Access Integrated Technologies Announces Commitments to Purchase 1,500,000 Class A Common Shares
18 Januar 2006 - 5:47PM
PR Newswire (US)
MORRISTOWN, N.J., Jan. 18 /PRNewswire-FirstCall/ -- Access
Integrated Technologies, Inc. ("AccessIT") (AMEX:AIX) today
announced it has obtained commitments to purchase 1,145,000 shares
of registered Class A Common Stock at $10.70 per share from major
institutional investors in a registered direct offering. In
addition, the Company announced today the offering of 355,000
shares of Class A Common Stock at a public offering price of $10.70
per share in an underwritten offering. The price represents a 7.4
percent discount from the 10-day average closing price of AccessIT
shares. Proceeds of the sale are expected to be used to further
fund the ongoing Christie/AIX digital cinema deployment plan and
for working capital purposes. Craig-Hallum acted as the sole
placement agent on the registered direct offering and the exclusive
underwriter on the underwritten offering. The Company expects that
the registered direct offering and the underwritten offering will
close by Monday, January 23rd. A shelf registration statement
relating to these securities was declared effective by the
Securities and Exchange Commission on January 13, 2006. This press
release shall not constitute an offer to sell or the solicitation
of an offer to buy these securities, nor shall there be any sale of
these securities in any state or jurisdiction in which such offer,
solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of any such state or
jurisdiction. Copies of the final prospectus supplements and the
accompanying prospectus related to the offerings may be obtained
from Suzanne Moore, 973-290-0080, Access Integrated Technologies,
Inc., 55 Madison Avenue, Suite 300, Morristown, NJ, 07960. Safe
Harbor Statement Investors and readers are cautioned that certain
statements contained in this document, as well as some statements
in periodic press releases and some oral statements of AccessIT
officials during presentations about AccessIT, are
"forward-looking' statements within the meaning of the Private
Securities Litigation Reform Act of 1995 (the "Act").
Forward-looking statements include statements that are predictive
in nature, which depend upon or refer to future events or
conditions, which include words such as "expects", "anticipates",
"intends", "plans", "could", "might", "believes", "seeks",
"estimates" or similar expressions. In addition, any statements
concerning future financial performance (including future revenues,
earnings or growth rates), ongoing business strategies or
prospects, and possible future actions, which may be provided by
AccessIT's management, are also forward-looking statements as
defined by the Act. Forward-looking statements are based on current
expectations and projections about future events and are subject to
various risks, uncertainties and assumptions about AccessIT, its
technology, economic and market factors and the industries in which
AccessIT does business, among other things. These statements are
not guarantees of future performance and AccessIT has no specific
intention to update these statements. Contact: Suzanne Tregenza
Moore Michael Glickman AccessIT The Dilenschneider Group 55 Madison
Avenue 212.922.0900 Suite 300 Morristown, NJ 07960 973.290.0080
http://www.accessitx.com/ DATASOURCE: Access Integrated
Technologies, Inc. CONTACT: Suzanne Tregenza Moore, of AccessIT,
+1-973-290-0080; or Michael Glickman of The Dilenschneider Group,
+1-212-922-0900 Web site: http://www.accessitx.com/
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