Moving iMage Technologies Says it Has No Direct Financial Exposure to Silicon Valley Bank or Signature Bank

FOUNTAIN VALLEY, Calif.--(BUSINESS WIRE)--Moving iMage Technologies (NYSE American: MITQ) ("MiT"), today said it has no direct financial exposure to Silicon Valley Bank or Signature Bank in the wake of the banks being closed by regulators. MiT utilizes banking services from Bank of the West, a subsidiary of BMO Financial Group, a highly diversified financial services provider and the 8th largest bank, by assets, in North America.

Silicon Valley Bank was closed by the California Department of Financial Protection and Innovation (“CDFPI”) on March 10, 2023. The CDFPI has appointed the Federal Deposit Insurance Corporation (“FDIC”) as receiver of SVB. Signature Bank, New York, NY, was closed on March 12, 2023 by the New York State Department of Financial Services, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver.

About Moving iMage Technologies

MOVING iMAGE TECHNOLOGIES (NYSE American: MITQ) is a leading provider of technology, products, and services to the Motion Picture Exhibition industry and is expanding into live entertainment venues and Esports. We sell proprietary products, which we design and manufacture in-house, and are developing, introducing, and supporting a wide range of disruptive technologies that will bring SaaS and subscription-based products. Our Caddy brand of proprietary manufactured products is a leading provider of cup holders, trays, and other products to entertainment and sports venues. For more information, visit www.movingimagetech.com.