TORONTO, Oct. 25 /CNW/ - IMAX Corporation (NASDAQ: IMAX; TSX:IMX) today
provided a status update pursuant to the alternative information guidelines of
the Ontario Securities Commission. On October 5, 2007, the Company announced
that it planned to restate financial statements relating to the Company's
accounting for certain items mainly pertaining to the 1997-2002 period, and to
file a Form 10-K/A to amend its annual report on Form 10-K for 2006, and Form
10-Q/A's to amend its Form 10-Q filings for the first and second quarters of
The Company reported that its process of completing such restatement was
moving quickly and that it expected to file its amended reports within the
next two weeks.
Except as to the above, there have been no material developments in the
matters reported in the Company's press release "IMAX to File Form 10-K/A"
dated October 5, 2007.
The results set forth in this press release, including expected
restatement impacts, are preliminary and subject to change as a result of any
adjustment or modification resulting from the process of preparing and filing
the Company's Forms 10-K/A and 10-Q/A.
The Company's next bi-weekly status update (if necessary) is expected to
be released during the week of November 5, 2007.
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(R) 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. IMAX's renowned projectors and new digital systems display
crystal-clear images on the world's biggest screens. 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 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.
For further information:
For further information: Media: IMAX Corporation, New York, Sarah
Gormley, (212) 821-0155, firstname.lastname@example.org; Business Media: Sloane & Company,
New York, Whit Clay, (212) 446-1864, email@example.com; Investors: Integrated
Corporate Relations, Amanda Mullin, (203) 682-8243, Amanda.Mullin@icrinc.com