LAS VEGAS, Jan. 7, 2010 (GLOBE NEWSWIRE) -- On the heels of this week's announcement between IMAX Corporation (Nasdaq:IMAX) (TSX:IMX), Discovery Communications and Sony Corporation to create a cable television network devoted entirely to 3D content, IMAX today announced that it is developing its first IMAX(R) 3D digital camera. The initiative marks the Company's continued move to explore new growth opportunities that capitalize on its leadership in 3D entertainment technology. IMAX expects its first prototype to be ready by early 2010, with the goal of an official launch in 2011. The new IMAX 3D camera is planned to be a component of a suite of IMAX-branded products and services available to studios, partners and filmmakers for use in production of premium 3D content.
The benefits of the IMAX 3D camera are expected to include:
- Proprietary, differentiated content for the IMAX(R) theatre network.
- Increased content for the Company's planned joint venture 3D TV Network.
- Lower production costs, due to the elimination of expensive film stock.
"Just as the advent of digital became the catalyst for evolving our film-based projection system, we believe the prominence of 3D is the catalyst for evolution of our 3D camera," said Richard L. Gelfond, CEO of IMAX Corporation. "While our priority remains growing our theatre network and delivering the premium out of home entertainment experience, we always strive to be at the forefront on emerging industry trends, be it the roll out of digital projection or the proliferation of 3D content and distribution. As we move forward, we will insist that any new potential venture be consistent with our brand, provide new revenue streams, and look for attractive rates of return, including through licensing and otherwise."
"This initiative is an important step in our strategy to make The IMAX Experience(R) more accessible to consumers and more viable for filmmakers," added Greg Foster, Chairman and President of IMAX Filmed Entertainment. "Given the significant amount of 3D content being developed over the past 12 to 18 months, requests from filmmakers for an IMAX 3D digital camera, consumer appetite for The IMAX Experience and this week's joint venture announcement for the 3D television network, we believe the timing of this initiative could not be better."
Among the key areas of focus for IMAX's exploration of strategic brand extension plans will be:
- 3D in-home entertainment technology, including television, home theatres and additional consumer products.
- Digital re-mastering and conversion of movie and television content using our proprietary technology to include both 2D, 3D and high-definition formats.
- Increased post-production opportunities.
- Partnering with leading technology, studio, programming, content and consumer electronics companies to enhance awareness of the IMAX(R) brand and IMAX technology, and build on the company's reputation for innovation and excellence.
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(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. The IMAX brand is recognized throughout the world for extraordinary and immersive entertainment experiences for consumers. As of September 30, 2009, there were 403 IMAX theatres (280 commercial, 123 institutional) operating in 44 countries.
IMAX(R), IMAX(R) 3D, IMAX DMR(R), Experience It In IMAX(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/imax) 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 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.