AccessIT to Pay Quarterly Interest in Cash
September 29 2008 - 12:56PM
Business Wire
Access Integrated Technologies, Inc. ("AccessIT") (NASDAQ: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 waters to continue our progress. With that
mindset, 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 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� and Theatre Command Center�
software have enabled theatres across the United States 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� 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. Access
Integrated Technologies� and AccessITTM are trademarks of Access
Integrated Technologies, Inc. For more information on AccessIT,
visit www.accessitx.com. (AIXD-G)
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