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|Home: BigScreen Journal - Regal Cinemas and IMAX Sign 5-Theater Joint Venture Deal for Knoxville, TN, Las Vegas, NV, Seattle, WA, etc.|
Regal Cinemas and IMAX Corporation have expanded a previous joint venture deal that saw the installation of IMAX installations at the Edwards Mira Mesa Stadium 18 in San Diego, California, and the Regal Cinemas Bridgeport 18 in Portland, Oregon this summer.
The new joint venture will result in IMAX MPX installations in Knoxville, Tennessee and Las Vegas, Nevada before the end of the year, as well as a "digital IMAX" installation in Seattle, Washington and two undisclosed "Western U.S." locations between 4Q 2008 and 2Q 2009.
TORONTO, Oct 02, 2007 /PRNewswire-FirstCall via COMTEX News Network/ -- IMAX Corporation (NASDAQ:IMAX; TSX:IMX) and Regal Cinemas, Inc., a subsidiary of Regal Entertainment Group, the world's largest theatre chain, today announced a joint venture agreement for five IMAX(R) theatre systems. The deal includes the first North American order for IMAX's digital projection technology, which is currently in the advanced stages of development. The five IMAX theatres announced today will expand the joint venture partnership between IMAX and Regal Cinemas to seven, and bring Regal's total number of IMAX theatres to 21 by the second quarter of 2009.
Under the terms of the joint venture agreement, IMAX and Regal Cinemas will share the cost and profitability of the new theatres. Two IMAX MPX(R) theatres will be operating before the end of 2007 in Knoxville, TN and Las Vegas, NV. The remaining three theatres are to utilize IMAX's digital projection technology, and are expected to be installed during the fourth quarter of 2008 and second quarter of 2009 in Seattle, WA and two other locations in the western United States. The film-based systems will be upgraded to IMAX's digital system when it is available. The deal marks the second multiple IMAX digital theatre agreement in as many weeks.
"Just six months ago, we entered a two-theatre JV agreement to install IMAX theatres in Portland and San Diego," stated Mike Campbell, CEO of Regal Entertainment Group. "The early results have been very strong, prompting us to expand this relationship. We were particularly pleased with our analysis of the digital system IMAX is developing, which delivers an engaging and immersive experience that makes us very comfortable with their next generation product."
"Regal Cinemas has been one of the best IMAX operators in the world, and the results of our first joint ventures reflect their talents," said IMAX's Co-Chairmen and Co-CEOs, Richard L. Gelfond and Bradley J. Wechsler. "We are extremely pleased to be expanding our relationship, and we are excited about the new locations. We are also encouraged by how impressed Regal executives were with the digital system we are developing, and their subsequent commitment to include this new technology moving forward."
IMAX's fall/winter film slate includes Transformers, the summer's highest grossing blockbuster, on September 21, the highly anticipated Robert Zemeckis film Beowulf in IMAX 3D on November 16, and the next big Will Smith adventure, I Am Legend on December 14.
Regal Entertainment Group (NYSE:RGC - News) is the largest motion picture exhibitor in the world. The Company's theatre circuit, comprising Regal Cinemas, United Artists Theatres and Edwards Theatres, operates 6,368 screens in 529 locations in 39 states and the District of Columbia. Regal operates theatres in all of the top 25 and 43 of the top 50 U.S. markets and growing suburban areas. We believe that the size, reach and quality of the Company's theatre circuit not only provide its patrons with a convenient and enjoyable movie-going experience, but is also an exceptional platform to realize economies of scale in theatre operations. Additional information is available on the Company's Web site at www.REGmovies.com.
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. 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 June 30, 2007, there were 290 IMAX theatres operating in 40 countries.
IMAX(R), IMAX(R) 3D, IMAX DMR(R), IMAX(R) 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'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 ongoing discussions with the SEC and OSC relating to their ongoing inquiries and the Company's financial reporting and accounting, 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 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, 2006, as well as the Company's Quarterly Report on Form 10-Q.
Source: IMAX Corporation
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