Tuesday October 20, 8:02 am Eastern Time
Company Press Release
CinemaStar Announces $15 Million
Credit Facility
Union Bank To Provide Revolving Line of Credit for New Development
SAN DIEGO--(BUSINESS WIRE)--Oct. 20, 1998--CinemaStar Luxury Theaters Inc.
(NASDAQ:LUXY - news), which owns and operates eight first run motion picture theaters in
southern California (seven theaters with 69 screens) and Tijuana, Mexico (one theater with ten
screens), announced today it has executed a $15 million Revolving Credit Agreement with Union
Bank of California, N.A. Funds are available, although the Company has not drawn against the line
of credit to date.
''Our new management team has significantly improved CinemaStar's financial performance,'' said
Jack R. Crosby, chairman and chief executive officer of CinemaStar. ''The $15 million Union Bank
of California line of credit provides us with the ability to expand through the development of new
megaplex theaters and acquisitions. We will work closely with Union Bank of California to build
upon our existing base of modern theaters.''
CinemaStar theaters feature high-quality projection and sound capabilities, including LucasFilm THX
Stereo Surround Sound environment systems, along with luxury amenities such as high-back reclining
seats and extra-wide aisles between seat rows. Further information may be obtained from the
Company's Web site: cinemastar.com.
The information contained in this press release contains certain forward-looking statements that
involve risk and uncertainties, such as the statements of the Company's plan, objectives, expectations
and intentions. The Company's actual results could differ materially from those indicated by such
statements as a result of various factors, including those discussed in the Company's Form 10-KSB
and Form 10-QSB on file with the SEC.
Contact:
CinemaStar Luxury Theaters Inc., San Diego
Neil R. Austrian, Jr., 512/476-2995
or
Norman Dowling, 619/509-2777 |
