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In a followup to the announcement made back in March, Dickinson Theatres Inc. and IMAX Corporation announced that the former will install a sixth IMAX theater as part of a new multiplex that they are planning to open in Oklahoma City, Oklahoma in 2009.
According to the Press Release (below), Dickinson Theatres Inc. currently operates 39 theatres with 357 screens across ten states.
Dickinson Theatres signs deal for sixth IMAX theatre
TORONTO, April 4 /PRNewswire-FirstCall/ - IMAX Corporation (NASDAQ: IMAX; TSX: IMX) and Kansas-based Dickinson Theatres Inc. today announced an agreement to install an IMAX(R) theatre as part of a new multiplex scheduled to open in Oklahoma City, OK in early 2009. The agreement marks the sixth IMAX theatre commitment from the exhibitor, following an announcement made earlier this month in which it will install five IMAX systems. All of the theatres will be installed into multiplexes throughout the Midwest. The agreements with Dickinson marks IMAX's largest multiple theatre commitment since 2004, which reflects the growing enthusiasm for Hollywood event titles shown in IMAX's format.
"We are excited to add another IMAX theatre to the Dickinson network to offer even more of our customers The IMAX Experience(R)," said John Hartley, CEO of Dickinson Theatres, Inc. "We believe our new IMAX theatres will help to differentiate our multiplexes from the competition by offering moviegoers the opportunity to experience Hollywood features in a powerful and immersive way that they cannot get anywhere else."
"Dickinson Theatres has a great reputation in the Midwest, and we are so pleased they've elected to expand with a sixth IMAX theatre in such a short amount of time," added Larry T. O'Reilly, IMAX's Executive Vice President, Theatre Development. "As more exhibitors continue to add IMAX theatres, it reinforces the power of the IMAX brand and how delivering great content in a unique way will keep customers coming back to the multiplex."
As previously announced, Dickinson Theatres will open its first four 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, as well as original IMAX productions in 2D and IMAX(R) 3D.
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(R) technology. IMAX DMR 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(R). 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 outcome of the accounting review and related matters discussed in this press release, 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, risks arising from potential material weaknesses in internal control over financial reporting, the ability to satisfy the reporting covenant by the amended filing deadlines, risks associated with the inability to obtain the requisite consents, the extent and impact of the restatement of our financial statements 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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