September 29, 2008
AccessIT to Pay Quarterly Interest in Cash
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(R) and Theatre Command Center(R) 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(R) 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(R) and AccessIT(TM) are trademarks of Access Integrated Technologies, Inc. For more information on AccessIT, visit www.accessitx.com.