Presence in Company's Second Largest Market Continues to Expand
TORONTO, March 21 /CNW/ - IMAX Corporation (Nasdaq: IMAX; TSX: IMX) today
announced an agreement with the Daqing Science and Technology Association to
install an IMAX(R) theatre in the Daqing Science and Technology Museum,
located outside of Harbin, the capital city of Heilongjiang Province, in
North-East China. The deal reflects the continued interest in the IMAX theatre
business from a wide range of exhibitors in The People's Republic of China,
including commercial theatre-chains, institutions and property developers. The
theatre is scheduled to be open in early 2008, in time for the Chinese New
Year which begins in February.
"We are pleased with the continued enthusiasm for IMAX theatres in China
and believe we can continue to grow in this important market," said IMAX
Co-CEO's and Co-Chairmen Richard L. Gelfond and Bradley J. Wechsler. "We are
delighted to expand our institutional network with a new theatre at the Daqing
Science and Technology Museum, which is an important cultural and educational
destination. IMAX's brand awareness throughout the world continues to increase
with each new theatre, and we look forward to enhancing our presence in this
"The appeal of The IMAX Experience(R) has already been demonstrated in
China, and we are excited to include the IMAX theatre as an anchor attraction
at our museum," said Mr. Zhang Jianguo, Chairman of Daqing Science and
Technology Association. "IMAX has a history of transporting moviegoers to
places they couldn't normally get to, with impressive IMAX films in both 2D
and IMAX(R) 3D. We look forward to sharing these interesting educational films
with our patrons."
When IMAX established its Asian headquarters in Shanghai in June 2002,
there were two IMAX theatres open in the country, with two more in
development. There are currently 11 IMAX theatres open in The People's
Republic of China, and the total number of IMAX theatres scheduled to be open
by the end of 2009 is now 28.
About Daqing Science and Technology Museum
Funded by the Daqing Municipal Government, the Daqing Secience and
Technology Museum will be the premiere cultural and education facility in the
city of Daqing. The museum's attractions will include the IMAX theatre, a
digital planetarium and an exhibition area for interactive science and
education facilities. The Museum is expected to open in 2008.
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, but are not
limited to, 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.
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