CinemaStar Luxury Theaters Announces Grand Opening of New San Bernardino Megaplex: Company Also Announces Senior Management Changes
SAN DIEGO--(BUSINESS WIRE)--Dec. 1, 1999--CinemaStar Luxury Theaters, Inc. (NASDAQ: LUXY) which owns and operates eight first run motion picture theaters in southern California (seven theaters with 69 screens) and Tijuana, Mexico (one theater with 10 screens), announced today that the Grand Opening of its new CinemaStar 20-Plex Theater in San Bernardino, CA is scheduled to be held on Friday, December 10, 1999.
This new megaplex theater will include state-of-the-art amenities, such as stadium seating in all 20 viewing areas, the latest screen and sound technologies incorporating LucasFilm THX Stereo Surround Sound environment systems and the most modern concession areas in the industry.
San Bernardino, which is located approximately 55 miles east of Los Angeles, is currently undergoing an extensive economic revitalization. CinemaStar will provide the optimum movie experience to a densely populated downtown area which has been historically underserved.
The Company also announced today that Paul W. Hobby has been elected to the Company's Board of Directors, in addition to being designated Co-Chief Executive Officer of the Company. Mr. Hobby now joins Jack R. Crosby, who was appointed Chief Executive Officer in February 1998, in leading CinemaStar.
Mr. Hobby, 39, brings to CinemaStar extensive experience in the financial, media and entertainment industries. He is Chairman and Chief Executive Officer of Hobby Media Services, Inc., a private company that provides venture funding for traditional and new media investments. He was also the controlling General Partner for Columbine JDS Systems, Inc., a leading integrator and developer of existing and new information technology products for media management systems within stations, networks and agencies. Prior to that, he served as Principal of H&C Communications, Inc., a closely-held media company and as Assistant U.S. Attorney for the U.S. Department of Justice for the Southern District of Texas. Mr. Hobby has a B.A. from the University of Virginia and a Law Degree from the University of Texas School of Law.
In addition to Mr. Hobby's appointment, the Company announced the resignations of Jack S. Gray, Jr. as Vice Chairman and Norman Dowling as Chief Financial Officer. Both officers left to pursue other business interests. Mr. Gray will remain as a member of the Board of Directors. An executive search for a Chief Financial Officer is presently underway and the responsibilities of the position are currently being assumed by Mr. Hobby until a replacement is found.
Mr. Hobby stated, "I am encouraged by the opportunities I see for CinemaStar in what are obviously difficult times for theater operators. The grand opening of the San Bernardino 20-Plex represents a significant increase in our stadium seating screen count as we move the Company forward."
Jack R. Crosby, Chairman and Co-Chief Executive Officer of CinemaStar, commented, "We're very happy to have Paul join the CinemaStar management team. The Company's transition into a megaplex environment requires the addition of a talented, financial professional. We expect that Mr. Hobby's experience will contribute significantly to our Company's progress."
Mr. Crosby continued, "At the same time, the Company will miss the hard work and dedication put forth by Norman Dowling. As a result of his commitment, we were able to accomplish significant changes in a relatively short time and we wish him well in his future endeavors." |
