IMAX Signs Theatre Deal with Europe's Largest Exhibitor



    
    ODEON Cinemas Increases Stake in IMAX Business with Purchase of Two IMAX
    Digital Projection Systems
    

    TORONTO, Oct. 15 /CNW/ - IMAX Corporation (NASDAQ:  IMAX; TSX:IMX) and
ODEON Cinemas Ltd., Europe's largest exhibitor, today announced an agreement
to install 2 IMAX(R) theatres in Great Britain. The deal marks IMAX's second
European theatre announcement in two weeks, and continues the Company's global
expansion with its new digital projection system. To date, IMAX has signed
contracts for more than 180 IMAX digital projection systems, with 18 currently
in operation and a total of 45-50 scheduled to be in operation by year end.
    Under the terms of the sale, ODEON Cinemas will install an IMAX digital
projection system at the ODEON Greenwich multiplex in London and another at
the ODEON Wimbledon multiplex in South-West London. Both are scheduled to be
completed in December 2008.
    "The economical advantages of IMAX's new digital projection system
combined with the ongoing success of our existing IMAX theatre in Manchester
has made the decision to expand our IMAX footprint very easy," said
Rupert Gavin, CEO of ODEON Cinemas. "The IMAX theatre business has proven to
be a very reliable source of incremental attendance and revenue, and the
earning potential increases with IMAX digital. We look forward to continued
success with IMAX, and we are optimistic about future growth opportunities
following the opening of our new IMAX theatres in ODEON Greenwich and ODEON
Wimbledon."
    "Expanding our relationship with the largest exhibitor in Europe adds to
the momentum of our digital growth strategy as we continue to align ourselves
with the world's top exhibitors," said IMAX's Co-Chairmen and Co-CEOs,
Richard L. Gelfond and Bradley J. Wechsler. "The United Kingdom has been a
very successful market for IMAX, and with ODEON's experience and expertise in
the IMAX theatre business, we believe these new locations will strengthen our
brand even more."
    IMAX box office in the UK has been very strong and continues to grow as
more Hollywood studios release event movies in IMAX's format. The region's top
performing locations include the ODEON Manchester IMAX Theatre, which reported
a 108% increase in annual ticket sales for 2007 over its 2006 performance, and
London's BFI IMAX theatre, which has reported more than $1 million in box
office for a single film several times.
    "The IMAX brand is resonating very well with consumers in the UK and we
are confident that it will continue to grow in popularity with ODEON's IMAX
expansion and the increasing number of major Hollywood studios getting into
the IMAX business," added Larry O'Reilly, Executive Vice President of Theatre
Development. "ODEON Cinemas' endorsement of our new digital projection system,
which is designed to significantly reduce the operating costs of an IMAX
theatre, raises the bar for other exhibitors in the region who are looking to
offer an experience that consumers can't get anywhere else."
    IMAX's digital projection system delivers The IMAX Experience(R) and
helps drive profitability for studios, exhibitors and IMAX theatres by
eliminating the need for film prints, increasing program flexibility and
ultimately increasing the number of movies shown on IMAX screens. The system
can run both IMAX and IMAX(R) 3D presentations.

    
    Upcoming IMAX films include:

    2008
    ----
    Madagascar 2: Escape 2 Africa - DreamWorks Animation
    The Day the Earth Stood Still - Twentieth Century Fox
    2009
    ----
    Under the Sea 3D - IMAX / Warner Bros. Pictures
    Watchmen - Warner Bros. Pictures / Paramount Pictures / Legendary
    Pictures
    Monsters vs. Aliens 3D - DreamWorks Animation
    Night at the Museum Battle of the Smithsonian - Twentieth Century Fox
    Transformers: Revenge of the Fallen - DreamWorks Pictures / Paramount
    Pictures
    Harry Potter and the Half-blood Prince - Warner Bros. Pictures
    2010
    ----
    Hubble 3D (working title) - IMAX / Warner Bros. Pictures
    How to Train Your Dragon 3D - DreamWorks Animation
    Shrek Goes Fourth 3D - DreamWorks Animation
    

    About ODEON Cinemas

    With over 75 years experience, ODEON is the biggest cinema chain in the
UK. It operates 857 screens at 110 sites across the country and accounts for
nearly one in three of all cinema tickets sold in the UK.

    About IMAX Corporation

    IMAX Corporation is one of the world's leading entertainment technology
companies, specializing in immersive 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 movie presentations using
proprietary IMAX, IMAX 3D, and IMAX DMR(R) technology. IMAX DMR is the
Company's groundbreaking digital re-mastering 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, 2008, there
were 302 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'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 accounting, the performance of films, the signing of theatre system
agreements, the viability of new technologies, businesses and products, 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, risks arising from potential material weaknesses in
internal control over financial reporting and fluctuations in foreign currency
and in the large format, general commercial exhibition and out-of-home
entertainment markets. These factors and other risks and uncertainties are
discussed in the Company's most recent Annual Report on Form 10-K and most
recent Quarterly Reports on Form 10-Q.





For further information:

For further information: Media: IMAX Corporation, New York, Sarah
Gormley, (212) 821-0155, sgormley@imax.com; Entertainment Media: Rogers &
Cowan, Los Angeles, Jason Magner, (310) 854-8128, jmagner@rogersandcowan.com;
Investors: Heather Anthony, (212) 821-0121, (203) 682-8243, hanthony@imax.com;
Business Media: Sloane & Company, New York, Whit Clay, (212) 446-1864,
wclay@sloanepr.com; ODEON: ODEON Media Centre, +44 0845 070 2852,
odeonteam@redconsultancy.com

Organization Profile

IMAX Corporation

More on this organization


Custom Packages

Browse our custom packages or build your own to meet your unique communications needs.

Start today.

CNW Membership

Fill out a CNW membership form or contact us at 1 (877) 269-7890

Learn about CNW services

Request more information about CNW products and services or call us at 1 (877) 269-7890