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Microcap & Penny Stocks : CINEMASTAR LUXURY THEATERS (LUXY) -- Ignore unavailable to you. Want to Upgrade?

To: John Arnopp who wrote (50)	3/23/1998 1:37:00 PM
From: Candle stick	Respond to of 85

Construction to Start in April on Downtown San Bernardino, Calif., Multiplex Mar. 23 (The Business Press/KRTBN)--Construction of a multiplex theater that officials hope will help spur a revitalization of downtown San Bernardino is scheduled to begin next month, now that public and private financing for the project has been arranged. The 20-screen CinemaStar Luxury Theaters complex should open around Thanksgiving if construction begins on schedule before April 30, said Tim Steinhaus, director of the San Bernardino Economic Development Agency. A 20,000-square-foot retail complex planned to be built next to the multiplex is also expected to be up and running by November, in time for holiday shopping season, Steinhaus said. Planned for the northwest corner of Fourth and E streets near Carousel Mall, the project is expected to cost about $17 million. The theater project is the product of a 1995 agreement between the city of San Bernardino and Los Angeles-based Metropolitan Development, which will own the theater and retail complex. CinemaStar Luxury Theaters Inc. of Oceanside will operate the complex. San Bernardino officials hope the megaplex, which will feature stadium seating, will do for San Bernardino what simnica did for those cities' downtown areas: attract visitors at night and on the weekends, times when San Bernardino's downtown is nearly empty. "If you look at any of the cities with active downtown areas, they all have a theater," Steinhaus said. "A theater is what gets people to come downtown, particularly at night." The city expects to earn about $160,000 in sales and property tax revenue annually from the theater complex, and about $200,000 from rent, said Ron Winkler, project manager for the city's economic development agency. As for the annual sales tax increase the complex could generate for surrounding businesses, Winkler said that's more difficult to estimate. He said businesses in Long Beach and Santa Monica reported a 15% to 20% increase in business after multiplexes were built in those cities, and that San Bernardino businesses could receive a similar boost from the CinemaStar complex. "We expect our sales tax revenue to go up, but it's difficult to estimate how much," Winkler said. Steinhaus said the redevelopment agency has arranged for a $7 million grant from the U.S. Department of Housing and Urban Development for the project. The redevelopment agency is also contributing $3.5 million from its own reserves. Metropolitan Development has agreed to contribute $3.6 million and CinemaStar $2.2 million toward the project. Winkler said the project took the better part of three years to get past the planning stage because it involved multiple sources of public and private funding, each with their own underwriting criteria and regulations to follow. The project was also bogged down in the early going by unsuccessful negotiations with AMC Entertainment. "AMC kept upping the ante, so we broke off those talks and went to CinemaStar," Winkler said. "That and the different sources of funding are what really caused it to take so long." Metropolitan Development President Rex Swanson said nine tenants, including Starbucks Corp., have expressed an interest in the retail complex next to the theater, but none have signed a lease yet. (c) 1998, The Business Press, Ontario, Calif. Distributed by Knight Ridder/Tribune Business News. By Joseph Ascenzi -0-

To: John Arnopp who wrote (50)	3/30/1998 9:01:00 AM
From: Candle stick	Respond to of 85

CinemaStar Announces New Management Team; Jack R. Crosby Named Chief Executive Officer; Frank Moreno Named President & Chief Operating Officer OCEANSIDE, Calif.--(BUSINESS WIRE)--March 30, 1998--CinemaStar Luxury Theaters Inc. (Nasdaq:LUXY) Monday announced that it has restructured its management team and named Jack R. Crosby, the chairman of the board of the company, as chief executive officer. Industry veteran Frank Moreno has been appointed as president and chief operating officer. The company also announced the appointment of Alan Elrod as a film buyer and John Eltz as the company's director of concessions. CinemaStar previously announced the appointment of Norman Dowling as chief financial officer. Former officers of the company, John Ellison Jr., Alan Grossberg, Jerry Willits and Jon Meloan, announced that they have agreed to the restructuring of CinemaStar's management team. Each of these individuals has resigned from their employment with the company and from their positions as members of the board of directors. The individuals have accepted a separation package that includes CinemaStar's collective payment to them of $875,000 in cash and loan forgiveness of about $200,000, as well as mutual general releases, which encompass the individuals' release of any claims against the company under their multiyear employment agreements. Ellison, Grossberg, Willits and Meloan plan to pursue other business opportunities and expressed strong confidence in the company and support for the new management team. The new additions to the management team, all former employees of Theater Acquisitions L.P., bring a wealth of experience to CinemaStar. Prior to joining the company, Moreno was the president and chief executive officer of Theater Acquisitions L.P., a privately owned company formed by Crosby and Moreno in 1990 to purchase selected movie theaters in Florida and Puerto Rico from Wometco Enterprises Inc. Under Moreno's leadership, Theater Acquisitions expanded the circuit and significantly increased its operating performance before being sold in 1994. Crosby made the following comments: ''We have assembled a veteran management team to build upon the existing base of CinemaStar's theater operations. We have successfully worked together in the past, and we look forward to capitalizing upon the opportunity at hand. This new management team is the first of many changes to be made at CinemaStar.'' Crosby concluded: ''It is our goal to deliver the best movie going experience possible to our customers and at the same time deliver strong financial results to our shareholders. Our new management team will strive to deliver on both of these goals.'' Founded in 1989, CinemaStar Luxury Theaters currently operates 79 screens in eight first-run movie theaters, including seven in Southern California, with a total of 69 screens and the recently opened 10-screen theater complex in Tijuana, Mexico. 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. -0- The information contained in this news 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 Securities and Exchange Commission. --30--DB/la* RPL/la WJA/la CONTACT: CinemaStar Luxury Theaters Inc., Oceanside James J. Villanueva or Norman Dowling, 760/630-2011 or Pondel Parsons & Wilkinson, Los Angeles Michael Pollock, 310/207-9300 To edit your profile, go to keyword NewsProfiles. For all of today's news, go to keyword News

To: John Arnopp who wrote (50)	5/15/1998 9:24:00 AM
From: Candle stick	Read Replies (2) \| Respond to of 85

The CEO of Loews corp. is on CNBC this morning talking about the merger with Sony and the debut of their stock (LCP) on the New York Stock exchange. Perhaps this will draw a bit of attention to the sector and give LUXY a boost. They spoke a bit about upgrading theaters to newer bigger more comfortable types........well, ALL of LUXY theaters are already top notch! I hope at some point they get acquired by a big chain, like LCP. I understand that most LUXY screens are in under served areas, so it is likely that a big chain would expand into such an area with an acquisition...........IMHO.......;^)