Cinema Ride completes financing.STUDIO CITY, Calif.--(BUSINESS WIRE)--Jan. 15, 1997--Cinema Ride Inc. (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 :MOVE) has finalized an agreement with FINOVA TECHNOLOGY FINANCE INC., it was announced Wednesday by Mitch Francis, Cinema Ride chairman and chief executive officer. Under the terms of the agreement, FINOVA has provided gross proceeds of $1,575,000 in equipment lease financing to Cinema Ride. The equipment financed consists of seven of the company's 3-D ride simulators located in The Forum Shops at Caesars Palace Caesars Palace is a luxury hotel and casino located on the Las Vegas Strip in Las Vegas, Nevada. Caesars Palace is owned and operated by Harrah's Entertainment. Caesars is located on the west side of the Strip, between the Bellagio and the Mirage. in Las Vegas Las Vegas (läs vā`gəs), city (1990 pop. 258,295), seat of Clark co., S Nev.; inc. 1911. It is the largest city in Nevada and the center of one of the fastest-growing urban areas in the United States. and its new facility in the heart of Times Square in New York City New York City: see New York, city. New York City City (pop., 2000: 8,008,278), southeastern New York, at the mouth of the Hudson River. The largest city in the U.S. . Cinema Ride also raised approximately $500,000 in the form of debt conversion to equity and subordinated debt Subordinated Debt A loan (or security) that ranks below other loans (or securities) with regard to claims on assets or earnings. Also known as "junior security" or "subordinated loan". . "We are very pleased to have reached a financing agreement with FINOVA. They are an outstanding company and are receptive to accommodating our future financing requirements as well," said Francis. "The funds resulting from this financing will enable us to continue our progress in developing the company as the premier provider of motion simulator A motion simulator or motion platform is a mechanism that encapsulates riders and creates the effect/feelings of being in a moving object. One example would be a theme park ride which simulates flying by using a projection screen in front of the seats you ride in. ride facilities in the U.S. "Our third location which opened in Times Square in New York City on Sept. 12 is already matching attendance at our Las Vegas facility, and set a new single day company revenue record during Christmas week. Cash flows from our Las Vegas location are reaching and exceeding projections as well. "We expect all three locations to increase revenues even further as we move into our peak season from March through August. We are currently exploring additional venues for our systems that offer similar opportunities," he continued. Cinema Ride develops, owns and operates amusement rides featuring the first 3-D motion simulator facilities 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. . These rides combine projected three-dimensional action films with military quality flight simulators that move in concert with the on-screen on·screen or on-screen adj. & adv. 1. As shown on a movie, television, or display screen. 2. Within public view; in public. action. To date, the company has developed and operates three facilities, in The Forum Shops at Caesars Palace, Las Vegas; The West Edmonton Mall West Edmonton Mall (WEM), located in Edmonton, Alberta, Canada is the largest shopping mall in North America and the third largest in the world. , Edmonton, Albert; and Times Square in New York City. Cinema Ride has headquarters in Studio City, Calif. The transaction was conducted through FINOVA's Farmington, Conn. office. FINOVA is one of the nation's leading commercial finance companies, serving mid-size businesses with a broad range of sophisticated financing and leasing products. Cinema Ride was represented by Anthony Donnadio and Ronald Rosato, both vice presidents of the investment banking firm Tasin and Co. and Lee Skoblow, president of Liason Consulting Group. -0- NOTE: Except for the historical information contained herein, the statements made in this release constitute forward-looking statements that involve certain risks and uncertainties. Certain factors may cause actual results to differ materially from those contained in the forward-looking statements, and the other risks detailed from time to time in the company's reports on file at the Securities and Exchange Commission. CONTACT: Cinema Ride Inc., Studio City Mitch Francis, 818/761-1002 or Self & Associates Trudy M. Self, 818/880-5437 |
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