Helios and Matheson Analytics Inc (NASDAQ:HMNY), the parent company of MoviePass, said Wednesday it is working on an improved version of the MoviePass mobile application and the service will be briefly interrupted on Thursday. MoviePass is a premier movie theater subscription service.
“There’s never a good time to have to do this,” said MoviePass CEO Mitch Lowe. “But to complete the improved version of our app, one that we believe will provide a much better experience for our subscribers, it has to be done.”
The company said the interruption will happen at 5 am ET on July 4, and no subscribers will be charged during the interruption period. Subscribers will be automatically credited for the number of affected days once the service continues.
MoviePass said it also plans to use the time to recapitalize with an aim to have a seamless transition and improved subscriber experience once the service continues.
According to Lowe, MoviePass has been working hard to improve its groundbreaking subscription service to ensure it meets its vision.
“We have listened and we understand the frustrations of our subscribers,” he said in a letter to subscribers. “To provide the level of service you deserve and we can be proud of, we need to improve our mobile app. We plan to make this improvement by utilizing an enhanced technology platform, which is in the final stages of completion."
Helios and Matheson currently owns about 92% of the outstanding shares of MoviePass, 100% of the outstanding membership interests in MoviePass Ventures and 51% of the outstanding membership interests in MoviePass Films and the Moviefone brand and service.
Shares of Helios and Matheson were at $0.0024 in OTC Markets trading on Wednesday.
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