TORONTO, April 26 /CNW/ - IMAX Corporation (NASDAQ: IMAX; TSX:IMX) today
provided a status update pursuant to the alternative information guidelines of
the Ontario Securities Commission. These guidelines contemplate that the
Company will normally provide bi-weekly updates on its affairs until such time
as the Company is current with its filing obligations under applicable
Canadian provincial securities laws.
Except as to the matters described in the Company's press releases of
April 3, 2007, April 5, 2007, April 9, 2007, April 12, 2007, April 13, 2007
and April 16, 2007, the Company reported that there have been no material
developments in the matters reported in the Company's press release "IMAX to
Delay Filing of 2006 10-K" dated March 29, 2007.
The Company previously announced that it would delay the filing of its
annual report on Form 10-K for fiscal 2006 due to the discovery of certain
accounting errors and has since broadened its accounting review to include
certain other accounting matters based on comments received by the Company
from the SEC and Ontario Securities Commission. The Company is currently
working diligently and devoting necessary resources to complete the report and
filing as soon as practicable. For the reasons described in its prior news
releases, the Company cannot predict when it will complete its review and file
its financial statements, although it intends to do so as soon as practicable.
The statements set forth in this press release are preliminary, reflect
information currently known to the Company and are subject to change as a
result of the accounting review and restatement process, subsequent events and
the completion of the audit of the financial statements by the Company's
independent auditors, PricewaterhouseCoopers, LLP.
The Company's next bi-weekly status update is expected to be released
during the week of May 7, 2007.
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(R) 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(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 outcome of
the accounting review and related matters discussed in this press release, 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, the extent and impact of the
restatement of our financial statements, the outcome of the appeal of the
NASDAQ Staff Determination letter 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:
For further information: Media: IMAX Corporation, New York, Sarah
Gormley, (212) 821-0155, email@example.com; Business Media: Sloane & Company,
New York, Whit Clay, (212) 446-1864, firstname.lastname@example.org; Investors: Integrated
Corporate Relations, Amanda Mullin, (203) 682-8243, Amanda.Mullin@icrinc.com