NEW YORK--(BUSINESS WIRE)--MoviePass™, a premier movie theater subscription service, said today it is temporarily interrupting its service for subscribers in order to complete its work on an improved version of the MoviePass™ mobile application based on an enhanced technology platform.
The interruption will be effective at 5 a.m. ET on July 4, 2019, and no subscribers will be charged during the interruption period. Subscribers will be automatically credited for the number of affected days once the service continues. Subscribers will not need to request a credit or contact MoviePass™ customer service to get the credit. During this period, no new subscribers will be enrolled.
“There’s never a good time to have to do this,” said MoviePass Inc. CEO Mitch Lowe. “But to complete the improved version of our app, one that we believe will provide a much better experience for our subscribers, it has to be done.”
The company also plans to use this time to recapitalize in order to facilitate a seamless transition and improved subscriber experience once the service continues.
In a letter to subscribers, Lowe said that MoviePass™ has been working hard to improve its groundbreaking subscription service to ensure it meets its ultimate vision.
“We have listened and we understand the frustrations of our subscribers,” he said. “To provide the level of service you deserve and we can be proud of, we need to improve our mobile app. We plan to make this improvement by utilizing an enhanced technology platform, which is in the final stages of completion,” he continued.
About MoviePass Inc.
MoviePass Inc. (“MoviePass”) is a marketing technology platform enhancing the exploration of film and the moviegoing experience. As a premier movie-theater subscription service, MoviePass provides film enthusiasts the ability to attend select new movies in theaters. For more information, visit us at www.moviepass.com.
About Helios and Matheson Analytics Inc.
Helios and Matheson Analytics Inc. (“OTC: HMNY”) currently owns approximately 92% of the outstanding shares (excluding options and warrants) of MoviePass, 100% of the outstanding membership interests in MoviePass Ventures LLC, 51% of the outstanding membership interests in MoviePass Films LLC, and the Moviefone™ brand and service. HMNY’s holdings also include Zone Technologies, Inc., creator of RedZone Map™, a safety and navigation app for iOS and Android users. HMNY is headquartered in New York, NY. For more information, visit us at www.hmny.com.
Cautionary Statement on Forward-looking Information
Certain information in this communication contains “forward-looking statements” about HMNY and MoviePass within the meaning of the Private Securities Litigation Reform Act of 1995 or under Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (collectively, “forward-looking statements”), that may not be based on historical fact, but instead relate to future events. Forward-looking statements are generally identified by words such as “projects,” “may,” “will,” “could,” “would,” “should,” “believes,” “expects,” “anticipates,” “estimates,” “intends,” “plans,” “potential” or similar expressions. Such forward-looking statements include, without limitation, statements regarding HMNY’s and MoviePass’ business and prospects, including continuation of the MoviePass service, implementation of an improved MoviePass mobile application and enhanced technology platform and their ability to recapitalize the company. Statements regarding future events are based on HMNY’s and MoviePass’ current expectations and are necessarily subject to associated risks.
Such forward-looking statements are based on a number of assumptions. Although management of HMNY and MoviePass believe that the assumptions made and expectations represented by such statements are reasonable, there can be no assurance that a forward-looking statement contained herein will prove to be accurate. Actual results and developments may differ materially and adversely from those expressed or implied by the forward- looking statements contained herein and even if such actual results and developments are realized or substantially realized, there can be no assurance that they will have the expected consequences or effects.
Some, but not all, of these risks include, among other things: MoviePass’ ability to complete the improved version of its mobile application and continue the MoviePass service in a timely manner; subscribers’ acceptance of the improved version of the mobile application; the ability of the improved version of the mobile application to improve the MoviePass subscriber experience; real or perceived errors, failures, vulnerabilities or bugs in the improved version of the mobile application; breaches of network and data security measures; a disruption or failure of networks and information systems; the unavailability of capital as and when needed or on terms acceptable to HMNY or MoviePass; and the risk factors described in HMNY’s Annual Report on Form 10-K for the fiscal year ended December 31, 2017, its quarterly reports on Form 10-Q for the quarters ended March 31, 2018, June 30, 2018 and September 30, 2018 (as amended), and subsequent current and periodic reports, information statements and registration statements filed with the U.S. Securities and Exchange Commission. You are cautioned to review such reports and other filings at www.sec.gov.
Given these risks, uncertainties and factors, you are cautioned not to place undue reliance on such forward-looking statements and information, which are qualified in their entirety by this cautionary statement. All forward-looking statements and information made herein are based on HMNY’s current expectations and HMNY does not undertake an obligation to revise or update such forward-looking statements and information to reflect subsequent events or circumstances, except as required by law.