Laser Storm Inks Deal with United Artists Theatres
DENVER - Laser Storm Inc. (NASDAQ:LAZR,LAZRW) Tuesday announced that it signed a final agreement with United Artists Theatres Circuit of Englewood, Colo.
The contract allows Laser Storm to install and operate a company-owned arena at United Artists Theatres Starport, a family entertainment center anchored by a nine-screen state-of-the-art movie Theatres at the Cottonwood Mall in Albuquerque, N.M.
Laser Storm's company-owned facility will be located in the 30,000 square foot entertainment portion of Starport, which includes Sega City and Virtual Reality, on the upper level of Cottonwood Mall above the United Artists Theatres. Laser Storm's new arena will encompass approximately 3,500 square feet of playing area and can accommodate up to 2,500 people a day. Laser Storm expects that the StarGate arena will open by early summer.
Bob Cooney, Laser Storm's chief executive officer, remarked: "This contract with United Artists Theatres is a very synergistic fit. Our laser tag games are designed around major licensed properties. This new company-owned facility helps to further our goal of opening additional company-owned facilities in 1997, and it also places Laser Storm's game system in a sector where it is such a natural fit."
Laser Storm is an operator of themed laser tag entertainment centers and is a leading manufacturer, designer, developer and distributor of innovative themed laser tag games and systems for the rapidly-growing location-based entertainment industry. The company has placed over 200 Laser Storm systems worldwide. The company intends to expand its recurring revenue base by adding to its company operated facilities through new-location development. Laser Storm's award winning games are based upon such well known properties as X-Men from Marvel Entertainment Group and the blockbuster movie StarGate.
Note to Editors: Except for historical information contained herein, the matters set forth in this release are forward-looking statements that are dependent on certain risks and uncertainties including such factors among others as, construction delays that may be encountered in opening new stores, market or customer acceptance, market demand, pricing, entertainment product introductions, competition, changing regulatory environment, changing economic conditions, risks in new product and service development, the effect of the company's accounting policies and other risk factors detailed in the company's SEC filings.