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Goodrich Quality Theaters, Inc. Plans Two More IMAX Installations in 2008/2009

Posted on Tuesday, October 16th, 2007 1:18 PM by Scott Jentsch

Goodrich Quality Theaters, Inc. has signed a deal with IMAX Corporation to install two IMAX theaters in new construction projects that will be opening in 2008 and 2009.

The first installation will be an IMAX MPX system in the Hamilton 16 IMAX located East of Indianapolis, Indiana in March 2008. The second installation will be at an undisclosed location in Michigan in the fourth quarter of 2009, and it will be the new digital projection system that IMAX has in development.

Goodrich has been happy with their existing IMAX installations in the Chicago area (Batavia, Illinois and Portage, Indiana), and had this to say in the press release, which appears below:

"Our first two IMAX theatres became excellent grossing multiplex screens in the far western and far eastern Chicago suburbs for some of the biggest movies of the year," said Bob Goodrich of Goodrich Quality Theaters. "Based on this initial success, we are confident to expand our chain of IMAX locations and offer even more moviegoers the opportunity to see Hollywood films and educational films in the most immersive way available."

Goodrich currently operates 32 theaters in Michigan, Indiana, Illinois, and Missouri.

Press Release

IMAX signs two-theatre deal, expands relationship with North American exhibitor

Goodrich Quality Theaters Adds More IMAX Locations after Successful Launches in Greater Chicago's far western and northern Indiana suburbs

IMAX's Digital Projection System In Development Helps Drive Growth of Network

TORONTO, Oct. 16 /PRNewswire-FirstCall/ - IMAX Corporation (NASDAQ: IMAX; TSX: IMX) and Goodrich Quality Theaters, Inc., an exhibitor based in Grand Rapids, MI, today announced an agreement to install two IMAX(R) theatres in new multiplexes planned for construction in 2008 and 2009. Under the terms of the agreement, Goodrich Quality Theaters will install an IMAX MPX(R) theatre in the new Hamilton 16 IMAX in a Simon Properties Mall on the far eastside of Indianapolis in March 2008. In the fourth quarter of 2009, in a yet to be announced location in Michigan, Goodrich will install IMAX's new digital projection system, which is in the advanced stages of development.

"Our first two IMAX theatres became excellent grossing multiplex screens in the far western and far eastern Chicago suburbs for some of the biggest movies of the year," said Bob Goodrich of Goodrich Quality Theaters. "Based on this initial success, we are confident to expand our chain of IMAX locations and offer even more moviegoers the opportunity to see Hollywood films and educational films in the most immersive way available."

Goodrich continued, "We felt it was important to experience the new digital projection system IMAX is developing first hand to ensure it delivers the quality of the IMAX brand. We're now looking forward to taking advantage of this technology at our new location in 2009, and we continue to believe that IMAX is perfect moviegoing."

"The digital theatre system that we are developing is continuing to impress exhibitors and fuel the growth of the IMAX network," said IMAX co-Chairmen and co-CEOs Richard L. Gelfond and Bradley J. Wechsler. "Nothing reflects enthusiasm for the IMAX theatre business better than an exhibitor's decision to add more IMAX locations. We are delighted to expand our relationship with Bob Goodrich and the rest of the team at Goodrich Quality Theaters. We look forward to working with them to deliver The IMAX Experience(R) through our next generation of IMAX theatre technology."

The digital system being developed by IMAX is configured for an IMAX MPX-style auditorium, which is 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. Both systems are capable of showing Hollywood movies that have been digitally re-mastered into the unparalleled image and sound quality of The IMAX Experience in both IMAX and IMAX(R) 3D, as well as original IMAX documentaries.

About Goodrich Quality Theaters

Founded in 1930 with just a single screen in downtown Grand Rapids, Goodrich Quality Theaters has innovated, changed and grown with the exhibition industry to include theaters in cities throughout Michigan, Indiana, Illinois, and Missouri. Goodrich currently operates 269 screens in 31 theaters.

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. 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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