iPic Entertainment Inc. announced the signing of a Memorandum of Understanding to develop its one-of-a-kind, world-class luxurious iPic theater-and-restaurant locations throughout the Kingdom of Saudi Arabia. iPic has formed a partnership with BAS Global Investments Company, a well-known Saudi group. This relationship reflects the Company’s strategy to pursue international asset-light licensed agreements. This is a monumental time for the Kingdom of Saudi Arabia as it is now allowing movie theaters to open for the first time in more than 35 years. With roughly two-thirds of the local population under 30 years of age, the country’s demographics play into iPic’s strength as a social entertainment destination that is also an affordable luxury. Through this partnership, the company believes there are significant expansion opportunities for the iPic brand in the Kingdom of Saudi Arabia over time. iPic combines polished-casual restaurants and world-class luxury theater auditoriums with gourmet, in-theater dining to create a one-of-a-kind experience. iPic currently operates three restaurant concepts – The Tuck Room, Tanzy, and City Perch – with one planned to be included at each location. The Tuck Room is a gastro lounge whose name means to eat with enthusiasm or pleasure and be hidden away comfortably; Tanzy is focused on garden-fresh Italian cuisines; and lastly, City Perch Kitchen offers seasonal American dining made from fresh, sustainable ingredients with shareable plates. The new iPic Theaters in the Kingdom of Saudi Arabia will enable guests to enjoy their movies in ultimate comfort and style with the option of iPic’s signature Premium or Premium Plus seating. The locations will also feature iPic’s patent pending viewing Pods and Chaise Lounge seating. These visionary seating Pods — which encapsulate two reclining seats and a cubby in the corner to tuck away small items — feature revolutionary sound-absorbing technology, courtesy pillows and blankets. Expressly designed, they create an intimate space for viewers to enjoy their movie without inhibiting or diluting sound.