Deal for Digital Systems More than Doubles Regal's IMAX Presence in North
TORONTO, March 24 /CNW/ - IMAX Corporation (NASDAQ: IMAX; TSX:IMX) and
Regal Cinemas, Inc., a subsidiary of Regal Entertainment Group, the world's
largest theatre circuit, today announced a joint-venture agreement to install
31 IMAX(R) Digital projection systems at Regal locations in 20 major U.S.
markets. The theatres will feature IMAX's Digital projection system which is
being developed for the IMAX MPX(R) theatre design. The 31 IMAX(R) theatres
announced today will expand the joint venture partnership between IMAX and
Regal Cinemas to 38 theatres, and bring Regal's total number of IMAX theatres
to 52 by the end of 2010.
Under the terms of the joint venture agreement, IMAX and Regal Cinemas
will share the cost and profitability of the new theatres. The first group of
theatres is expected to open in time for Harry Potter and the Half Blood
Prince: The IMAX Experience, which opens on November 21 of this year.
"We are pleased to expand our IMAX relationship with additional sites,
and we're excited to introduce IMAX's Digital projection system to Regal
audiences in key markets throughout the United States," stated Greg Dunn,
President and COO of Regal Entertainment Group. "Greg Foster, Rob Lister and
Phil Groves were instrumental in working with Regal's IMAX Team to complete
"Regal is one of the best theatre operators in the world and they have
set a benchmark for marketing and drawing audiences to IMAX theatres, as
indicated by the results of our existing theatres in Regal locations," said
IMAX's Co-Chairmen and Co-CEOs, Richard L. Gelfond and Bradley J. Wechsler.
"We are extremely pleased to be expanding our relationship in such a
significant way, and we are excited about the new locations in cities
throughout the U.S."
The highly anticipated IMAX Digital projection system will further
enhance The IMAX Experience(R) and help to drive profitability for studios,
exhibitors and IMAX theatres by virtually eliminating the need for film
prints, increasing program flexibility and ultimately increasing the number of
movies shown on IMAX screens.
IMAX has already secured important parts of its film slate for 2008, 2009
and 2010 through agreements with major Hollywood studios including: The
Spiderwick Chronicles (in theatres now), Shine A Light (April 4, 2008), Speed
Racer (May 9, 2008) Kung Fu Panda (June 6, 2008), The Dark Knight (July 19,
2008), Harry Potter and the Half Blood Prince (November 21, 2008), Under the
Sea 3D (February 2009), Monsters vs. Aliens 3D (March 2009), Hubble 3D
(working title, February 2010), How to Train Your Dragon 3D (March 2010), and
Shrek Goes Fourth 3D (May 2010).
About Regal Entertainment Group
Regal Entertainment Group (NYSE: RGC) is the largest motion picture
exhibitor in the world. The Company's theatre circuit, comprising Regal
Cinemas, United Artists Theatres and Edwards Theatres, operates 6,388 screens
in 527 locations in 39 states and the District of Columbia. Regal operates
theatres in all of the top 33 and 44 of the top 50 U.S. designated market
areas. We believe that the size, reach and quality of the Company's theatre
circuit not only provide its patrons with a convenient and enjoyable
movie-going experience, but is also an exceptional platform to realize
economies of scale in theatre operations.
Additional information is available on the Company's Web site at
About IMAX Corporation
IMAX Corporation is one of the world's leading digital entertainment and
technology companies. The worldwide IMAX network is among the most important
and successful theatrical distribution platforms for major event Hollywood
films around the globe, with IMAX theatres delivering the world's best
cinematic presentations using proprietary IMAX, IMAX(R) 3D, and IMAX DMR(R)
technology. IMAX DMR is the Company's groundbreaking digital remastering
technology that allows it to digitally transform virtually any conventional
motion picture into the unparalleled image and sound quality of The IMAX
Experience. IMAX's renowned projectors and new digital systems display
crystal-clear images on the world's biggest screens. The IMAX brand is
recognized throughout the world for extraordinary and immersive entertainment
experiences for consumers. As of December 31, 2007, there were 299 IMAX
theatres operating in 39 countries.
IMAX(R), IMAX(R) 3D, IMAX DMR(R), IMAX MPX(R), and The IMAX Experience(R)
are trademarks of IMAX Corporation. More information on the Company can be
found at www.imax.com.
This press release contains forward looking statements that are based on
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 ongoing
discussions with the SEC and OSC relating to their ongoing inquiries, the
timing of theatre system deliveries, the mix of theatre systems shipped, the
timing of the recognition of revenues and expenses on film production and
distribution agreements, the performance of films, the viability of new
businesses and products, risks arising from potential material weaknesses in
internal control over financial reporting and fluctuations in foreign currency
and in the large format and general commercial exhibition market. These
factors and other risks and uncertainties are discussed in the Company's
Annual Report on Form 10-K for the year ended December 31, 2007 and in the
subsequent reports filed by the Company with the Securities and Exchange
For further information:
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Gormley, (212) 821-0155, email@example.com; Regal Entertainment Group, Dick
Westerling, (865) 925-9539, firstname.lastname@example.org; Entertainment
Media: Newman & Company, Los Angeles, Al Newman, (310) 278-1560,
email@example.com; Investors: Integrated Corporate Relations, Amanda Mullin,
(203) 682-8243; Regal Entertainment Group, Don DeLaria, (865) 925-9685,
firstname.lastname@example.org; Business Media: Sloane & Company, New York, Whit
Clay, (212) 446-1864, email@example.com