Agreement Follows Recent IMAX Opening at CineStar's Iconic Sony Centre Multiplex in Berlin
BERLIN, Nov. 26, 2013 /CNW/ - IMAX Corporation (NYSE: IMAX; TSX: IMX) and CineStar Cinemas, Germany's largest exhibitor and a subsidiary of Amalgamated Holdings Ltd., Australia's leading entertainment and hospitality company, today announced the expansion of the parties' revenue-sharing agreement with an additional IMAX® theatre to be installed at the Filmpalast am ZKM complex in Karlsruhe, Germany. The deal follows the parties' recent June opening of an IMAX theatre at the landmark CineStar Sony Centre multiplex in Berlin and brings CineStar Cinemas' IMAX commitment to two theatres.
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"With today's agreement we are building on the tremendous success of our existing IMAX theatre, which has already strengthened the complex's overall box office and ranked as the number one screen in Germany for Gravity," said Oliver Fock, Managing Director Film for CineStar. "We're excited to bring another IMAX theatre to Germany, which will serve as a premium attraction in our Karlsruhe complex. We remain committed to providing our customers the best cinematic experience and we believe our investment in IMAX and its ground-breaking laser technology is a natural extension of this strategy."
"We're extremely pleased to see how well CineStar's Sony Centre IMAX is already performing and look forward to strengthening our partnership by bringing another fantastic location to Germany," said Andrew Cripps, President, IMAX EMEA. "Our valuable relationships with leading exhibitors such as CineStar will support our expansion efforts in the strategically important market and help us to bring The IMAX Experience® to more moviegoers across Europe."
Under the terms of the agreement, the new IMAX theatre at the Filmpalast am ZKM complex will eventually transition to IMAX's next-generation laser digital projection system, which is expected to set a new benchmark as the industry's premium entertainment experience. The system, which represents the culmination of the largest R&D initiative in IMAX's history, incorporates the laser digital intellectual property IMAX exclusively licensed from Eastman Kodak and Barco's unique laser innovations. It is expected to set a new benchmark as the industry's premium entertainment experience and will enable IMAX's largest screens to deliver the highest-quality digital content available with greater brightness and clarity, a wider color gamut and deeper blacks.
About CineStar Cinemas
CineStar Cinemas is Germany's largest, most innovative and exciting cinema and entertainment provider. It's our intention to continually offer an exciting, vibrant and state-of-the-art means for our guests to enjoy all forms of entertainment as it's meant to be seen (on the BIG screen).
About IMAX Corporation
IMAX, an innovator in entertainment technology, combines proprietary software, architecture and equipment to create experiences that take you beyond the edge of your seat to a world you've never imagined. Top filmmakers and studios are utilizing IMAX theatres to connect with audiences in extraordinary ways, and, as such, IMAX's network is among the most important and successful theatrical distribution platforms for major event films around the globe.
IMAX is headquartered in New York, Toronto and Los Angeles, with offices in London, Tokyo, Shanghai and Beijing. As of September 30, 2013, there were 785 IMAX theatres (653 commercial multiplexes, 19 commercial destinations and 113 institutions) in 55 countries.
IMAX®, IMAX® 3D, IMAX DMR®, Experience It In IMAX®, An IMAX 3D Experience®, The IMAX Experience®, IMAX Is Believing® and IMAX nXos® 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. These 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.
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