International IMAX(R) Theatre Network Continues to Grow on Strength of
Brand and Appeal of Hollywood IMAX Releases
The IMAX Experience(R) to be an Anchor Attraction in Country's Largest
TORONTO, Oct. 22 /CNW/ - IMAX Corporation (Nasdaq: IMAX; TSX: IMX) today
announced an agreement with Al Amine Investissement, a leading commercial
retail developer in Morocco, to install an IMAX(R) theatre in the city of
Casablanca. Scheduled for installation in early 2009, the IMAX theatre will be
an anchor attraction at the new Morocco Mall, which is expected to be the
largest mall in the country. The announcement marks IMAX's first contract in
Under the terms of the agreement, the developer is contracted to install
an IMAX MPX(R) theatre system, and both parties have agreed to install IMAX's
new digital theatre system instead if it becomes available on or before the
installation date. IMAX's digital theatre system is currently in the advanced
stages of development.
"Our entry into Morocco reflects the growing international appeal of the
IMAX brand, which currently has a presence in over 40 countries," said IMAX
Co-CEO's and Co-Chairmen Richard L. Gelfond and Bradley J. Wechsler. "Al Amine
Investissement is a leading commercial developer in Morocco, and through our
partnership with them, we are looking forward to introducing the IMAX brand to
moviegoers in and around Casablanca."
"The IMAX Experience gives us the ability to offer a cinematic experience
that far exceeds any other in Morocco," said Selwa Akhannouch, President and
Director General, Groupe Aksal, a co-owner of Al Amine Investissement. "We
believe the IMAX theatre will be a perfect fit for our project in Casablanca
because the world-famous IMAX brand brings a prestigious image to our mall."
Emad Eldin Abdalla, Director General of Nesk Investment, which is also a
co-owner of Al Amine Investissement, added, "The new IMAX theatre enables us
to offer moviegoers a whole new way to experience Hollywood movies. Further,
our new IMAX theatre will deliver a cinematic experience that consumers can't
get at home -- and that will be good for all areas of our business at this
The IMAX theatre 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
About the Morocco Mall
Morocco Mall is the largest shopping mall project across North Africa.
Taking advantage of a strategic location of 24.71 acres along the ocean, the
site promises to become a destination for an anticipated 15 million visitors
per year. Only ten minutes from the city centre of Casablanca, with five
points of entry, 200 stores, 40 restaurants and several leisure and
entertainment venues, Morocco Mall will considerably increase the commercial
and leisure offering available to residents and tourists in Casablanca.
About Al Amine Investissement
Al Amine Investissement is jointly held by Aksal Group and Nesk
Investment, two large franchise and fashion operators in Morocco who have
contributed to the development of the Moroccan commercial landscape. Aksal and
Nesk already have secured relationships with renowned fashion giants such as
Zara, Mango, Massimo Dutti, Promod, La Vie En Rose, Aldo, Zara Home and
Stradivarius. Aksal and Nesk are joining efforts to launch the Morocco Mall.
Al Amine Investissement is committed to leading the economic growth of Morocco
into the 21st century. More information can be found at: www.moroccomall.ma,
www.groupeaksal.com, and www.nesk.com.
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(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 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 June 30, 2007, there
were 290 IMAX theatres operating in 40 countries.
IMAX(R), IMAX(R) 3D, IMAX DMR(R), IMAX(R) 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 and the
Company's financial reporting and accounting, 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, 2006, as well as the Company's Quarterly Reports
on Form 10-Q.
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