Moving IMage Technologies, Inc. (AMEX:MITQ) shares are trading higher in the premarket session on Wednesday after it was awarded a multi-million dollar contract.

The company has secured a new Alamo Drafthouse project for the new Georgetown location, which is expected to open this Summer in Indianapolis, Indiana.

"The Georgetown location in Indianapolis is another example of our strong partnership with Alamo, one of North America's quickest-growing dine-in experience chains, and we're excited to be a part of this new project," said Joe Delgado, executive vice president, sales and marketing.

According to Benzinga Pro, MITQ stock has lost over 38% in the past year.

Key highlights of the Alamo Georgetown include – a complete suite of company's proprietary manufactured products, cutting-edge 4K laser projection from Barco, comprehensive AV distribution and processing, and expert project management and integration.

"This state-of-the-art cinema is the 44th Alamo site equipped by Moving IMage, promising an unparalleled cinematic experience for local audiences," Delgado said.

MiT is a technology and services company for cinema, Esports, stadiums, arenas and other out-of-home entertainment venues. As of March 31, the company held cash of $5.9 million, according to a press release dated May 15.

Price Action: MITQ shares are trading higher by 87.1% to $1.31 premarket at last check Wednesday.

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