Access Integrated Technologies Closes $7.6 Million Private Financing of 4-Year Convertible Debentures MORRISTOWN, N.J., Feb. 11 /PRNewswire-FirstCall/ -- Access Integrated Technologies, Inc. ("AccessIT") today closed its previously announced private financing of $7.6 million, 4-year Convertible Debentures. The Debentures bear interest at the rate of 7 percent per year and are convertible into shares of AccessIT's Class A common stock at the price of $4.07 subject to possible adjustments from time to time. In connection with the Debenture offering, AccessIT issued the participating institutional investors Warrants exercisable for up to 560,197 shares of Class A common stock at an initial exercise price of $4.44, subject to adjustments from time to time. The Warrants may be exercised beginning on September 9, 2005 until five years thereafter. The company intends to use the net proceeds of the private placement to complete the previously announced purchase of the Pavilion Theater in Brooklyn, New York and to provide working capital. The Debenture and Warrant offering was made in a transaction exempt from the registration requirements of the Securities Act of 1933, as amended (the "Securities Act"). The shares of Class A common stock to be issued upon any conversion of the Debentures or any exercise of the Warrants have not been registered under the Securities Act, or any state securities laws, and unless so registered, may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the Securities Act and applicable state securities laws. This press release does not constitute an offer to sell, or the solicitation of an offer to buy, any securities, nor shall there be any sale of the securities in any jurisdiction in which such offering would be unlawful. Access Integrated Technologies, Inc. (AccessIT) is an early mover in offering a fully managed storage and delivery service for owners and distributors of digital content to movie theaters and other venues. Supported by its robust platform of fail-safe Internet data centers, AccessIT is able to leverage the market-leading role of its Hollywood Software subsidiary with the innovative digital delivery capabilities of its Digital Media unit to provide the highest level of technology available to service the emerging digital cinema industry. For more information, visit our website at http://www.accessitx.com/ . Safe Harbor Statement Investors and readers are cautioned that certain statements contained in this document, as well as some statements in periodic press releases and some oral statements of AccessIT officials during presentations about AccessIT, are "forward-looking" statements within the meaning of the Private Securities Litigation Reform Act of 1995 (the "Act"). Forward-looking statements include statements that are predictive in nature, which depend upon or refer to future events or conditions, which include words such as "expects," "anticipates," "intends," "plans," "could," "might," "believes," "seeks," "estimates" or similar expressions. In addition, any statements concerning future financial performance (including future revenues, earnings or growth rates), ongoing business strategies or prospects, and possible future actions, which may be provided by AccessIT's management, are also forward-looking statements as defined by the Act. Forward-looking statements are based on current expectations and projections about future events and are subject to various risks, uncertainties and assumptions about AccessIT, its technology, economic and market factors and the industries in which AccessIT does business, among other things. These statements are not guarantees of future performance and AccessIT has no specific intention to update these statements. Contact: Suzanne Tregenza Michael Glickman AccessIT The Dilenschneider Group 55 Madison Avenue 212.922.0900 Suite 300 Morristown, NJ 07960 973.290.0080 http://www.accessitx.com/ DATASOURCE: Access Integrated Technologies, Inc. CONTACT: Suzanne Tregenza of AccessIT, +1-973-290-0080, or Michael Glickman of The Dilenschneider Group, +1-212-922-0900 Web site: http://www.accessitx.com/

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