IMAX signs 100-theatre deal with AMC Entertainment(TM)
AMC Makes IMAX Key Part of Growth Strategy to Deliver the Premium
Entertainment Experience
Joint Venture Capitalizes on IMAX's Digital Projection Technology
NEW YORK, NY and KANSAS CITY, MO, Dec. 7 /PRNewswire-FirstCall/ - IMAX
Corporation (NASDAQ:IMAX; TSX:IMX) and AMC Entertainment Inc. (AMC), one of
the world's largest and most innovative theatrical exhibition companies, today
announced a joint-venture agreement to install 100 IMAX(R) digital projection
systems at AMC locations in 33 major U.S. markets. The theatres will feature
IMAX's digital projection system which is being developed for the IMAX MPX(R)
theatre design. The agreement is projected to double IMAX's current commercial
theatre footprint in North America and accelerates the momentum behind IMAX
and AMC's transition to digital projection technology.
"We are committed to delivering a premium entertainment experience by
offering a menu of entertainment alternatives inside our facilities," said
Peter C. Brown, chairman and chief executive officer, AMC Entertainment Inc.
"Our expanded relationship with IMAX and the deployment of its
state-of-the-art, next-generation digital projection systems is a key part of
our strategy of continuing to broaden and enhance the AMC experience. It also
builds on the successful partnership we have had with IMAX since June of 2005
and complements our overall digital plan."
The rollout of the first 50 IMAX digital projection systems will begin in
July 2008 at premier AMC theatre locations in 24 of the 33 selected markets,
with an additional 25 scheduled for rollout in 2009 and 25 more in 2010. The
IMAX theatres are slated to be installed in many of AMC's top-performing
locations in the United States, including: AMC South Barrington 30, Chicago;
AMC Mesquite 30, Dallas; AMC Gulf Pointe 30, Houston; AMC Century City 15, Los
Angeles; AMC Empire 25, New York; AMC Neshaminy 24, Philadelphia; AMC
Eastridge 15, San Francisco; AMC Hoffman Center 22, Washington D.C.
"The agreement cements a partnership between two great brands. Partnering
with AMC in a theatre deal of this size and scope is a transformational moment
for our company from both a financial and strategic perspective," said IMAX
Co-Chairmen and Co-CEOs Richard L. Gelfond and Bradley J. Wechsler. "We
couldn't be more pleased that The IMAX Experience(R) will be more accessible
to consumers in nearly every major market in the United States. AMC is unique
in the number of successful, stadium-seat megaplexes in locations that could
accommodate this large number of new IMAX(R) theatres. Further, AMC's
confidence in our digital projection system is a terrific endorsement. We look
forward to rolling out our ground-breaking new technology and delivering the
premium experience that moviegoers have come to expect from the IMAX(R)
brand."
In October of this year, IMAX announced that it had moved up the launch
date of its digital projection system to mid-2008 from its previously
announced anticipated timeframe of the end of 2008 to mid-2009. The highly
anticipated IMAX digital projection system will further enhance The IMAX
Experience and help to drive profitability for studios, exhibitors and IMAX
theatres by virtually eliminating the need for film prints, increasing program
flexibility and ultimately increasing the number of movies shown on IMAX
screens.
IMAX has already secured important parts of its film slate for 2008, 2009
and 2010 through agreements with major Hollywood studios including: The
Spiderwick Chronicles (February 2008), Shine A Light (April 2008), Kung Fu
Panda (June 2008), The Dark Knight (July 2008), Deep Sea-quel 3D (working
title, February 2009), Monsters vs. Aliens 3D (March 2009), How to Train Your
Dragon 3D (November 2009), Hubble 3D (working title, February 2010) and Shrek
Goes Forth 3D (May 2010).
Added Messrs. Gelfond and Wechsler, "An agreement of this magnitude
significantly jumpstarts our joint venture initiative, which we expect will
generate increased recurring revenues for IMAX going forward. AMC's decision
to enter into this agreement will accelerate the growth of our theatre network
in North America and should help power the digital transition underway at our
company, which we believe will help drive our operating and financial
performance for years to come."
