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|Home: BigScreen Journal - IMAX Signs Two-Theatre Deal With Santikos Theatres|
TORONTO, April 13 /PRNewswire-FirstCall/ - IMAX Corporation (NASDAQ: IMAX; TSX: IMX) and Santikos Theatres, an exhibitor based in San Antonio, Texas, today announced an agreement to open IMAX(R) theatres in two of the exhibitor's multiplexes.
The first Santikos IMAX location will open in San Antonio, Texas, and the second theatre will open in Houston, Texas. Both theatres are expected to open by 2007. The deal marks the Company's third commercial multi-theatre agreement in North America for 2006, exemplifying the growing interest in the IMAX theatre business from North American exhibitors looking to differentiate multiplexes by offering a unique experience that consumers cannot replicate at home.
"As we continue our long history of bringing innovation to movie audiences, we are excited to offer our customers the chance to experience movies in the most powerful and immersive way available," said John Santikos, Chairman of Santikos Theatres.
"The IMAX theatre in San Antonio will be part of one of the grandest movies palaces we've ever built, and the IMAX addition in Houston will help drive even greater attendance at one of our most successful multiplexes." "We are pleased to partner with a leading exhibitor like Santikos, pioneers of moviegoing in Texas," said IMAX co-Chairmen and co-CEOs Richard L. Gelfond and Bradley J. Wechsler. "This announcement demonstrates the traction we are gaining in North America, as more exhibitors understand that they can fill theatres, gain market share and differentiate themselves from competitors by offering audiences the opportunity a whole new way to experience Hollywood films."
"This deal builds upon the success of other regional theatre operators throughout the United States," said Larry O' Reilly, IMAX's Executive Vice President of Theatre Development. "Santikos has always been at the forefront of providing compelling out-of-home moviegoing experiences, and the new IMAX theatres will help them stay connected with their audiences and maintain their theatres as the first-choice venues to see movies."
Santikos' IMAX theatres will feature IMAX MPX(R) 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(R) 3D.
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.
The Santikos theatres have a legacy of presenting high quality and innovation in motion picture theatre entertainment. In 1924, Greek entrepreneur, Louis Santikos, established the first opulent theatre, the Palace theatre across from the Alamo in San Antonio, Texas. This endeavor was only the beginning as the Santikos entertainment portfolio grew over the next several decades to include the introduction of the first drive-in movie experience in San Antonio, along with the first multi-screen indoor megaplex, and the first art cinema with full service in-theatre dining in San Antonio. With the addition of the Greek themed Palladium multi-plex, the construction of the Granada Theatres in San Antonio, and the construction of the new Silverado Theatres in Houston, Santikos remains a prominent name in the Texas entertainment industry. (Search for Santikos theater locations)
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 Corporation
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