IMAX Corporation (ticker: IMAX, exchange: NASDAQ Global Market (.O))
News Release -
Imax Corporation Signs Agreement with Dentsu Tec, Inc. for Three Imax(R) Theatre Systems to Be Located in Japan
TORONTO, Jan. 11 /PRNewswire/ -- Imax Corporation (Nasdaq: IMAX; Toronto: IMX) today announced it has signed an agreement with Dentsu Tec, Inc for three IMAX(R) 3D theatre systems in Japan. The first theatre will be located in Nagano and is schedule to open its doors in January 2001. The other two theatres are to be located in Tokyo and will be opening in Spring 2002. Dentsu Tec, Inc., a subsidiary of the world's largest advertising agency, Dentsu, is acting on behalf of Seibu Shoji, a division of the Seibu Group, which will operate the theatres.
"We are pleased to enter into this agreement to further expand Imax's presence in Japan," said Imax co-CEOs Richard L. Gelfond and Bradley J. Wechsler. "This contract continues our resurgence in the Asian marketplace and follows the recent signing of a two theatre deal in China. We expect more activity from the area as the economy continues to strengthen in Asia. We are very happy to be working with Dentsu Tec and the Seibu Group to bring The IMAX Experience(R) to their customers."
"These three IMAX theatres will be a perfect match for Seibu's other location-based entertainment venues," said Mr. Toshimi Hashiba, General Manager of Dentsu Tec's Project Development Department. "We feel that The IMAX Experience will add another dimension to Seibu's entertainment mix. We are very excited to be bringing the world's premier motion picture technology to these destinations."
The Seibu Group, which originated from Seibu Railways Co., has more than 100 subsidiary companies including Kokudo Corp., Prince Hotels, Seibu Transportation, Seibu Recreations and Seibu Construction, as well as 24 golf courses around world and Japan's pro-baseball team the Seibu Lions.
Founded in 1967, Imax Corporation has consistently delivered the world's premiere cinematic experiences. There were more than 200 IMAX theatres in 25 countries as of September 30, 1999, with a backlog of more than 80 theatre systems expanding Imax's reach into 15 new countries during the next few years. More than 500 million people have seen an IMAX presentation since the medium premiered in 1970. In 1999, more than 70 million people worldwide have visited an IMAX theatre. Imax has forged strategic alliances and relationships with some of the most prominent corporations in the world including The Walt Disney Company, Famous Players Inc. (a subsidiary of Viacom Inc.), America Online and Loews Cineplex Corp. In 1997, Imax was awarded an Oscar(R) for Scientific and Technical Achievement by the Academy of Motion Picture Arts and Sciences.
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 effect 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, and foreign currency fluctuations. 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, 1998 and in the subsequent reports filed by the Company with the Securities and Exchange Commission.
SOURCE Imax Corporation
CONTACT: Victoria Dinnick of Imax Corporation - Toronto, 905-403-6366, or Analysts - Stephen Abraham of Imax Corporation - New York, 212-821-0140/