IMAX’s Largest Exhibitor Partner Signs Eight IMAX® Theatres with Potential for 10 Additional Theatres
NEW YORK and KANSAS CITY, Mo., July 16, 2012 /PRNewswire/ — IMAX Corporation (NYSE: IMAX; TSX: IMX) and AMC Entertainment Inc. (AMC) today announced an expansion of the companies’ existing joint revenue sharing arrangement to include the installation of eight confirmed and up to 18 IMAX® theatres in the United States. The deal also includes the conversion of two existing AMC IMAX theatres from a sale to a joint revenue sharing structure. Today’s agreement brings AMC’s total IMAX commitment to 138 theatres with the potential to expand to 148. The company currently has 125 IMAX theatres in operation.
The eight confirmed locations are expected to be in both existing and untapped IMAX markets, including Charlotte, N.C.; Monmouth, N.J.; Dearborn, Mich.; Niles and Crestwood, Ill.; and San Francisco, Redondo Beach and Anaheim, Calif. At least three are expected to open by the end of 2012.
“We’re in the business of making smiles happen and what we’ve found is our guests love seeing movies in an IMAX theatre,” said Gerry Lopez, CEO and president of AMC. “To build on our 12-year partnership with IMAX certainly helps us further our strategic initiative of premium sight and sound experiences but more importantly, it allows us to provide an amazing experience for guests at even more locations.”
“The IMAX footprint still has runway for growth in the U.S. and we are pleased to expand into these new markets with our biggest and long-time partner, AMC,” said Richard L. Gelfond, CEO, IMAX Corporation. “The expansion of such key strategic partnerships positions IMAX for long-term growth and brings The IMAX Experience® to more audiences across the U.S.”
About AMC Entertainment Inc.
AMC Entertainment Inc. delivers distinctive and affordable movie-going experiences in 346 theatres
with 5,034 screens across the United States and Canada. AMC has propelled industry innovation and continues today by delivering premium sight and sound, enhanced food and beverage and diverse content.
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 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 March 31, 2012, there were 643 IMAX theatres (510 commercial multiplex, 20 commercial destination and 113 institutional) in 52 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 IMAX 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 performance of IMAX DMR films, the opportunities that may be presented to and pursued by IMAX, competitive actions by other companies, 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 respond to changes and advancements in digital technology, the failure to convert theatre system backlog into revenue, new business initiatives, investments and operations in foreign jurisdictions and any future international expansion, the inability to protect IMAX’s intellectual property foreign currency fluctuations and IMAX’s prior restatements and the related litigation. These factors and other risks and uncertainties are discussed in IMAX’s most recent Annual Report on Form 10-K and most recent Quarterly Reports on Form 10-Q.
UPDATE: Additional news on the new IMAX, AMC theater deal:
Charlotte Business Journal: Charlotte one of eight cities slated for new IMAX theater
The Hollywood Reporter: AMC Entertainment Takes up to 18 More Imax Screens