Digital Cinema Destinations Raises $1.8M

http://www.digitalcinemainfo.com/digital-cinema-destinations-corp_01_21_11.php

January 21, 2011

Source: Digital Cinema Destinations

Digital Cinema Destinations Corp. has raised $1.8 million of a $5 million equity offering from eight investors, according to a filing with the SEC.

Named in the filing were CEO A. Dale Mayo, Vice President Brett Marks and director Martin B. O'Connor, II, an attorney at O'Connor, Morss & O'Connor.

Mayo was founder and CEO of Clearview Cinemas in New York, which was sold to Cablevision Cinemas, LLC, in 1998. He served as CEO and President of Cablevision Cinemas, LLC, from 1998 until 2000, when he founded Cinedigm Digital Cinema Corp.(NASDAQ: CIDM), a technology and services integrator that transforms movie theaters into digital and networked entertainment centers. He retired from Cinedigm in June 2010. Mayo was earlier the founder, Chairman and CEO of Clearview Leasing Corporation, a lessor of computer peripherals and telecommunications equipment founded in 1976. He began his career as a computer salesman with IBM in 1965.

Westfield, N.J.-based based Digital Destinations represents the latest venture by Mayo in digital entertainment and will utilize Cinedigm's proprietary technology and software.

The company's first project has been the conversion of the 5-screen Cranford Movie Theatre, a landmark in downtown Cranford since 1927, into a a digiplex, interactive entertainment center by new owners.

The theatre will present live sports events, concerts, opera, fashion shows, children's shows as well as top movies and 3D films, as well as interactive conferences and meetings. The Westfield theatre, The Rialto, will also undergo the renovations and changes.