IMAX Corporation (ticker: IMAX, exchange: NASDAQ Global Market (.O))
News Release -
IMAX Signs Another Multiplex Theatre Deal in China
Signings Momentum Continues to Build in The People's Republic of China
Twenty-Three IMAX(R) Theatres Scheduled to be Open in Country by 2008
TORONTO, April 8 /PRNewswire-FirstCall/ - IMAX Corporation (Nasdaq: IMAX;
TSX: IMX) today announced an agreement with Zhengzhou Zhongyue Xiufeng Real
Estate Co., Ltd. to install an IMAX(R) MPX(TM) theatre system at a multiplex
in Zhengzhou, China, a city of two million people approximately 400 miles
southwest of Beijing. The multiplex will be part of one of the largest
commercial development in the city, called Zhengzhou Xintiandi, which will
include entertainment, retail shops, dining and residential units. In the past
eight months, IMAX has signed contracts for twelve new theatre systems in
China, with a total of twenty-three IMAX(R) theatres now scheduled to be open
in the country by 2008.
"The level of interest we're seeing from commercial exhibitors and real
estate developers throughout China is unlike anything in IMAX's history," said
IMAX Co-CEOs and Co-Chairmen Richard L. Gelfond and Bradley J. Wechsler. "We
launched our Chinese operations in late 2001, and now, just more than three
years later, the country is on the verge of becoming IMAX's second largest
market in the world. The compelling economics of the IMAX MPX system and
performance of digitally re-mastered IMAX releases have been key to this
success, and we believe China still holds a great deal of potential for
further expansion of the IMAX theatre network."
"Including an IMAX theatre as part of the Zhengzhou Xintiandi commercial
development will help immediately establish it as the premiere entertainment
destination in Zhengzhou," said Mr. Wang Mingyi, Chairman of Zhongyue Xiufeng.
"IMAX theatres have proven to make great 'anchors', which drive incremental
attendance to both a multiplex and surrounding businesses as well. We feel
IMAX represents a profitable business opportunity and we're excited to be
working with the company to bring the ultimate movie experience to Zhengzhou."
The IMAX theatre in Zhengzhou is scheduled to open in 2007 and will be
capable of exhibiting Hollywood blockbusters converted into IMAX's immersive
format, as well as original 2D and IMAX(R) 3D films. The theatre will feature
IMAX's state-of-the-art, multi-channel, digital surround sound system,
designed to further immerse audiences in an IMAX presentation.
About IMAX Corporation
Founded in 1967, IMAX Corporation is the newest distribution platform for
Hollywood content and one of the world's leading entertainment technology
companies. IMAX delivers the world's best cinematic presentations using
proprietary IMAX, IMAX 3D, and IMAX DMR(R) technology. IMAX DMR (Digital
Re-mastering) makes it possible for virtually any 35mm film to be transformed
into the unparalleled image and sound quality of The IMAX Experience(R). The
IMAX brand is recognized throughout the world for extraordinary and immersive
entertainment experiences. As of December 31, 2004, there were 248 IMAX
theatres operating in more than 35 countries.
IMAX(R), IMAX(R) 3D, IMAX DMR(R), IMAX(R) MPX(TM) 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 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, 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/A for
the year ended December 31, 2003 and in the subsequent reports filed by the
Company with the Securities and Exchange Commission.
SOURCE IMAX Corporation
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