iPic® Entertainment Announces Agreement to Partner With BAS Global Investments Company to Develop World-Class Luxurious iPic Theaters and Restaurant Locations in Saudi Arabia
BOCA RATON, Fla., March 08, 2018 (GLOBE NEWSWIRE) — iPic® Entertainment (“iPic” or the “Company”) (NASDAQ:IPIC), America’s premier luxury restaurant-and-theater brand, today announced the signing of a Memorandum of Understanding to develop its one-of-a-kind, world-class luxurious iPic® theater-and-restaurant locations throughout the Kingdom of Saudi Arabia. iPic® has formed a partnership with BAS Global Investments Company, a well-known Saudi group. This relationship reflects the Company’s strategy to pursue international asset-light licensed agreements.
This is a monumental time for the Kingdom of Saudi Arabia as it is now allowing movie theaters to open for the first time in more than 35 years. With roughly two-thirds of the local population under 30 years of age, the country’s demographics play into iPic®’s strength as a social entertainment destination that is also an affordable luxury. Through this partnership, the Company believes there are significant expansion opportunities for the iPic® brand in the Kingdom of Saudi Arabia over time.
“We are thrilled to be working with BAS Global which we believe will be excellent local partners to lead growth of the iPic brand throughout the Kingdom of Saudi Arabia,” says Hamid Hashemi, Founder & Chief Executive Officer of iPic® Entertainment. “We are excited to bring our first-class entertainment experience to the region and be a part of the country’s Saudi Vision 2030 Plan which focuses on job creation and transforming the economy toward more recreation and tourism spending.”
iPic® combines polished-casual restaurants and world-class luxury theater auditoriums with gourmet, in-theater dining to create a one-of-a-kind experience.
iPic® currently operates three restaurant concepts – The Tuck Room, Tanzy, and City Perch – with one planned to be included at each location. The Tuck Room is a gastro lounge whose name means to eat with enthusiasm or pleasure and be hidden away comfortably; Tanzy is focused on garden-fresh Italian cuisines; and lastly, City Perch Kitchen offers seasonal American dining made from fresh, sustainable ingredients with shareable plates.
The new iPic® Theaters in the Kingdom of Saudi Arabia will enable guests to enjoy their movies in ultimate comfort and style with the option of iPic®’s signature Premium or Premium Plus seating. The locations will also feature iPic®’s patent pending viewing Pods and Chaise Lounge seating.
These visionary seating Pods — which encapsulate two reclining seats and a cubby in the corner to tuck away small items — feature revolutionary sound-absorbing technology, courtesy pillows and blankets. Expressly designed, they create an intimate space for viewers to enjoy their movie without inhibiting or diluting sound.
Guests will also be able to enjoy iPic®’s gourmet chef-driven dine-in-the-dark menu helmed by acclaimed three-time James Beard Award-winning Chef Sherry Yard from the comfort of their seats. Premium seat ticketholders may purchase their food and beverage selections direct from iPic® Express to carry into the theater and enjoy from their seats. Premium Plus ticket holders can summon iPic®’s ninja-like servers to deliver menu selections direct to their chairs via personal service-call buttons.
iPic® auditoriums seat 50 to 90 people in an intimate setting. All auditoriums will be equipped with 4K digital cinema technology and the viewing Pods. All seats can be reserved ahead of time on iPic®’s proprietary reservation system on iPic.com, or moviegoers can simply download the iPic® App to their iPhone or Android for a one-step transaction process.
Access iPic Membership Rewards®, iPic®’s exclusive membership program will further enhance the iPic® guest experience by empowering iPic® members to customize and build their brand experience via three levels of Access: — Silver, Gold, Platinum—and a secret status level members can reach by invitation only. Members will receive special members-only ticket pricing along with enhanced perks such as the ability to earn and redeem points on qualifying purchases, exclusive access to iPic® member events and the ability to purchase bulk iPic® ticket packages.
iPic® locations offer guests alternative content such as live shows and gaming competitions. Additionally, the Company will continue to leverage and expand its branded sponsorships that are largely focused on iPic® Life which is a 20-minute segment shown before the movies. Content includes showcasing luxury brands and products as well as new menu dishes for the theaters and restaurants. iPic® has sponsorships with luxury brands such as Burberry, Cartier, Lexus and more.
About iPic® Entertainment
Established in 2010 and headquartered in Boca Raton, FL, iPic® Entertainment is America’s premier luxury restaurant-and-theater brand. A pioneer of the dine-in theater concept, iPic® Entertainment’s mission is to provide visionary entertainment escapes, presenting high-quality, chef-driven culinary and mixology in architecturally unique destinations that include premium movie theaters and restaurants. iPic® Theaters offers guests two tiers of luxury leather seating, Premium Chaise lounge and Premium Plus pod or reclining seating options. iPic® Theaters currently operates 15 locations with 115 screens in Arizona, California, Florida, New Jersey, New York, Texas, and Washington and new locations planned for Florida, Georgia, Texas, California and Connecticut. For more information, visit www.iPic.com.
Melissa Calandruccio, CFA
The Gab Group for iPic® Entertainment Corporate
Stephanie Jones/Michelle Bower