TORONTO, April 5 /CNW/ - IMAX Corporation (NASDAQ: IMAX; TSX:IMX) today
announced its appointment of Joseph Sparacio to the position of Executive Vice
President of Finance. Mr. Sparacio is expected to assume the duties of Chief
Financial Officer in May and will be based in the Company's New York office
where he will report to IMAX co-Chairmen and co-CEOs Richard L. Gelfond and
Bradley J. Wechsler. Edward MacNeil, who currently serves as the Company's
Interim Chief Financial Officer, will continue in a senior financial role
based in the Company's Toronto office.
"Joe is a seasoned veteran with in-depth knowledge of the entertainment
industry with experience and expertise in managing core financial functions
within a dynamic environment, as indicated by his long and successful career
to date," said IMAX co-Chairmen and co-CEOs Richard L. Gelfond and Bradley J.
Wechsler. "We strongly believe that Joe is the right person to lead our
financial team and will serve us well in 2007 and beyond."
Since June 2002, Mr. Sparacio served as Senior Vice President and Chief
Financial Officer for the programming company iN Demand L.L.C.. From 1998 to
2002, Mr. Sparacio served as Vice President of Finance and Controller for
Loews Cineplex Entertainment Corporation. From 1994 to 1998 Mr. Sparacio
served as Vice President, Finance and Controller of Loews Theatre Management
Corp., and from 1990 to 1994 he served as Controller. Prior to joining Loews,
Mr. Sparacio spent eight years with Ernst & Young. Mr. Sparacio is a certified
public accountant and is a member of the American Institute of Certified
Public Accountants and the New York State Society of Certified Public
Messrs. Gelfond and Wechsler continued, "This appointment also gives us
the opportunity to express our gratitude to our colleague Ed MacNeil, who has
been serving as IMAX's interim CFO over the course of the past six months. Ed
has demonstrated an outstanding level of commitment and leadership during a
challenging period, and we look forward to his continuing contributions as he
works with Joe in multiple areas."
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 the outcome of
the accounting review and related matters discussed in this press release, 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, the ability to satisfy the
reporting covenant by the amended filing deadlines, risks associated with the
inability to obtain the requisite consents, the extent and impact of the
restatement of our financial statements 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, 2005.
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