Country's Leading Exhibitor to Add Four New Locations in France; Following Success of IMAX Digital Locations in Paris and The Netherlands
Exhibitor to Install all Four New IMAX Digital Theatre Systems in June 2010 to Capitalize on IMAX's Hollywood Film Slate
PARIS, April 13, 2010 (GLOBE NEWSWIRE) -- IMAX Corporation (Nasdaq:IMAX) (TSX:IMX) today announced that Gaumont Pathe Movie Theatres (EuroPalaces), the leading exhibitor in France and one of the most prominent exhibitors in Europe, has signed an agreement to install four new IMAX digital theatre systems at premier EuroPalaces locations in Paris/Peripherie, and three regional cities throughout France. The new locations will be structured as joint ventures between IMAX and the exhibitor, with each location scheduled to be installed at the end of June 2010.
The deal was signed following the success of EuroPalaces' Gaumont Disney Village IMAX theatre in Paris, which was recently upgraded with an IMAX digital projection system, as well as the success of the exhibitor's three IMAX joint venture theatres in The Netherlands which operate under the Pathe theatre circuit in the cities of Amsterdam, Rotterdam and Eindhoven. With these four new theatres, EuroPalaces will operate a total of eight IMAX theatre systems with three in The Netherlands and five in France.
Richard L. Gelfond, Chief Executive Officer of IMAX, made the announcement at a press conference this morning in Paris at the Ritz Paris.
"Our IMAX theatres in France and The Netherlands have increased admissions in each of the complexes where they are located, demonstrating firsthand that consumers are seeking out The IMAX Experience® as the best way to see a movie," said Franck Lebouchard, Managing Director of EuroPalaces. "It is clear to us that there is a strong demand for The IMAX Experience in France, particularly with the new catalog of movies (Harry Potter, Avatar, Alice in Wonderland)."
"We are pleased to be expanding our partnership with EuroPalaces, one of the most prominent and respected exhibitors in Europe, which increases our availability to consumers, provides a larger platform for great films and builds on the momentum and the overall growth of the IMAX network in the region," said Mr. Gelfond. "Our digital projection system continues to gain traction worldwide, and we believe EuroPalaces' increasing stake in the IMAX business will fuel even more interest from other exhibitors in other markets in Europe and around the world. We're looking forward to continued success with them as we enter this joint venture partnership and expand our relationship."
"Gaumont and Pathe are brands that are associated with top-notch multiplexes, which makes them an ideal joint venture partner for IMAX," added Julian Stanford, IMAX's general Manager Theatre Development for Europe, Middle East and Africa. "We're both committed to delivering the best movie experiences and with these new locations more people in France will be able to experience the world's greatest movies in the most powerful and immersive way."
IMAX's digital projection 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 Gaumont Pathe Movie Theatres
EuroPalaces is a leading operator of movie theaters in France (74 cinemas and 747 screens) in the Netherlands (12 cinemas and 102 screens) and in Switzerland (10 cinemas and 70 screens). The exhibitor also has a presence in Italy. As a pioneer of the multiplex concept in France, EuroPalaces consolidates its leadership through new openings and renovation of its existing theatres. EuroPalaces continuously improves the comfort and quality services in its theaters and offers a very broad range of film product. In the Netherlands, Pathe Theatres BV is currently the only exhibitor to feature The IMAX Experience, with 3 locations. In 2009, the Gaumont Pathe theaters realized more than 60.8 million admissions.
For more information, www.cinemasgaumontpathe.com
About IMAX Corporation
IMAX Corporation is one of the world's leading entertainment technology companies, specializing in immersive 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® technology. IMAX DMR is the Company's groundbreaking digital re-mastering technology that allows it to digitally transform virtually any conventional motion picture into the unparalleled image and sound quality of The IMAX Experience. The IMAX brand is recognized throughout the world for extraordinary and immersive entertainment experiences for consumers. As of December 31, 2009, there were 430 IMAX theatres (309 commercial, 121 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 (http://www.youtube.com/imaxmovies">www.youtube.com/imaxmovies).
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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 accounting, the performance of films, the signing of theatre system agreements, the viability of new technologies, businesses and products, 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, risks arising from potential material weaknesses in internal control over financial reporting and fluctuations in foreign currency and in the large format, general commercial exhibition and out-of-home entertainment markets. 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.