Dickinson Theatres Enters IMAX(R) Theatre Business on Heels of Strong
Performing Hollywood IMAX Releases
TORONTO, March 12 /CNW/ - IMAX Corporation (NASDAQ: IMAX; TSX: IMX) and
Kansas-based Dickinson Theatres Inc. today announced an agreement to open five
IMAX(R) theatres in new multiplexes throughout the Midwest. The announcement
marks IMAX's largest lease agreement since 2004, and the Company's second
North American multi-theatre deal this week, which reflects the growing
interest in the IMAX theatre business from domestic exhibitors.
"Moviegoers are paying a premium to see Hollywood movies in IMAX's
format, and with more major studio releases coming each year, we felt now was
the right time to enter the IMAX theatre business," said John Hartley, CEO of
Dickinson Theatres, Inc. "The installation of IMAX theatres in our new
locations will help us earn incremental revenue and differentiate ourselves
from competitors. Moreover, the IMAX theatres will help ensure that our
multiplexes offer the world's most powerful and immersive cinematic
"The North American IMAX theatre network continues to grow as more
Hollywood event titles are released to our theatres and more exhibitors
realize the IMAX business provides an economical way to offer consumers a
differentiated experience that can't be replicated at home," said IMAX
co-Chairmen and co-CEOs Richard L. Gelfond and Bradley J. Wechsler. "We're
pleased to welcome a new exhibitor into the IMAX theatre network, and we're
looking forward to working with Dickinson Theatres to reach even more
consumers in North America."
Dickinson Theatres will open its IMAX theatres in Mesa, Arizona; Little
Rock, Arkansas; Springfield, Missouri; and Wichita, Kansas; with the fifth
location to be determined. The first theatre is scheduled to be installed in
2007, with the next three in 2008 and the fifth to be installed in 2009. All
of the theatres will utilize IMAX MPX(R) 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 the unparalleled image and sound quality of The IMAX Experience(R), as
well as original IMAX productions in 2D and IMAX(R) 3D.
"We are delighted to expand with more locations in the Midwest and look
forward to working with a market leader like Dickinson," added Larry T.
O'Reilly, IMAX's Executive Vice President, Theatre Development.
IMAX's 2007 film slate already includes three of the year's most
anticipated releases, with 300: The IMAX Experience, which opened March 9;
Spider-Man 3: The IMAX Experience, which opens May 4; and Harry Potter and the
Order of the Phoenix: The IMAX Experience, which opens July 13.
About Dickinson Theatres
Entertaining audiences in the Midwest for over 86 years, Dickinson
Theatres continues to provide motion picture excellence with quality
presentations and superior customer service. The Company currently operates 39
theatres with 357 screens across ten states.
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(R) 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 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.
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