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IMAX and Dickinson Theatres have announced that they have agreed to open five IMAX theaters in new locations throughout the Midwest.
The new theaters will be located in Mesa, Arizona, Little Rock, Arkansas, Springfield, Missouri, Wichita, Kansas, and a fifth location to be determined. The first installation is planned for 2007, the next three in 2008, and the fifth in 2009.
All five installations will be the IMAX MPX® type, which is a more cost-effective way to install an IMAX system.
You can read the full press release below.
IMAX Signs Five-Theatre Deal With North American Exhibitor
Dickinson Theatres Enters IMAX(R) Theatre Business on Heels of Strong Performing Hollywood IMAX Releases
TORONTO, March 12 /PRNewswire-FirstCall/ - IMAX Corporation (NASDAQ: IMAX; TSX: IMX) and Kansas-based Dickinson Theatres Inc. today announced an agreement to open five IMAX(R) theatres in new multiplexes throughout the Midwest. The announcement marks IMAX's largest lease agreement since 2004, and the Company's second North American multi-theatre deal this week, which reflects the growing interest in the IMAX theatre business from domestic exhibitors.
"Moviegoers are paying a premium to see Hollywood movies in IMAX's format, and with more major studio releases coming each year, we felt now was the right time to enter the IMAX theatre business," said John Hartley, CEO of Dickinson Theatres, Inc. "The installation of IMAX theatres in our new locations will help us earn incremental revenue and differentiate ourselves from competitors. Moreover, the IMAX theatres will help ensure that our multiplexes offer the world's most powerful and immersive cinematic experience."
"The North American IMAX theatre network continues to grow as more Hollywood event titles are released to our theatres and more exhibitors realize the IMAX business provides an economical way to offer consumers a differentiated experience that can't be replicated at home," said IMAX co-Chairmen and co-CEOs Richard L. Gelfond and Bradley J. Wechsler. "We're pleased to welcome a new exhibitor into the IMAX theatre network, and we're looking forward to working with Dickinson Theatres to reach even more consumers in North America."
Dickinson Theatres will open its IMAX theatres in Mesa, Arizona; Little Rock, Arkansas; Springfield, Missouri; and Wichita, Kansas; with the fifth location to be determined. The first theatre is scheduled to be installed in 2007, with the next three in 2008 and the fifth to be installed in 2009. All of the theatres will utilize IMAX MPX(R) technology, 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.
"We are delighted to expand with more locations in the Midwest and look forward to working with a market leader like Dickinson," added Larry T. O'Reilly, IMAX's Executive Vice President, Theatre Development.
IMAX's 2007 film slate already includes three of the year's most anticipated releases, with 300: The IMAX Experience, which opened March 9; Spider-Man 3: The IMAX Experience, which opens May 4; and Harry Potter and the Order of the Phoenix: The IMAX Experience, which opens July 13.
About Dickinson Theatres
Entertaining audiences in the Midwest for over 86 years, Dickinson Theatres continues to provide motion picture excellence with quality presentations and superior customer service. The Company currently operates 39 theatres with 357 screens across ten states.
About IMAX Corporation
IMAX Corporation is one of the world's leading entertainment technology companies, specializing in digital and film-based motion picture technologies. The worldwide IMAX network is among the most important and successful theatrical distribution platforms for major event Hollywood films around the globe, with IMAX theatres delivering the world's best cinematic presentations using proprietary IMAX, IMAX 3D, and IMAX DMR technology. IMAX DMR(R) is the Company's groundbreaking digital remastering technology that allows it to digitally transform virtually any conventional motion picture into the unparalleled image and sound quality of The IMAX Experience. IMAX's renowned projectors display crystal-clear images on the world's biggest screens, and the IMAX brand is recognized throughout the world for extraordinary and immersive entertainment experiences for consumers. As of September 30, 2006, there were 280 IMAX theatres operating in 40 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 http://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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