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Carmike Cinemas announced this week that is has signed a letter of intent to purchase three movie theaters in the Atlanta, Georgia area from MNM Theatres. The transaction involves the Movies ATL in Atlanta, the Movies 400 in Cumming, and the Movies 278 in Hiram, and should be completed in late third quarter or early fourth quarter of 2011, pending the completion of due diligence by Carmike.
[MNM CEO Norman Shindler] stated, "We are very pleased to join Carmike Cinemas, as we share a similar operating philosophy centrally focused on serving theater-going patrons. I am certain that MNM’s loyal customers will be delighted to share in the benefit from Carmike’s position as a pioneering leader in digital and 3-D cinema, including the immediate conversion of all of our auditoriums to digital and the addition of cutting-edge RealD 3-D technology to further enhance the theatre-going experience."
The MNM Theatres locations consist of 40 screens, and six of those have Digital Cinema Projection systems with 3D capability installed. Carmike plans to convert the remaining 34 to digital cinema, but not all of those will have 3D capability.
As of June 30th, 2011, Carmike Cinemas had 235 locations in 36 states, including Georgia. After this transaction, Carmike will have 25 locations in Georgia.
Source: Carmike Cinemas Press Release
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