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First 4 IMAX(R) Theatres to Open This November in Time for the IMAX(R)3D Release of Warner Bros. Pictures Holiday Film 'The Polar Express'
TORONTO, Aug. 9 /PRNewswire-FirstCall/ - IMAX Corporation (Nasdaq:IMAX; TSX:IMX) and National Amusements Inc., a leading international exhibitor with over 1,425 screens worldwide, today announced a groundbreaking multiple theatre deal to install as many as 18 IMAX(R) theatre systems over the next several years. Under the specific terms of the deal, National Amusements will install 4 IMAX MPX(R) theatre systems in 2004 and 2 additional systems in 2005 or 2006. As part of the deal, the parties reached agreement on terms under which National Amusements may purchase up to 12 additional systems, predominantly in the United Kingdom, beginning next year, as an integral part of National Amusements' development plans in that market. National Amusements currently operates the IMAX Theatre at The Bridge Cinema de Lux at The Promenade at Howard Hughes Center in West Los Angeles.
The deal signals an important milestone for IMAX in the implementation of its commercial theatre growth strategy, which uses the combination of its proprietary IMAX DMR(R) (Digital Re-Mastering) technology to bring major Hollywood event films to the IMAX theatre network, and the IMAX MPX theatre system technology to drive signings and installations.
The first four IMAX theatres will be located at City Center 15: Cinema de Lux in White Plains, New York; Showcase Cinemas Buckland Hills, near Hartford, Connecticut; Showcase Cinemas Stonybrook, in Louisville, Kentucky; and Showcase Cinemas Springdale, near Cincinnati, Ohio, and are expected to open in November 2004, in time for the IMAX(R) 3D release of the Warner Bros. Pictures holiday film The Polar Express. The specific locations for the 2005-6 installations have not yet been determined, however, one of the theatres is likely to be located in the United Kingdom. All 18 potential IMAX theatres will utilize the revolutionary new IMAX MPX technology, which was designed specifically for multiplex operators, enabling them to add an IMAX theatre to a new or existing multiplex in a more cost effective and timely manner.
"National Amusements is committed to providing our patrons the ultimate movie going experience. We are excited to be partnering with IMAX and feel that its new DMR technology is consistent with a number of things we are working on throughout our circuit. Our new Cinema de Lux brand, our focus on alternative entertainment and this new IMAX technology we are now introducing will ensure that our patrons have an entertainment experience that is unrivalled elsewhere," stated Shari E. Redstone, president, National Amusements, Inc.
"We are extremely pleased to expand our relationship with National Amusements, one of the most forward-looking exhibitors in the world," said IMAX's Co-Chairmen and Co-CEO's, Richard L. Gelfond and Bradley J. Wechsler. "This multiple theatre commitment from National Amusements confirms our belief in the potential of IMAX theatres in commercial multiplexes and further advances our commercial strategy. The strong interest from National Amusements and other top multiplex theatre operators should help us attract even more digitally re-mastered Hollywood event films, which, in turn, can help us grow the IMAX network around the world."
About National Amusements, Inc.
National Amusements, Inc., North America's sixth largest theatre operator is a closely held corporation, that operates more than 1,425 motion picture screens in the U.S., the U.K., Latin America, is an equal partner in the online ticketing service, MovieTickets.com and the parent company of Viacom. Viacom is a leading global media company, with preeminent positions in broadcast and cable television, radio, outdoor advertising and online. With programming that appeals to audiences in every demographic category across virtually all media, the company is a leader in the creation, promotion and distribution of entertainment, news, sports, music and comedy. Viacom's well-known brands include CBS, MTV, Nickelodeon, VH1, BET, Paramount Pictures, Viacom Outdoor, Infinity, UPN, Spike TV, TV Land, CMT: Country Music Television, Comedy Central, Showtime, Blockbuster, and Simon & Schuster.
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 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(R). The IMAX brand is recognized throughout the world for extraordinary and immersive family entertainment experiences. As of June 30, 2004, there were 240 IMAX theatres operating in 35 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'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 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/A for the year ended December 31, 2003 and in the subsequent reports filed by the Company with the Securities and Exchange Commission.
SOURCE IMAX Corporation; ; National Amusements, Inc.
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