TORONTO, Oct. 12, 2009 (GLOBE NEWSWIRE) -- IMAX Corporation (Nasdaq:IMAX) (TSX:IMX) and ODEON & UCI Cinemas Group, Europe's largest exhibitor, today announced an agreement to install an IMAX(R) theatre in the exhibitor's multiplex in Cardiff, Wales. The deal was signed as a result of the growing success and popularity of the exhibitor's IMAX digital locations in Wimbledon and Greenwich. This newest location and the exhibitor's previously announced IMAX location in Gateshead, UK, are scheduled to open in time for the release of Avatar on December 18th, 2009. Both will feature IMAX's digital projection technology. The deal brings the total number of IMAX theatres operated by ODEON to five.
To date, IMAX has signed contracts for over 200 IMAX digital projection systems worldwide, with more than 115 currently in operation.
"Cinemagoers are continuing to react positively to the premium experience they get in our IMAX cinemas, and this ongoing success, combined with a growing IMAX film slate, is the key driver of our latest expansion with IMAX in the United Kingdom," said Rupert Gavin, CEO of ODEON & UCI Cinemas Group. "We believe there are more opportunities for ODEON and IMAX in the future, and we're actively exploring additional locations."
"ODEON & UCI Cinemas Group's increasing interest in the IMAX business is very encouraging as we continue to focus on network expansion in Europe," said IMAX CEO Richard L. Gelfond. "We're very pleased to share our exciting film slate with more consumers in additional IMAX theatres, and we look forward to opening this location in time to capitalize on the IMAX 3D release of Avatar in December."
"We're very pleased with ODEON and UCI Cinemas Group's ongoing success with IMAX theatres, which are driving business for each overall ODEON multiplex we're operating in," added Larry O'Reilly, Executive Vice President of Theatre Development. "The Group's endorsement of our digital projection system reinforces the power of The IMAX Experience(R) in a multiplex setting."
IMAX's revolutionary digital projection system delivers The IMAX Experience(R) 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(R) 3D presentations.
About ODEON & UCI Cinemas Group
With over 75 years experience, ODEON & UCI Cinemas Group is the largest exhibitor in Europe. The group is the leading exhibitor in the UK, Spain and Italy, second largest in Ireland and third largest in Germany, Austria and Portugal. It operates 1802 screens at 202 sites across Europe.
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 movie presentations using proprietary IMAX, IMAX 3D, and IMAX DMR(R), 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(R). The IMAX brand is recognized throughout the world for extraordinary and immersive entertainment experiences for consumers. As of June 30, 2009, there were 394 IMAX theatres (273 commercial, 121 institutional) operating in 44 countries.
IMAX(R), IMAX(R) 3D, IMAX DMR(R), An IMAX 3D Experience(R) and The IMAX Experience(R) 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/imaxnews) and YouTube (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, 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, the performance of IMAX DMR films, conditions in the in-home and out-of home entertainment industries, the signing of theatre system agreements, changes and developments in the commercial exhibition industry, the failure to convert theatre system backlog into revenue, investments and operations in foreign jurisdictions, foreign currency fluctuations and the Company's prior restatements and the related litigation and ongoing inquiries by the SEC and the OSC. 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.