Arc International to build its first U.S. ice-based entertainment facility outside Washington, D.C. in Rockville, Maryland.TORONTO/ROCKVILLE, Md.--(BUSINESS WIRE)--May 13, 1997-- First Phase of U.S. Expansion Strategy ARC International This article is about the publicly traded processor company. For the privately held French housewares company of the same name, see ARC International (household). Corporation (AMEX AMEX See: American Stock Exchange : ATV (1) (Advanced TV) An early name for the digital TV standard proposed by the Advisory Committee on Advanced Television Service (ACATS). See ACATS. See also ATV Forum. (2) (Analog TV) Refers to the NTSC, PAL and SECAM analog TV standads. ) announced today that its wholly-owned U.S. subsidiary, ARC IceSports & Entertainment, has secured a site for its first hockey and figure skating figure skating Sport in which ice skaters, singly or in pairs, perform various jumps, spins, and footwork. The figure skate blade has a special serrated toe pick, or toe rake, at the front. facility in 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. . The proposed 70,000 square foot facility will be located on a seven acre site in Rockville, Maryland Rockville is the county seat of Montgomery County, Maryland, United States. According to the 2006 census update, the city had a total population of 59,114, making it the second largest city in Maryland. in the suburbs of Washington, D.C. It will include two regulation-sized sheets of ice, a pro shop, restaurant and other amenities. The total anticipated cost of developing the facility is approximately $7,000,000, which ARC is funding with existing working capital. ARC expects to open the complex in the Fall of 1997. The facility will feature two ice rinks: one NHL NHL Non-Hodgkin's lymphoma, see there regulation ice sheet and one Olympic regulation ice sheet, each with the capacity to seat 500 spectators. In addition, the Rockville skating complex will house ten dressing rooms, a skate changing area and a fitness area. ARC's Rockville location will also feature a sports-themed restaurant, 1,700 square feet of sports merchandise retail space, an arcade area and multi-purpose rooms for parties and group meetings. "ARC IceSports & Entertainment's growth strategy is focused on developing ice rinks in the United States, as they can provide cash flow and attractive returns on investment equal to or better than other location-based entertainment facilities," commented Arnold S. Tenney, Chairman, President and Chief Executive Officer of ARC. "The Rockville site is ideal given its location within a large population base, its potential for expansion and the shortage of comparable facilities in the Washington, D.C. market." ARC currently owns and operates three skating complexes in the Toronto, Ontario metropolitan area. In January, ARC acquired a U.S.-based ice rink development consulting firm Noun 1. consulting firm - a firm of experts providing professional advice to an organization for a fee consulting company business firm, firm, house - the members of a business organization that owns or operates one or more establishments; "he worked for a to oversee all phases of its U.S. expansion strategy. Mr. Tenney concluded, "Skating is one of the fastest growing sports in North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. , yet the United States has far fewer rinks relative to the size of its population than Canada, creating exciting opportunities for ice rink development in underserved markets. With over two decades of experience developing ice-based recreation facilities, ARC has a proven format and has assembled a top-notch development team to capitalize on Cap´i`tal`ize on` v. t. 1. To turn (an opportunity) to one's advantage; to take advantage of (a situation); to profit from; as, to capitalize on an opponent's mistakes s>. this demand." ARC International Corp. acquires and develops businesses in the leisure, entertainment and communications industries into public companies in which it maintains substantial equity interests: Ballantyne of Omaha, Inc. is a leading manufacturer of motion picture projection and specialty entertainment lighting equipment in the United States and Cabletel Communications Corp. is Canada's leading supplier of broadband equipment for the cable television industry. Through ARC Sports, ARC develops ice skating complexes and is a leading supplier of ice rink equipment and supplies in North America. ARC's Inteledigm Corporation is a business information company that provides detailed intelligence on companies and markets. Except for the historical information in this press release, it includes forward-looking statements that involve risks and uncertainties, including, but not limited to, quarterly fluctuations in results, the management of growth, and other risks detailed from time to time in the Company's Securities and Exchange Commission filings. Actual results may differ materially from management expectations. CONTACT: Investor Contact: Arnold S. Tenney President & Chief Executive Officer 416/630-0200 or Local Media Contact: George Parr ARC IceSports & Entertainment 703/917-8575 |
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