OTTAWA, Nov. 17 /CNW Telbec/ - Export Development Canada (EDC) today announced that it has provided $35 million in financing to Canada's IMAX Corporation as part of a $75 million facility arranged by Wachovia Bank, one of the largest diversified financial services companies in the U.S.
"IMAX is a Canadian business champion with a globally strong export brand. Its new business model will help take the IMAX experience to many more theatres around the world," said Eric Siegel, President and CEO of EDC. "Supporting leading Canadian icons like IMAX helps to expand Canada's international reputation and to draw attention to our excellent technological capabilities."
IMAX will use the four-year $75 million corporate facility to finance its future growth and working capital requirements.
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(R) 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(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, 2009, there were 403 IMAX theatres (280 commercial, 123 institutional) operating in 44 countries.
EDC is Canada's export credit agency, offering innovative commercial solutions to help Canadian exporters and investors expand their international business. EDC's knowledge and partnerships are used by more than 8,300 Canadian companies and their global customers in up to 200 markets worldwide each year. EDC is financially self-sustaining, a recognized leader in financial reporting and economic analysis, and has been recognized as one of Canada's Top 100 Employers for nine consecutive years.
SOURCE Export Development Canada
For further information: For further information: Media contacts: Phil Taylor, Export Development Canada, Tel: (613) 598-2904, BlackBerry: email@example.com