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|Home: BigScreen Journal - IMAX in 3-Theater Joint Venture with Muvico Theaters|
IMAX Corporation and Muvico Theatres announced yesterday that they will be working together on the installation of three IMAX systems in Florida and New Jersey. This is the second such joint venture announced by IMAX this year (the first was with Regal Cinemas, announced on March 12th).
The theaters affected are the Baywalk 20 in St. Petersburg, Florida (scheduled to open before the release of "Spider-Man 3" on May 4th), the Parisian 20 in West Palm Beach, Florida (in time for the release of "Harry Potter and the Order of the Phoenix" on July 13th), and the Xanadu complex in East Rutherford, NJ in 2008.
TORONTO, April 17 /PRNewswire-FirstCall/ - IMAX Corporation (NASDAQ:IMAX; TSX:IMX) and Muvico Theaters, Inc. today announced a joint venture agreement for the installation of three IMAX(R) theatre systems at multiplexes in Florida and New Jersey, including the high profile Xanadu project at the Meadowlands in East Rutherford, NJ, across the river from New York City. The announcement marks the second multiple IMAX theatre joint venture commitment this year, advancing IMAX's joint venture strategy, which was put in place to supplement the growth of its theatre network through partnerships with key commercial exhibitors.
Under the terms of the agreement, the first IMAX theatre is expected to open at the Baywalk 20 in St. Petersburg, Florida, in time for the May 4th release of Spider-Man 3. The second system will be installed at the Parisian 20 multiplex in West Palm Beach, Florida and is expected to open in time for the July 13 release of Harry Potter and the Order of the Phoenix. The third IMAX theatre is scheduled to be installed in 2008 as part of a new multiplex in the highly-anticipated Xanadu complex in East Rutherford, NJ.
"Muvico Theaters operates some of the top performing multiplex locations in North America and we are delighted with their decision to get into the IMAX theatre business," said IMAX's Co-Chairmen and Co-CEOs, Richard L. Gelfond and Bradley J. Wechsler. "Our joint venture strategy is gaining traction in North America, as IMAX DMR(R) releases such as 300 continue to deliver strong box office performances and leading exhibitors continue to realize the potential of the IMAX theatre business."
"A big part of our strategy is to offer a premium movie experience that people can't get at home or in any other type of theatre and IMAX furthers that objective," said Michael Whalen, President and CEO of Muvico Theaters. "With major event movies like Spider-Man 3 and Harry Potter and the Order of the Phoenix coming out in IMAX's immersive format in the coming months, we feel strongly that now is the right time to enter the IMAX theatre business."
The new IMAX theatres will be capable of playing Hollywood event films that have been digitally re-mastered into IMAX's format, 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, which opened to sellout shows at IMAX theatres worldwide starting on March 9; Spider-Man 3, which opens May 4; and Harry Potter and the Order of the Phoenix, which opens July 13.
The Meadowlands Xanadu (also known as the Xanadu Project) will be a retail and entertainment complex in the Meadowlands Sports Complex in New Jersey. It will be the largest retail and entertainment complex in New Jersey, and will include 4.8 million square feet of entertainment, sports, retail, office, and hotel space.
Muvico Theaters was founded in 1984 and currently operates 228 screens in 12 theatres across the USA. Muvico Theaters' average number of screens per location is 19.5, the highest in the industry. Its strategy is to develop, acquire and operate state-of-the-art megaplex theaters in entertainment centers in mid-sized metropolitan markets and suburban growth areas of larger metropolitan markets in any suitable location. Muvico Theaters takes a boutique approach to each project, making it a unique and breathtaking place to see a movie.
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 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 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, the outcome of the Company's current accounting review, risks arising from potential material weaknesses in internal control over financial reporting, the ability to satisfy the reporting covenant by the amended filing deadlines, the extent and impact of the restatement of our financial statements, the outcome of the appeal of the NASDAQ Staff Determination letter 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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