settings, violence, and sex. [Japanese, short for anim . Access Integrated Technologies[R] and AccessIT(TM) are trademarks of Access Integrated Technologies, Inc. For more information on AccessIT, visit www.accessitx.com. (AIXD-G) |
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