October 1, 2012
Proceeds utilized to acquire a 12-screen theatre and for digital cinema conversion
ANNOUNCEMENT (October 2012) --EFA Partners, a financial advisory firm focused on arranging financing for the entertainment and media sectors, announced that it has arranged and closed a $10 million financing facility for Digital Cinema Destinations Corp. ("Digiplex") (Nasdaq: DCIN), a fast-growing motion picture exhibitor dedicated to transforming movie theaters into digital entertainment centers. The financing proceeds, which were utilized for the acquisition of the Connecticut-based Lisbon Landing Cinema 12 theatre and for digital cinema equipment at certain other theatres, enabled Digiplex to continue executing on its strategy of building an all-digital movie theatre platform in select markets. Digiplex now operates nine theatres with a total of 85 screens that are 100% digital.
"We've worked with EFA as advisors since we founded Digiplex," said Bud Mayo, Chairman and CEO of Digiplex. "Their excellent understanding of our industry and extensive relationships in the debt markets allowed them to assist our financing process from start to finish, and we look forward to continuing our longstanding relationship with Ralph Willis and the EFA team."
EFA's principals have over 30 years of collective experience in film exhibition finance and have deep relationships within the banking and leasing communities. The EFA team has been engaged by dozens of film exhibitors and prides itself on providing its clients with a broad range of financing alternatives and leading the effort from the initial stages through to closing. This process allowed EFA to procure several proposals for the Digiplex financing and provide appropriate recommendations.
"It's a pleasure working with Bud and his team at Digiplex and we look forward to continuing to advise them", stated Ralph Willis, a founding partner with EFA Partners. "This year Digiplex significantly expanded its theatre circuit and, given their team's history of successfully growing theatre businesses, we're confident they'll continue to acquire and transform theatres into digital entertainment venues."