AMC's initial 50 IMAX digital locations will include:
MARKET AMC THEATRE
ATLANTA AMC Barrett Commons 24
AMC Southlake Pavilion 24
BALTIMORE AMC Columbia Mall 14
AMC Loews White Marsh 16
BOSTON AMC Loews Boston Common 19
CHARLOTTE AMC Concord Mills 24
CHICAGO AMC South Barrington 30
AMC Loews Crestwood 18
CINCINNATI AMC Newport on the Levee 20
DALLAS AMC Mesquite 30
DENVER AMC Highlands Ranch 24
AMC Orchards 12
AMC Westminister Promenade 24
HOUSTON AMC First Colony 24
AMC Gulf Pointe 30
JACKSONVILLE AMC Orange Park 24
AMC Regency Square 24
KANSAS CITY AMC BarryWoods 24
AMC Independence Commons 20
LOS ANGELES AMC Burbank 16
AMC Century City 15
AMC Del Amo 18
AMC Promenade 16
AMC Puente Hills 20
AMC Santa Anita 16
MIAMI AMC Aventura 24
AMC Sunset Place 24
NEW ORLEANS AMC Elmwood Place 20
NEW YORK AMC Loews 34Th Street 14
AMC Empire 25
AMC Loews Kips Bay 15
AMC Rockaway 16
AMC Loews Stony Brook 17
AMC Loews Monmouth Mall 15
NORFOLK AMC Lynnhaven 18
ORLANDO AMC Altamonte Mall 18
PHILADELPHIA AMC Loews Cherry Hill 24
AMC Hamilton 24
AMC Neshaminy 24
PITTSBURG AMC Loews Waterfront 22
SAN DIEGO AMC Palm Promenade 24
SAN FRANCISCO AMC Bay Street 16
AMC Eastridge 15
AMC Mercado 20
SEATTLE AMC Loews Alderwood 16
AMC Southcenter 16
TAMPA AMC Veterans Expressway 24
WASHINGTON D.C. AMC Hoffman Center 22
AMC Potomac Mills 18
AMC Tysons Corner 16
IMAX will host a conference call on December 7, 2007 at 9:00 AM ET. To
access the call interested parties should call (866) 321-8231 approximately 10
minutes before it begins. A recording of the call will be available by dialing
(647) 436-0148. The code for both calls is 4272153. IMAX will also host a
webcast of the conference call with an accompanying PowerPoint presentation.
These can both be accessed on www.imax.com by clicking on 'Company Info' and
then 'Investor Relations.'
About AMC Entertainment Inc.
Headquartered in Kansas City, Mo., AMC Entertainment Inc. is one of the
world's largest and most innovative theatrical exhibition companies. With a
history of industry leadership dating back to 1920, the company today serves
more than 230 million guests annually through interests in 358 theatres with
5,128 screens in six countries. www.amctheatres.com.
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
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
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.
SOURCE IMAX Corporation
-0- 12/07/2007
/CONTACT: AMC: AMC Entertainment Inc.: Melanie Bell, Corporate
Communications, (816) 480-2560, mbell@amctheatres.com; Mike Zwonitzer,
Investor Relations, (816) 480-4624, mzwonitzer@amctheatres.com; IMAX: Media:
IMAX Corporation, New York, Sarah Gormley, (212) 821-0155, sgormley@imax.com;
Entertainment Media: Newman & Company, Los Angeles, Al Newman, (310) 278-1560,
asn@newman-co.com; Investors: Integrated Corporate Relations, Amanda Mullin,
(203) 682-8243; Business Media: Sloane & Company, New York, Whit Clay, (212)
446-1864, wclay@sloanepr.com/
(IMX. IMAX)
CO: IMAX Corporation; AMC Entertainment Inc.
ST: Ontario, New York
IN: ENT FLM
SU: CCA JVN
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DH
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