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In the second deal announced in two weeks, IMAX Corporation and Zyacorp Entertainment's Cinemagic (as opposed to the Minnesota CineMagic) have agreed to build two IMAX theaters. The first will be in Hooksett, New Hampshire, and is planned to open as part of the 16 screen location in 2007. The second will be in "Southern Maine" and will open in 2008.
Last week's announcement was with Kerasotes Showplace Theatres for a location in Indianapolis.
IMAX Signs Two-Theatre Deal With New Hampshire-Based Exhibitor
North American Exhibitor Interest In The IMAX (R) Theatre Business Continues to Grow
TORONTO, Jan. 11 /PRNewswire-FirstCall/ - On the heels of a blockbuster holiday season in IMAX(R) theatres, IMAX Corporation (NASDAQ: IMAX; TSX: IMX) and Zyacorp Entertainment's Cinemagic, the fastest growing theatre chain in Maine and New Hampshire, today announced an agreement to install two IMAX theatres as part of new multiplexes. Zyacorp Entertainment's first IMAX theatre is scheduled to open in Hooksett, New Hampshire, in 2007. A second location in Southern Maine is expected to install in 2008. The new IMAX theatres will utilize IMAX MPX(R) technology. This is the second North American theatre deal announced in as many weeks. Last week's announcement was with Kerasotes Showplace Theatres, North America's sixth largest exhibitor.
"More consumers are making trips to the multiplex to experience Hollywood movies in IMAX's immersive format," said Mark T. Adam, President of the Zyacorp Companies. "This trend, combined with the attractive economics of the IMAX MPX theatre system, gives us a compelling reason to enter into the IMAX theatre business - especially when increasingly sophisticated home theatre systems are keeping people at home more often. With a cinematic experience that cannot be replicated at home or in any other type of theatre, IMAX theatres give multiplexes a point of differentiation - and that is part of what keeps the turnstiles moving in the right direction."
"The strong IMAX box office performance this holiday season has generated exhibitor interest in North America," said IMAX co-Chairmen and co-CEOs Richard L. Gelfond and Bradley J. Wechsler. "Our new partnership with Zyacorp, the fastest growing exhibitor in Northern New England, increases the momentum of our domestic expansion, which is fueled by exhibitors' desire to deliver a unique moviegoing experience."
"Zyacorp Entertainment's Cinemagic is the only exhibitor in Maine and New Hampshire to have entered the IMAX theatre business," added Larry T. O'Reilly, IMAX's Executive Vice President, Theatre Development. "We look forward to working with them to captivate a whole new market with The IMAX Experience(R)."
The new IMAX theatres will feature an IMAX MPX system. 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, as well as original IMAX productions in 2D and IMAX(R) 3D.
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 September 30, 2006, there were 280 IMAX theatres operating in 40 countries.
IMAX(R), IMAX(R) 3D, IMAX DMR(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 Press Release
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