Leading Exhibitor Increases IMAX(R) Theatre Base with Purchase of IMAX
Owned and Operated Theatre in Providence, RI
NEW YORK, Jan. 3 /CNW/ - IMAX Corporation (Nasdaq: IMAX; TSX:IMX) and
National Amusements Inc., the United States' fifth largest theatre operator,
today announced IMAX's sale of the Feinstein IMAX(R) Theatre in Providence,
Rhode Island to National Amusements. The IMAX theatre had been owned and
operated by IMAX Corporation since it opened in June, 2000. Under the terms of
the sale, National Amusements assumed ownership and control of the theatre
effective close of business on December 31st, 2007.
"IMAX theatres are becoming an increasingly important component of
today's modern multiplex and nothing underscores this more than when the
world's top exhibitors increase the number of IMAX screens they operate," said
IMAX Co-CEOs and Co-Chairmen Richard L. Gelfond and Bradley J. Wechsler.
"National Amusements has been a phenomenal IMAX operator both domestically and
internationally, and we are pleased they are expanding their IMAX presence in
National Amusements is the first major exhibitor to operate IMAX theatres
on three continents - with a total of 9 IMAX theatres in North America, South
America and Europe. The exhibitor's purchase of the Feinstein IMAX Theatre in
Providence, RI was made on the heels of a record-breaking box office year for
the IMAX theatre network, which showcased a strong slate of digitally
re-mastered IMAX releases that included 300, Spider-Man 3, Harry Potter and
the Order of the Phoenix, Transformers, Beowulf and I Am Legend.
IMAX and National Amusements both have marketing partnerships with
Movietickets.com, giving North American consumers greater access to The IMAX
Experience(R). National Amusements' current IMAX locations in North America
are at City Center 15: Cinema de Lux in White Plains, NY; Showcase Cinemas
Stonybrook in Louisville, KY; Showcase Cinemas Buckland Hills in Manchester,
CT; Springdale 18: Cinema de Lux in Springdale, OH; and The Bridge: Cinema de
Lux in Los Angeles, CA; Showcase Cinemas Ann Arbor in Ypsilanti, MI.
Internationally, the exhibitor's IMAX locations are the IMAX Theatre at
Center Norte in Buenos Aires as well as the Coca-Cola IMAX Kinostar City in
St. Petersburg, Russia.
About National Amusements, Inc.
National Amusements, Inc., is a world leader in the motion picture
exhibition industry operating more than 1,500 screens in the U.S., U.K., Latin
America and Russia. National Amusements delivers a superior entertainment
experience in theatres around the world under its Showcase, Multiplex, Cinema
de Lux, and KinoStar brands. Based in Dedham, Massachusetts, it is a closely
held company operating under the third generation of leadership by the
Redstone family. National Amusements is also an equal partner in the online
ticketing service, MovieTickets.com, and is the parent company of both Viacom
and CBS Corporation.
About IMAX Corporation
IMAX Corporation is one of the world's leading digital entertainment and
technology companies. 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(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 and new digital systems display
crystal-clear images on the world's biggest screens. The digital system being
developed by IMAX is configured for an IMAX MPX-style auditorium, which is
designed specifically to enable multiplex operators to more cost effectively
enter into the IMAX theatre business. The IMAX brand is recognized throughout
the world for extraordinary and immersive entertainment experiences for
consumers. As of September 30, 2007, there were 296 IMAX theatres operating in
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
IMAX 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 IMAX's Annual Report on Form 10-K/A for the
year ended December 31, 2006, as well as IMAX's Quarterly Reports on Form
10-Q/A and Form 10-Q.
For further information:
For further information: IMAX: Media: IMAX Corporation, New York, Sarah
Gormley, (212) 821-0155, firstname.lastname@example.org; Entertainment Media: Newman &
Company, Los Angeles, Al Newman, (310) 278-1560, email@example.com; Investors:
Integrated Corporate Relations, Amanda Mullin, (203) 682-8243; Business Media:
Sloane & Company, New York, Whit Clay, (212) 446-1864, firstname.lastname@example.org