Leading UK Exhibitor to Open Three New IMAX Locations in England and Scotland
NEW YORK, Nov. 28, 2011 /PRNewswire via COMTEX/ — IMAX Corporation (NYSE: IMAX; TSX: IMX) and Cineworld Group PLC, one of the UK’s leading cinema groups, today announced a revenue sharing agreement to install three new digital IMAX® theatre systems in England and Scotland. Under the terms of the agreement, the systems will be installed in existing multiplexes in Edinburgh, Sheffield and Nottingham. The Edinburgh location is expected to open in December 2011, with the Nottingham and Sheffield locations slated to open in early 2012. This agreement brings the total number of IMAX theatres contracted to open in the UK to 19, of which 16 are currently in operation.
“We have witnessed the increasing demand for The IMAX Experience® throughout markets in the UK and Europe and we look forward to bringing this uniquely immersive cinema experience to our customers in Edinburgh, Nottingham and Sheffield,” said Crispin Lilly, Vice President of Business Affairs, Cineworld Group PLC.
“Cineworld is an ideal partner for IMAX as we expand our joint venture business in the UK,” said IMAX CEO, Richard L. Gelfond. “Their commitment to state-of-the-art entertainment, top-notch customer service and market growth is a perfect fit with the IMAX brand.”
“Cineworld is recognized as a leading exhibitor in the UK marketplace,” added Larry T. O’Reilly, IMAX, President, Worldwide Sales. “We are proud to partner with them to fuel our network expansion and bring The IMAX Experience® to new audiences across the UK.”
IMAX’s digital theatre system delivers The IMAX Experience® and helps drive profitability for studios, exhibitors and IMAX theatres by eliminating the need for film prints, increasing program flexibility and ultimately increasing the number of movies shown on IMAX screens. The system can run both IMAX and IMAX ® 3D presentations.
About Cineworld Group
Cineworld Group was founded in 1995 by Steve Wiener, the current Chief Executive, and is now the #1 UK cinema chain by both box office and admissions. The Group operates 79 cinemas across the UK & Ireland of which 76 are multiplex sites with five screens or more. In 2007 Cineworld successfully floated on the London Stock Exchange.
More information can be found at www.cineworld.co.uk
About IMAX Corporation
IMAX Corporation is one of the world’s leading entertainment and technology companies, specializing in the creation and delivery of premium, awe-inspiring entertainment experiences. With a growing suite of cutting-edge motion picture and sound technologies, and a globally recognized entertainment brand, IMAX is singularly situated at the convergence of the entertainment industry, innovation and the digital media world. The industry’s top filmmakers and studios are utilizing IMAX theatres to connect with audiences in extraordinary ways, and as such, the IMAX network is among the most important and successful theatrical distribution platforms for major event films around the globe. The Company’s new digital projection and sound systems – combined with a growing blockbuster film slate – are fueling the rapid expansion of the IMAX network in established markets such as North America, Western Europe, and Japan, as well as emerging markets such as China and Russia. IMAX theaters deliver the world’s best cinematic presentations using proprietary IMAX®, IMAX® 3D, and IMAX DMR® (Digital Re-Mastering) technologies. IMAX DMR enables virtually any motion picture to be transformed into the unparalleled image and sound quality of The IMAX Experience®.
IMAX is headquartered in New York, Toronto and Los Angeles, with offices in London, Tokyo, Shanghai and Beijing. As of September 30, 2011, there were 583 IMAX theatres (441 commercial multiplex, 23 commercial destination and 119 institutional) operating in 48 countries.
IMAX®, IMAX® 3D, IMAX DMR®, Experience It In IMAX®, An IMAX 3D Experience® and The IMAX Experience® are trademarks of IMAX Corporation. More information about the Company can be found at www.imax.com. You may also connect with IMAX on Facebook (www.facebook.com/imax), Twitter (www.twitter.com/imax) and YouTube (www.youtube.com/imaxmovies).
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, but are not limited to, general economic, market or business conditions, including the length and severity of the current economic downturn, the opportunities that may be presented to and pursued by the Company, competitive actions by other companies, the performance of IMAX DMR films, conditions in the in-home and out-of home entertainment industries, the signing of theatre system agreements, changes in law or regulations, conditions, changes and developments in the commercial exhibition industry, the failure to convert theatre system backlog into revenue, new business initiatives, investments and operations in foreign jurisdictions and any future international expansion, foreign currency fluctuations and the Company’s prior restatements and the related litigation. These factors and other risks and uncertainties are discussed in the Company’s most recent Annual Report on Form 10-K and most recent Quarterly Reports on Form 10-Q.
UPDATE: Additional coverage on the new UK digital IMAX theaters:
Edinburgh Evening News: Film lovers see the bigger picture as IMAX hits Capital
Associated Press: Imax inks deal to install 3 new systems in U.K.