Discounted movie subscription service MoviePass shuts down

NEW YORK — MoviePass, the movie ticket subscription service that allowed subscribers to buy up to three movie tickets per month for a small fee, shut down Saturday.Its future is unclear.Helios and Matheson Analytics, the parent company of MoviePass, said Friday in a release that it was interrupting service for all its subscribers because its efforts to seek financing have not been successful.It says it’s “unable to predict if or when” MoviePass will continue. The company says it’s planning to study all options including the sale of the company in its entirety.MoviePass drew in millions of subscribers, initially luring them with a $10 monthly rate. But that proved unsustainable. Because MoviePass typically pays theatres the full cost of tickets — $15 or more in big cities — a single movie can put the service in the red. The company was forced to make changes. Those efforts, however, never stopped the losses.In a letter posted to subscribers on its website, Mitch Lowe, CEO of MoviePass, wrote,” In August 2017, MoviePass began a transformation of the movie going industry by introducing its low monthly price subscription service. Since then, others in the industry have followed our lead. “MoviePass said it will be providing subscribers with “appropriate” refunds for their period of service already paid for. Subscribers will not need to request a refund or contact MoviePass customer service to receive a refund. Subscribers will not be charged during the service interruption, according to the website.Helios acquired a majority stake in the subscription service in 2017.The Associated Press read more

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Dean does damage to Jamalco

first_imgAlcoa announced August 22 that production at its 1.4 Mt Jamalco alumina refinery in Clarendon, Jamaica remains halted while the company assesses damage caused by Hurricane Dean. Alcoa temporarily curtailed production at the refinery last Saturday as a safety measure in advance of the hurricane. Preliminary reports indicate that the port from which Jamalco ships alumina did sustain substantial damage in the storm. The bauxite mine and refinery suffered less damage, but are not operational due to loss of power. A more complete assessment of the damages and the duration of the stoppage are being conducted.In light of the temporary shutdown of the facility, damage to the port, and likely resulting delays in shipments, the company has declared force majeure to its customers. The company says “re-start schedule, production lost and financial impact will be reported after a comprehensive assessment can be safely concluded.”Jamalco is 55% owned by Alcoa World Alumina and Chemicals and 45% owned by the Government of Jamaica. Alcoa World Alumina and Chemicals is a global alliance between Alcoa and Alumina Ltd., with Alcoa holding 60%.last_img read more

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