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April 5th, 2006
TORONTO, April 5 /PRNewswire-FirstCall/ - IMAX Corporation (NASDAQ: IMAX; TSX: IMX) and CineMagic Theatres, an exhibitor based in Minneapolis, Minnesota, today announced an agreement to open IMAX(R) theatres in at least two of the exhibitor's multiplexes, with a potential third site under discussion. The exhibitor's first IMAX theatre is expected to open in mid- August, in time for the highly anticipated release of Warner Bros. Pictures' The Ant Bully, which will be digitally converted into IMAX(R) 3D and released simultaneously to IMAX and conventional theatres on August 4.
"American consumers are increasingly demanding the highest quality in sight and sound when viewing motion picture entertainment. IMAX delivers both, and the IMAX brand has become synonymous with the best way to experience Hollywood's biggest releases," said Steve Tripp, President/CEO of CineMagic Theatres. "Installing IMAX theatres in our multiplexes will give us a competitive advantage and enable us to offer moviegoers the most immersive cinematic experience in the world - one that cannot be replicated at home."
"Minnesota has been a strong market for us, and we're happy to add CineMagic to the IMAX family," said IMAX co-Chairmen and co-CEOs Richard L. Gelfond and Bradley J. Wechsler. "Our strong 2006 film slate is already helping drive network growth, and we are optimistic that with more highly anticipated releases scheduled for the year - four featuring IMAX 3D - growth will continue to accelerate in both domestic and international markets."
CineMagic's IMAX theatres will feature IMAX(R) MPX systems. The IMAX MPX theatre system was 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. The new IMAX theatres will be capable of playing Hollywood event films that have been digitally re-mastered into the unparalleled image and sound quality of The IMAX Experience(R), as well as original IMAX productions in 2D and IMAX 3D.
The first CineMagic location to open will be in St. Michael, Minnesota, in August 2006. The second theatre will open during the second quarter of 2007. As part of the deal, CineMagic may purchase a third system to be installed in an agreed-upon location.
IMAX's 2006 film slate is stronger than any other in its 35-year history. Currently, there are six Hollywood event titles scheduled to be released simultaneously to IMAX and conventional theatres. Three of the titles will be converted into IMAX 3D. The slate includes: Poseidon: The IMAX Experience (May 12), Superman Returns: The IMAX Experience (June 30), The Ant Bully: An IMAX 3D Experience (August 4), Open Season: An IMAX 3D Experience (September 29), and Happy Feet: An IMAX 3D Experience (November 17). Currently playing in IMAX theatres is Warner Bros. Pictures' V for Vendetta: The IMAX Experience and the studio's second original IMAX 3D film Deep Sea 3D.
About CineMagic Theatres
Cinemagic Theatres is a growth oriented first run theatre exhibitor founded in 1995 with an emphasis on building state of the art multi-screen Cineplex theatres. CineMagic is poised to continue its growth into the future in the upper Midwest region. CineMagic currently operates first run multiplexes in Minnesota, Iowa and Wisconsin. More information on CineMagic Theatres can be found at www.cinemagictheatres.com.
About IMAX Corporation
Founded in 1967, IMAX Corporation is one of the world's leading entertainment technology companies and the newest distribution window for Hollywood films. IMAX delivers the world's best cinematic presentations using proprietary IMAX, IMAX 3D, and IMAX DMR(R) technology. IMAX DMR (Digital Re-mastering) 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 entertainment experiences. As of December 31, 2005, there were 266 IMAX theatres operating in 38 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 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 performance of films, 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, 2005.
Source: IMAX Press Release
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