LAS VEGAS, Mar 3, 2003 /PRNewswire-FirstCall via COMTEX/ --
Jack Loeks Theatres Becomes the First Commercial Exhibitor to Sign Deal to Install IMAX(R) MPX(TM) in a Suburban Multiplex
IMAX Corporation
(Nasdaq: IMAX; TSE: IMX) announced today that it has officially launched its new
large-format theatre system designed specifically for use in multiplex theatres.
Known as IMAX(R) MPX(TM), this new lower cost system allows commercial
exhibitors to add an IMAX(R) theatre to an existing multiplex or to retrofit two
existing multiplex auditoriums into an IMAX theatre. The development advances
the Company's commercial strategy and is expected to have a significant impact
on the growth of the commercial IMAX theatre network. The Company also announced
that Jack Loeks Theatres Inc. has signed an agreement for the new theatre
system, making the exhibitor the first to order the IMAX MPX. The new theatre
will be added as part of a multiplex and is expected to open by first quarter
2004.
IMAX MPX is a new, lighter and easier to use IMAX projection system with lower
cost theatre geometries which should significantly reduce construction,
installation, facility and operating costs. It will enable more commercial
exhibitors to add IMAX theatres in a cost-effective manner and broaden the
potential audience for IMAX films, including both Hollywood event films that
have been digitally re-mastered into 15/70 format using the Company's
proprietary IMAX(R) DMR(TM) technology, as well as traditional 2D and IMAX(R)3D
films.
The announcement was made on the opening day of ShoWest, the largest annual
convention for the motion picture industry, where both Richard L. Gelfond and
Bradley J. Wechsler, co-Chairmen and co-CEOs of IMAX Corporation, will be
speaking in front of over 500 motion picture professionals and theatre owners.
Following the luncheon, IMAX has scheduled meetings with exhibitors from around
the world for more detailed discussions about the new IMAX theatre system.
"IMAX MPX is a new system which should enable us to grow our network much more
rapidly with commercial exhibitors," said Messrs. Gelfond and Wechsler. "We have
removed many of the barriers to entry into the commercial IMAX theatre business
and are confident that this will have a significant impact on the number of our
theatre signings and installations, growing our business and positively
impacting our financial performance. We are very pleased to have Jack Loeks
Theatres Inc. as the first exhibitor to sign on for the IMAX MPX system. We are
confident that this new system offers the best presentation in cinema and when
combined with IMAX DMR films, will make IMAX theatres even more attractive as a
new release window for major Hollywood event films."
"We have been extremely pleased with the performance of our existing IMAX
theatre in Grand Rapids, Michigan, and are now thrilled to have a product that
will enable us to bring IMAX to even more markets," added John D. Loeks, CEO,
Jack Loeks Theatres, Inc. "The economics of adding IMAX theatres have been
significantly improved, making the return on investment even more attractive,
particularly in smaller markets. We are also incredibly excited about the
potential of IMAX DMR and feel that this is the way that our customers will want
to see event films. We strongly believe that the IMAX brand and The IMAX
Experience(R) help to differentiate our multiplexes from our competitors."
In 2002, IMAX introduced its revolutionary proprietary IMAX DMR (Digital
Re-mastering) technology, making it possible for virtually any 35mm live-action
film to be transformed into the unparalleled image and sound quality of The IMAX
Experience. The first two IMAX DMR films -- Apollo 13 The IMAX Experience and
Star Wars(R): Episode II Attack of the Clones The IMAX Experience -- enjoyed
highly acclaimed runs in IMAX theatres, serving to position the IMAX theatre
network as a potential new release window for live-action event Hollywood films.
The IMAX MPX system has the ability to significantly increase the size of that
release window, enabling studios to attract new audiences and increase the
overall box office for the title they are distributing.
The IMAX MPX projection system projects 15/70 film, the largest and clearest
film format in the world, onto screens up to 70ft. x 44ft. that are curved and
tilted forward to further immerse the audience. The theatres, which can seat up
to 350 people, will utilize IMAX's proprietary sound system, comprised of
multi-channel uncompressed 24bit digital audio. The projector is capable of
playing both 2D (long version) and 3D films, and installs into a standard 35mm
projection booth.
About Jack Loeks Theatres, Inc.:
Jack Loeks Theatres, Inc., a West Michigan, family-owned business since 1944,
operates 103 screens in eight locations in central and western Michigan,
including the IMAX Theatre at Celebration Cinema, which also has 17 - 35mm
screens. Other locations include Studio 28 in Grand Rapids; the Celebration
Cinema in Lansing; the Celebration Cinema Benton Harbor/St. Joseph, the
Celebration Cinema in Mt. Pleasant and the Cinema Carousel in Muskegon,
Michigan.
About IMAX Corporation:
Founded in 1967, IMAX Corporation is one of the world's leading entertainment
technology companies. IMAX's businesses include the creation and delivery of the
world's best cinematic presentations using proprietary IMAX and IMAX(R) 3D
technology, and the development of the highest quality digital production and
presentation. IMAX has developed revolutionary technology called IMAX DMR
(Digital Re-mastering) that makes it possible for virtually any 35mm film to be
transformed into the unparalleled image and sound quality of The IMAX
Experience. The IMAX brand is recognized throughout the world for extraordinary
and immersive family experiences. As of December 2002, there were more than 230
IMAX theatres operating in 32 countries. More than 700 million people have seen
an IMAX presentation since the medium premiered in 1970.
IMAX(R), IMAX(R) 3D, IMAX(R) DMR(TM) 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 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
viability of new businesses and products, 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, 2002 and in the subsequent reports
filed by the Company with the Securities and Exchange Commission.
SOURCE IMAX Corporation
CONTACT:
Media - Romi Schutzer, +1-212-821-0144, or rschutzer@imax.com,
or Analysts - Stephen G. Abraham, +1-212-821-0140, or sabraham@imax.com, both
of IMAX Corporation, New York; or Media - Ron Van Timmeren of Jack Loeks
Theaters Inc., +1-616-447-4226, or rvantimmeren@bigscreenmovies.com; or
Business Media - Whit Clay of Sloane & Company, +1-212-446-1864, or
wclay@sloanepr.com; or Entertainment Media - Al Newman of Newman & Company,
Los Angeles, +1-818-784-2130, or asn@newman-co.com
/Company News On-Call: http://www.prnewswire.com/comp/103201.html
URL: http://www.imax.com
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