Goodrich Quality Theaters Adds More IMAX Locations after Successful
Launches in Greater Chicago's far western and northern Indiana suburbs
IMAX's Digital Projection System In Development Helps Drive Growth of
TORONTO, Oct. 16 /CNW/ - IMAX Corporation (NASDAQ: IMAX; TSX: IMX) and
Goodrich Quality Theaters, Inc., an exhibitor based in Grand Rapids, MI, today
announced an agreement to install two IMAX(R) theatres in new multiplexes
planned for construction in 2008 and 2009. Under the terms of the agreement,
Goodrich Quality Theaters will install an IMAX MPX(R) theatre in the new
Hamilton 16 IMAX in a Simon Properties Mall on the far eastside of
Indianapolis in March 2008. In the fourth quarter of 2009, in a yet to be
announced location in Michigan, Goodrich will install IMAX's new digital
projection system, which is in the advanced stages of development.
"Our first two IMAX theatres became excellent grossing multiplex screens
in the far western and far eastern Chicago suburbs for some of the biggest
movies of the year," said Bob Goodrich of Goodrich Quality Theaters. "Based on
this initial success, we are confident to expand our chain of IMAX locations
and offer even more moviegoers the opportunity to see Hollywood films and
educational films in the most immersive way available."
Goodrich continued, "We felt it was important to experience the new
digital projection system IMAX is developing first hand to ensure it delivers
the quality of the IMAX brand. We're now looking forward to taking advantage
of this technology at our new location in 2009, and we continue to believe
that IMAX is perfect moviegoing."
"The digital theatre system that we are developing is continuing to
impress exhibitors and fuel the growth of the IMAX network," said IMAX
co-Chairmen and co-CEOs Richard L. Gelfond and Bradley J. Wechsler. "Nothing
reflects enthusiasm for the IMAX theatre business better than an exhibitor's
decision to add more IMAX locations. We are delighted to expand our
relationship with Bob Goodrich and the rest of the team at Goodrich Quality
Theaters. We look forward to working with them to deliver The IMAX
Experience(R) through our next generation of IMAX theatre technology."
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,
either by retrofitting an existing stadium seating auditorium or via an
economical new build. Both systems are capable of showing Hollywood movies
that have been digitally re-mastered into the unparalleled image and sound
quality of The IMAX Experience in both IMAX and IMAX(R) 3D, as well as
original IMAX documentaries.
About Goodrich Quality Theaters
Founded in 1930 with just a single screen in downtown Grand Rapids,
Goodrich Quality Theaters has innovated, changed and grown with the exhibition
industry to include theaters in cities throughout Michigan, Indiana, Illinois,
and Missouri. Goodrich currently operates 269 screens in 31 theaters.
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 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 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, 2007, there
were 290 IMAX theatres operating in 40 countries.
IMAX(R), IMAX(R) 3D, IMAX DMR(R), IMAX(R) 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 Report on
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