Empire Theatres and IMAX Expand Relationship With Joint Revenue Share Deal for up to Three Theatres
Canada's Second Largest Exhibitor Builds on Success of Existing IMAX Locations
TORONTO, April 4, 2012 /CNW/ - IMAX Corporation (TSX: IMX) (NYSE: IMAX) and Empire Theatres Limited today announced a joint revenue sharing agreement to install up to three IMAX® theatre systems in Canada, with the first theatre to be located at the Empire Empress Walk 10 Cinemas in Toronto, which is slated to open in May 2012. The deal brings Empire Theatres' total IMAX commitment from four to five theatres with two more still to be announced. Empire's four IMAX theatres are currently in operation in Kitchener, Ontario, St. John's, Newfoundland, Calgary, Alberta and Halifax, Nova Scotia. Today's agreement also brings the number of IMAX commercial theatres open or contracted to open in Canada to 31.
"We are excited to partner once again with IMAX to bring The IMAX Experience® to moviegoers in the North York area of Toronto," says Dean Leland, Vice President, Media & Studio Relations, Empire Theatres. "IMAX delivers a premium viewing experience in 2D and 3D that our guests are looking for. The addition of the IMAX Experience to Empire Theatres' Empress Walk perfectly positions us as the preferred movie experience in the area."
"IMAX is a platform that's becoming increasingly important to exhibitors to generate excitement among their customers and turn movie-going into an event that can't be missed," said Richard L. Gelfond, CEO of IMAX Corporation. "As one of Canada's largest exhibitors, Empire is well-positioned to bring the IMAX brand to moviegoers and to continue our strong growth trajectory in Canada."
IMAX's digital projection system delivers The IMAX Experience and helps drive profitability for studios, exhibitors and IMAX theatres by eliminating the need for film prints, increasing program flexibility and ultimately increasing the number of movies shown on IMAX screens. The system can run both IMAX and IMAX® 3D presentations.
About Empire Theatres Limited
Empire Theatres Limited is a Canada-wide movie exhibition company providing an exciting out-of-home entertainment experience including traditional movie exhibition as well as other content using its digital and satellite capabilities.
Empire Theatres Limited is a 100% owned subsidiary of Empire Company Limited that owns and operates 51 theatres across Canada with 390 screens, including five IMAX auditoriums and five Empire Extra auditoriums.
Empire Theatres Limited' corporate headquarters are located in Stellarton, NS, with regional offices in Halifax, NS; Toronto, ON; and Calgary, AB. With approximately 2,500 employees, Empire Theatres provides excellent employment opportunities for the youth of Canada in an exciting and energetic industry.
About IMAX Corporation
IMAX Corporation is one of the world's leading entertainment and technology companies, specializing in the creation and delivery of premium, awe-inspiring entertainment experiences. With a growing suite of cutting-edge motion picture and sound technologies, and a globally recognized entertainment brand, IMAX is singularly situated at the convergence of the entertainment industry, innovation and the digital media world. The industry's top filmmakers and studios are utilizing IMAX theatres to connect with audiences in extraordinary ways, and as such, the IMAX network is among the most important and successful theatrical distribution platforms for major event films around the globe. The Company's new digital projection and sound systems - combined with a growing blockbuster film slate - are fueling the rapid expansion of the IMAX network in established markets such as North America, Western Europe, and Japan, as well as emerging markets such as China and Russia. IMAX delivers the world's best cinematic presentations using proprietary IMAX®, IMAX 3D®, and IMAX DMR® (Digital Re-Mastering) technologies. IMAX DMR enables virtually any motion picture to be transformed into the unparalleled image and sound quality of The IMAX Experience®.
IMAX is headquartered in New York, Toronto and Los Angeles, with offices in London, Tokyo, Shanghai and Beijing. As of December 31, 2011, there were 634 IMAX theatres (497 commercial multiplex, 20 commercial destination and 117 institutional) in 50 countries.
IMAX®, IMAX® 3D, IMAX DMR®, Experience It In IMAX®, An IMAX 3D Experience® and The IMAX Experience® are trademarks of IMAX Corporation. More information about the Company can be found at www.imax.com. You may also connect with IMAX on Facebook (www.facebook.com/imax), Twitter (www.twitter.com/imax) and YouTube (www.youtube.com/imaxmovies).
This press release contains forward looking statements that are based on IMAX management's assumptions and existing information and involve certain risks and uncertainties which could cause actual results to differ materially from future results expressed or implied by such forward looking statements. Important factors that could affect these statements include, but are not limited to, general economic, market or business conditions, including the length and severity of the current economic downturn, the performance of IMAX DMR films, the opportunities that may be presented to and pursued by IMAX, competitive actions by other companies, conditions in the in-home and out-of home entertainment industries, the signing of theatre system agreements, changes in law or regulations, conditions, changes and developments in the commercial exhibition industry, the failure to respond to changes and advancements in digital technology, the failure to convert theatre system backlog into revenue, new business initiatives, investments and operations in foreign jurisdictions and any future international expansion, the inability to protect IMAX's intellectual property foreign currency fluctuations and IMAX's prior restatements and the related litigation. These factors and other risks and uncertainties are discussed in IMAX's most recent Annual Report on Form 10-K and most recent Quarterly Reports on Form 10-Q.
For additional information please contact:
IMAX Corporation – New York
Sloane & Company – New York
Empire Theatres Limited - Halifax
Manager, Marketing & Communications
IMAX Corporation – New York
Principal Communications Group – Los Angeles
Melissa Zuckerman/Paul Pflug
SOURCE IMAX CorporationFor further information:
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