World's Largest Exhibitor Expands Its IMAX(R) Theatre Network With Three
New Locations Scheduled to Open in Time for Release of 'Spider-Man 3: The
TORONTO, March 12 /CNW/ - IMAX Corporation (NASDAQ: IMAX; TSX:IMX) and
Regal Cinemas, Inc., a subsidiary of Regal Entertainment Group, the world's
largest theatre chain, today announced a joint venture agreement for the
installation of two IMAX MPX(R) theatre systems at top-performing multiplexes
in California and Oregon in the next two months. The deal marks a significant
first step in IMAX's new strategy of partnering with key exhibitors to
supplement the growth of the IMAX(R) theatre network. Separately, Regal agreed
to install an IMAX theatre at its newly redeveloped Pointe Complex in Orlando,
Under the terms of the two-system joint venture agreement, which is the
first of its kind between IMAX and Regal, IMAX MPX theatre systems will be
installed at the Edwards Mira Mesa Stadium 18 in San Diego, California and the
Regal Cinemas Bridgeport 18 in Portland, Oregon. Both theatres are scheduled
to open in time for the May 4 launch of Spider-Man 3: The IMAX Experience. The
third IMAX theatre, at the Pointe Complex in Orlando, Florida, is also
expected to open by May 4. This theatre will be operated under the Company's
existing lease arrangement with Regal. Regal currently is the largest operator
of IMAX theatres worldwide, and today's announcement will bring the total
number of IMAX theatres operated by Regal to 15.
"We are very pleased to continue and re-invigorate our long relationship
with Regal by entering into this joint venture partnership," said IMAX's
Co-Chairmen and Co-CEOs, Richard L. Gelfond and Bradley J. Wechsler. "Regal
has been a great operator of its existing IMAX network, and we are gratified
to participate with its team in additional theatres. Regal is a natural fit
for this type of partnership, and we are confident that its experience in the
IMAX theatre business will contribute to the success of these new theatres."
"We look forward to working with IMAX as it further develops and grows
the IMAX DMR(R) film slate. We believe that IMAX theatres offer a high quality
experience that is attractive to our customers," stated Mike Campbell, CEO of
Regal Entertainment Group.
The two new theatre sites will utilize IMAX MPX technology, designed
specifically to enable multiplex operators to more cost effectively enter into
the IMAX theatre business, either by retrofitting an existing stadium seating
auditorium or via an economical new build. The new IMAX theatres will be
capable of playing Hollywood event films that have been digitally re-mastered
into IMAX's format, as well as original IMAX productions in 2D and IMAX(R) 3D.
The Pointe Orlando system will feature an IMAX GT system.
IMAX's 2007 film slate already includes three of the year's most
anticipated releases, with 300 which, opened March 9; Spider-Man 3, which
opens May 4; and Harry Potter and the Order of the Phoenix, which opens
About Regal Entertainment Group
Regal Entertainment Group (NYSE: RGC - News) is the largest motion picture
exhibitor in the world. The Company's theatre circuit, comprising Regal
Cinemas, United Artists Theatres and Edwards Theatres, operates 6,403 screens
in 539 locations in 39 states and the District of Columbia. Regal operates
approximately 18% of all indoor screens in the United States including
theatres in 43 of the top 50 U.S. markets and growing suburban 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 entertainment technology
companies, specializing in digital and film-based motion picture technologies.
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 3D, and IMAX DMR 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(R). IMAX's
renowned projectors display crystal-clear images on the world's biggest
screens, and the IMAX brand is recognized throughout the world for
extraordinary and immersive entertainment experiences for consumers. As of
September 30, 2006, there were 280 IMAX theatres operating in 40 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 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 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, 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, 2005.
For further information:
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