Company Signs Agreements with One Existing, Two New Exhibitor Partners
NEW YORK, June 15, 2012 /CNW/ - IMAX Corporation (NYSE: IMAX; TSX: IMX) announced it has signed agreements to open a total of three IMAX® theatre systems into new construction projects across Russia. The Company will install one system each with existing partner Kinomax as well as new partners Monitor and People's Cinema, bringing to 49 the total number of IMAX theatres open or contracted to open in Russia and the CIS.
Monitor, one of Russia's top exhibitors, will install an IMAX theatre in Anapa that is slated to open in July 2012. The local independent operator People's Cinema will install an IMAX theatre in its multiplex in Ulan Ude, which is scheduled to open in September 2013. Kinomax will expand its IMAX footprint and install an IMAX theatre in Samara, which is scheduled to open in September 2013, bringing the exhibitor's total IMAX commitment to five theatre systems.
Since IMAX entered the region in 2003 with its first theatre in Moscow, Russia has become the Company's third-largest market and one of its fastest-growing markets globally. At the end of 2009, IMAX had four theatres in operation and one theatre in backlog in Russia and the CIS. Today, there are 24 theatres open (20 in Russia and 4 in the CIS) with 25 theatres in backlog. The region is also home to some of IMAX's highest-grossing theatres in the world, with a 2011 per-screen average of approximately $1.7 million.
"Today's agreements show the significant traction we continue to make in Russia and we're delighted to forge new partnerships with these leading exhibitors while also expanding on an existing relationship," said IMAX CEO Richard L. Gelfond. "Audiences across Russia have developed a deep appreciation for IMAX and we're pleased to bring more audiences across the region the most immersive movie-going experience available."
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 deliver 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 March 31, 2012, there were 643 IMAX theatres (510 commercial multiplex, 20 commercial destination and 113 institutional) in 52 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.
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