TORONTO, Feb. 3, 2010 (GLOBE NEWSWIRE) -- IMAX Corporation (Nasdaq:IMAX) (TSX:IMX) and Rising Star Media, one of Russia’s leading international exhibitors, today announced an agreement to expand their relationship by installing two more digital IMAX® theatre systems by spring 2010. The deal follows a highly successful run of IMAX titles at the exhibitor’s two existing IMAX locations. Under terms of the deal, Rising Star will add a new digital IMAX location in Moscow, and upgrade its existing film-based IMAX location in St. Petersburg with an IMAX digital projection system.
During the current run of Avatar in Russia, IMAX theatres generated 5% of the film’s total Russian box office on 0.3% of the screens. The two Kinostar IMAX screens, which are operated by Rising Star Media, have both passed the $1 million box office mark. On other recent 3D releases, including Sony Animation’s Cloudy with A Chance of Meatballs and Disney’s A Christmas Carol, Kinostar enjoyed similar market leading box office success.
“We have a long and successful history with IMAX and it is great to see our relationship grow to new heights in Russia,” said Shari E. Redstone, Chairwoman of Rising Star Media. “The incremental box office returns from our Kinostar venues with IMAX, combined with the growing number of Hollywood blockbusters released in IMAX’s unique format makes the decision to expand our relationship an easy one.”
“Through our experience with a range of 3D technologies we have learned that IMAX® 3D resonates with Russian moviegoers, and they are seeking out the premium IMAX experience at our theatres,” said Paul B. Heth, Chief Executive Office of Rising Star Media. “Our partnership with IMAX has become very important to us as we continue to strive to offer the best movie going experience in our industry.”
“Russia remains a key part of our European expansion strategy,” said IMAX CEO Richard L. Gelfond. “Our strong film slate and digital projection system continues to drive interest from existing partners as well as exhibitors who are not yet in the IMAX business. This expanded relationship with Rising Star Media, one of the top exhibitors in the region, fuels that interest and reinforces our cache with Russian consumers.”
“We are thrilled that Rising Star Media continues to position The IMAX Experience® as their premium offering for major Hollywood blockbusters and are expanding their IMAX footprint,” added Larry O'Reilly, IMAX's Executive Vice President of Theatre Development.
IMAX's digital theatre 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 IMAX3D presentations.
About Rising Star Media
Rising Star Media, owned by Shari E. Redstone and Paul B. Heth in partnership with UFG Asset Management, is Russia’s leading international theatrical exhibitor with Russia’s top grossing cinema complexes in Moscow and St. Petersburg. Rising Star Media was established with the goal of creating a world-class cinema circuit in the rapidly expanding Russian market. www.kinostardelux.ru
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 September 30, 2009, there were 403 IMAX theatres (280 commercial, 123 institutional) operating in 44 countries.
IMAX®, IMAX® 3D, IMAXDMR®, 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).
The IMAX Corporation logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=6469
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.