Cripps to Lead Company's Network Growth and Film Development Efforts in EMEA
NEW YORK, Feb. 22, 2012 /CNW/ - IMAX Corporation (NYSE: IMAX; TSX:IMX) today announced the appointment of Andrew Cripps as President, Europe, Middle East and Africa ("EMEA"). In this role, Cripps will be responsible for the expansion of IMAX's theatre network in these regions and will work closely with the Company's Filmed Entertainment division to identify international local-language IMAX DMR® and distribution opportunities. Cripps was also named Executive Vice President of IMAX Corp.
Cripps joins IMAX from London-based Paramount Pictures International, where he had been President since January 2007. Previously, Cripps was President and COO of UIP, a joint venture distribution company between Paramount and Universal. He joined UIP in 1986 as Executive Assistant to the General Manager, Japan, and was later promoted to the roles of Vice-President Sales, South East Asia and Senior Vice-President, International Sales. Cripps spent 19 years in Japan and speaks fluent Japanese.
"Given Andrew's leadership, vast industry experience and strong relationships with exhibitors and studios, we believe he is well-equipped to help us maximize the growth opportunities that exist in the underpenetrated markets of EMEA," said Gelfond. "Our goals for 2012 include igniting our expansion efforts in Latin America, India and Europe, and bringing someone of Andrew's caliber on board further demonstrates our commitment to achieving these objectives. I am confident that Andrew's international expertise will benefit our organization beyond EMEA and we welcome him to the IMAX family."
"I am delighted to join IMAX, a company I know and respect and a name that is synonymous with quality entertainment," said Cripps. "I hope to leverage my more than 20 years in Europe, as well as my relationships with exhibitors, to expand the IMAX network and grow the brand."
"I have known and worked with Andrew for many years and hold him in the highest regard both personally and professionally," said Greg Foster, Chairman and President, IMAX Filmed Entertainment. "He is one of the most well-respected and creative entertainment executives in Europe, and his strategic knowledge and relationships within the international exhibition and film industry are a perfect fit for accelerating our growth efforts in EMEA. I look forward to continuing to partner with him to expand and build new studio relationships and bring international audiences more local-language films in the immersive IMAX format."
IMAX currently has 96 IMAX® theatres open in EMEA (76 commercial multiplex, 8 commercial destination and 12 institutional), and another 33 IMAX theatres in backlog scheduled to open throughout the region by 2014. The Company's current analysis of the market suggests that 350 theatres could exist in the region over time.
A British citizen born in Colombo, Sri Lanka, Andrew Cripps holds a BSc in Industrial Management from the Georgia Institute of Technology, Atlanta, and an MBA in International Business from Georgia State University, Atlanta.
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 theaters 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 September 30, 2011, there were 583 IMAX theatres (441 commercial multiplex, 23 commercial destination and 119 institutional) operating in 48 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 opportunities that may be presented to and pursued by IMAX, the performance of IMAX DMR films, conditions in the in-home and out-of home entertainment industries, the signing of theatre system agreements, changes and developments in the commercial exhibition industry, the failure to convert theatre system backlog into revenue, new business initiatives, investments and operations in foreign jurisdictions, foreign currency fluctuations and IMAX's prior restatements and the related litigation. These factors and other risks and uncertainties are discussed in the Company's most recent Annual Report on Form 10-K and most recent Quarterly Reports on Form 10-Q.
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