A new Cinema City multiplex to be run in Romania - execution of the lease agreement
The Board of Managing Directors of Cinema City International N.V. (the "Company") informs that on 11 September 2007 Cinema City Romania S.R.L, a wholly-owned subsidiary of the Company incorporated and existing under the laws of Romania, executed the lease agreement with FLASH CONSULT S.R.L, a company incorporated and existing under the laws of Romania.
In accordance with the above-mentioned lease agreement Cinema City Romania S.R.L will lease area in the EUROMALL PITESTI constructed by FLASH CONSULT S.R.L in Pitesti, a city of 168 thousand habitants. The area will be used by the Company to operate the multiplex cinema as specified below:
|No.||City||Leased area (ca. in sqm)||Number of screens||Number of seats||Expected opening date|
|1.||Pitesti||2,150||6||approx 1,350||June 2008|
The lease agreement has been concluded for ten years with three options of extending a lease term, each time for another five years, and contains standard provisions, typical for agreements of such kind. The Company will be required to pay a monthly rent on a market standards consisting of a fixed rent calculated on the basis of the leased area and the management fee for the benefit of the management company of each shopping mall.
The CC multiplex in EUROMALL PITESTI is the 12th project of the Company in Romania and Pitesti is the 9th city in the country, where Cinema City plans to open its multiplex.
Legal grounds: Art. 56.1.1 of the Act of 29 July 2005 on public offering and conditions governing the introduction of financial instruments to trading in the organized trading system and on public companies.
Signatures of persons authorised to represent the Company Mr. Israel Greidinger - proxy