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U.S. Exhibitor to Install IMAX(R) MPX(TM) Theatre System at Top Multiplex In Fitchburg, Wisconsin
TORONTO and MADISON, WI, March 24 /PRNewswire-FirstCall/ - IMAX Corporation (NASDAQ: IMAX; TSX: IMX) and Star Cinema/AGT Enterprises, Inc. today announced an agreement to install an IMAX(R) MPX(TM) theatre system at a leading multiplex in Fitchburg, Wisconsin, just outside of Madison. Under terms of the deal, which is subject to final land use and building approvals, Star Cinema will open an IMAX(R) theatre as part of a four-screen addition to an existing 14-screen multiplex, expected to open during the fourth quarter of 2005. It will be the second IMAX theatre in the state of Wisconsin and feature Hollywood films converted into the unparalleled image and sound quality of The IMAX Experience(R), with proprietary IMAX DMR(R) (Digital Re-mastering) technology.
"We are excited about the opportunity to open the first multiplex-based IMAX theatre in the state of Wisconsin," said Bill Adamany, Jr., Co-Owner of Star Cinema/AGT Enterprises, Inc. "With an IMAX theatre, we'll be able to exhibit Hollywood blockbusters in IMAX's immersive format on weekends and at night, and supplement our daytime programming schedule with IMAX's educational and entertaining documentary-style films - differentiating our multiplex from all others in the region. We look forward to offering this unique mix to moviegoers in the Madison area."
"The advent of the new IMAX MPX theatre system, combined with the groundbreaking IMAX DMR process, opens up a number of opportunities for us to bring The IMAX Experience to communities like Madison," said IMAX Co-CEO's and Co-Chairmen Richard L. Gelfond and Bradley J. Wechsler. "We are pleased to add Star Cinema - the leader in Madison's cinema business - to the growing list of commercial exhibitors opening multiplex-based IMAX theatres. With a strong 2005 commercial film slate in place, and Hollywood event films in IMAX's format driving incremental box office performance both domestically and internationally, the signings momentum we've established around the world is continuing to build."
"When Star Cinema premiered in our community in December of 1999, they literally put Fitchburg on the map in the Greater Madison area as the place to go to watch a movie," said Fitchburg Mayor Tom Clauder. "Through the years they have received rave reviews for their quality operations and service from the moviegoing public. With the addition of an IMAX Theater to their Fitchburg location, Star Cinema will be instantly recognized as the marquee movie entertainment destination in our region and throughout Wisconsin. We're proud to have Star Cinema in our community and are delighted to welcome IMAX to Fitchburg."
Star Cinema's IMAX theatre will be capable of showing Hollywood event films that have been converted into IMAX's format, as well as original 2D and IMAX(R) 3D films. It will feature an audio system that delivers up to 14,000 watts of uncompressed digital surround sound and a specially designed screen, which stretches beyond the audiences' peripheral view. IMAX's 2005 film slate includes Twentieth Century Fox's Robots: The IMAX Experience, Warner Bros. Pictures' Batman Begins: The IMAX Experience and Charlie and the Chocolate Factory: The IMAX Experience, as well as Playtone Productions' Magnificent Desolation: Walking on the Moon 3D.
The IMAX MPX theatre system was specifically designed to enable exhibitors to more easily and cost effectively join the IMAX theatre network. The system requires less capital and has lower operating costs than previous IMAX theatre systems, and can be added to an existing multiplex as an economical new build or by retrofitting an existing stadium seating auditorium.
Star Cinema - Fitchburg began serving the Madison area in December 1999 and since has been voted "Favorite Movie Theater" every year by area moviegoers. Founded in 1982, Star Cinema is owned and operated by AGT Enterprises, Inc. of Prairie du Chien, Wisconsin. The company currently owns and operates 77 screens at locations in Wisconsin and Iowa. Star Cinema is known for movie theatres that feature a three-lane canopy protecting guests from inclement weather; large tastefully decorated lobby areas; stadium-style seating; high-back rocking love seats; wall-to-wall curved screens; and digital sound throughout. The newest Star Cinema location, a 14-screen theatre currently under construction in Dubuque, Iowa, is scheduled to open in July 2005.
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 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, 2004, there were 248 IMAX theatres operating in more than 35 countries.
IMAX(R), IMAX(R) 3D, IMAX DMR(R), IMAX(R) MPX(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'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
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