|IMAX and ODEON Cinemas Expand Partnership|
AMSTERDAM, Netherlands, Jun 22, 2010 (GlobeNewswire via COMTEX) --IMAX Corporation (Nasdaq:IMAX) (TSX:IMX) and ODEON & UCI Cinemas Group, Europe's largest exhibitor, today announced an agreement to install an IMAX digital theatre system in the exhibitor's flagship location in Liverpool, England. The deal, which brings the total number of IMAX(R) theatres operated by ODEON to seven, was signed as a result of the growing success and popularity of the exhibitor's other IMAX locations including digital IMAX venues in Wimbledon, Greenwich, Gateshead, Cardiff and Southampton. ODEON is the largest operator of IMAX theatres in the United Kingdom.
The deal follows the record-breaking box office success of the IMAX(R) 3D release of Avatar, which has grossed more than $10 million from nine IMAX screens in the United Kingdom and approximately $234 million from 262 IMAX screens worldwide. The new ODEON location will capitalize on IMAX's growing Hollywood film slate and is scheduled to open in time for the IMAX 3D release of Shrek:Forever After on July 2, 2010.
"The incremental boost in performance that we receive by adding an IMAX theatre to our existing complexes helps to drive our bottom line and our overall box office, but most importantly, it gives ODEON customers the premium cinema experience they are looking for," said Rupert Gavin, CEO of ODEON & UCI Cinemas Group. "We're very excited to include this performance-boosting IMAX offering at our Liverpool location, which is already very successful. Beyond this new location, we're currently exploring the possibility of adding more to our growing list of scheduled IMAX installations."
"Our expanding partnership with ODEON & UCI Cinemas Group, Europe's largest exhibitor and one of the world's most recognized cinema brands, continues to strengthen our own brand presence and visibility worldwide," said IMAX CEO Richard L. Gelfond. "ODEON has led the way in establishing the IMAX network in Western Europe and we're confident that their increasing interest in the IMAX business will result in more awe-inspiring entertainment experiences for moviegoers in one of our most important markets."
Mr. Gavin continued, "In addition to offering the premium IMAX experience to our customers at a growing number of venues, we recently completed the installation of 266 conventional digital 3D systems in the UK and a grand total of 414 digital 3D installations throughout Europe, which makes us the market leader in the number of digital 3D locations in the United Kingdom and Europe."
IMAX's digital projection system delivers The IMAX Experience(R) and helps drive profitability for studios, exhibitors and IMAX theatres by eliminating the need for film prints, increasing program flexibility and ultimately increasing the number of movies shown on IMAX screens. The system can run both IMAX and IMAX 3D presentations.
About ODEON & UCI Cinemas Group
With over 75 years experience, ODEON & UCI Cinemas Group is the largest exhibitor in Europe. The Group is the leading exhibitor in the UK, Spain and Italy, second largest in Ireland and third largest in Germany, Austria and Portugal. It operates 1802 screens at 202 sites across Europe.
About IMAX Corporation
IMAX Corporation is one of the world's leading entertainment technology companies, specializing in immersive 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 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. The IMAX brand is recognized throughout the world for extraordinary and immersive entertainment experiences for consumers. As of March 31, 2010, there were 438 IMAX theatres (316 commercial, 122 institutional) operating in 47 countries.
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IMAX(R), IMAX(R) 3D, IMAX DMR(R), Experience It In IMAX(R), An IMAX 3D Experience(R) and The IMAX Experience(R) are trademarks of IMAX Corporation. More information about the Company can be found at www.imax.com. You may also connect with IMAX on Facebook (www.facebook.com/imax), Twitter (www.twitter.com/imax) and YouTube (www.youtube.com/imaxmovies).
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, but are not limited to, general economic, market or business conditions, including the length and severity of the current economic downturn, the opportunities that may be presented to and pursued by the Company, the performance of IMAX DMR films, conditions in the in-home and out-of home entertainment industries, the signing of theatre system agreements, changes and developments in the commercial exhibition industry, the failure to convert theatre system backlog into revenue, investments and operations in foreign jurisdictions, foreign currency fluctuations and the Company's prior restatements and the related litigation and ongoing inquiries by the SEC and the OSC. These factors and other risks and uncertainties are discussed in the Company's most recent Annual Report on Form 10-K and most recent Quarterly Reports on Form 10-Q.
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SOURCE: IMAX Corporation
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