Muvico and Frank Theatres Announce Next Generation of Premier Entertainment Experience to Spotsylvania Towne Centre in Fredericksburg, VA

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Paragon Theaters, a subsidiary of Muvico Entertainment, L.L.C. ("Muvico"), and Frank Theatres ("Frank") announced a joint venture to bring the next generation of premium entertainment to Spotsylvania Towne Centre in Fredericksburg, VA.

We also are exceptionally pleased to be working with The Cafaro Company, who are the developers and owners of Spotsylvania Mall and the newly named Spotsylvania Towne Centre.

Paragon Theaters, a subsidiary of Muvico Entertainment, L.L.C. ("Muvico"), and Frank Theatres ("Frank") announced a joint venture to bring the next generation of premium entertainment to Spotsylvania Towne Centre in Fredericksburg, VA. This announcement supplements the earlier press release issued in 2007, which was prior to the operating affiliation of Muvico and Frank Theatres. The entertainment center will now consist of a 12-screen all stadium seated theater with over 2,000 seats, 24 lanes of upscale bowling, interactive gaming, a restaurant/bar and a VIP Premier section for both movies and bowling that can host private parties and corporate functions.

It is anticipated that construction will commence within 90 days, with an early Spring 2009 opening schedule. The new entertainment center will be situated south of the Spotsylvania Towne Centre Lifestyle project that is now under construction, and due north of the Residence Inn Hotel that will be opening by the end of 2008.

The "Entertainment Complex" will feature Muvico and Frank's signature guest services that include valet parking, online ticketing, reserve seating and lane reservations. An expanded concession menu will feature traditional movie-going fare along with freshly prepared hot meals such as crispy chicken tenders, personal pizzas, buffalo wings, mini burgers and delicious frozen treats. A "full service" dining area will complete your entertainment experience. All screens will be curved wall-to-wall and will present digital projection allowing for the broadcasting of concerts and sporting events in selected auditoriums, as well as 3-D presentations.

The "Premier" Experience
Four of the auditoriums will be designated for Muvico's signature and proven Premier experience. Guests ages 21 years and older can enjoy an adults-only environment that consists of reserved seating, oversized "love seats," eight lanes of upscale bowling, complimentary valet parking and popcorn, and a VIP bar for the ultimate entertainment experience.

Designed To "Wow"
"We are very excited to be partnering with Frank, to bring the finest entertainment experience available to Fredericksburg Virginia," noted Muvico Theaters CEO and President, Michael Whalen. "The world of theater exhibition is changing rapidly due to changes in technology and other forms of competing entertainment. It is not good enough to offer just movies, popcorn, and soda to our guests. This entertainment complex brings together signature food choices and various forms of entertainment to create the ultimate entertainment destination for kids, families, adults, and corporations to relax and play in an environment of their choice. As the innovators of the premium moviegoing concept, this is the next evolution of our strategy to bring a differentiated entertainment experience to our guests."

"We share the excitement and opportunity to work with one of the movie industry's greatest theatre companies, Muvico. Our experience in family entertainment and cinema will raise the level of the entertainment experience for an entire industry," said Bruce Frank. "We also are exceptionally pleased to be working with The Cafaro Company, who are the developers and owners of Spotsylvania Mall and the newly named Spotsylvania Towne Centre."

"Muvico, with its innovative approaches and commitment to quality entertainment and service along with Frank Theater's family entertainment experience, are a perfect match for our tenant mix at Spotsylvania Towne Centre," noted Anthony Cafaro Sr. of The Cafaro Company, who has been a privately owned real estate developer and pioneer in the retail industry since the 1940s. Today, with a portfolio of nearly 34 million square feet of commercial real estate in over 80 projects from the State of Washington to Virginia, Cafaro, together with its affiliated companies, is considered a recognized leader of shopping center development. "We are looking forward to the unique entertainment dimension that the entity formed by combining Muvico and Frank Theater's will bring to Spotsylvania Towne Centre's lifestyle offerings."

Muvico Theaters, based in Fort Lauderdale, Florida, currently operates 14 theaters with 259 screens in Florida, Maryland, Illinois and Tennessee with 800 additional screens in various stages of development. For more information, contact 954-564-6550 or visit http://www.muvico.com. Muvico Theatres is headquartered at 3101 North Federal Highway, 6th Floor, Ft. Lauderdale, FL 33306-1042.

Frank Theatres, based in Atlantic City, New Jersey, and Jupiter, Florida, currently operates 16 theatres with 150 screens and Family Entertainment Centers in Florida, New Jersey, Pennsylvania, North Carolina, South Carolina and West Virginia with 200 additional screens and six Family Entertainment Centers planned. For more information, contact 561-776-4747 or visit http://www.franktheatres.com. Frank Theatres is headquartered at 1003 W. Indiantown Rd, Suite 210, Jupiter, FL 33458.

Spotsylvania Towne Centre is owned and operated by the Cafaro Company of Youngstown, Ohio. For additional marketing data contact Mark Gentry, Property Manager at propertymanager(at)spotsylvaniamall.com or Mandy Carmody. Marketing Director at maketingdirector(at)spotsylvaniamall.com. For leasing information, contact Gary Geramita at 330-747-2661, 2445 Belmont Avenue, Youngstown, OH 44504, or e-mail Gary at ggeramita(at)cafarocompany.com, or visit http://www.SpotsylvaniaTowneCentre.com. Leasing of Spotsylvania Towne Centre is handled jointly by Cafaro and Strategic Retail Advisors at 508-405-1918, 405 Cochituate Road, Suite 301, Framingham, MA 01701, or visit http://www.sraretail.com.

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Jodi L. Pine, Director of Marketing
Muvico Theatres
954-564-6550 (263)
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Mike Wilson
Muvico Theatres
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