LOS ANGELES, March 22, 2011 (GLOBE NEWSWIRE) -- Following a year of significant global theatre network growth, the best box office results in company history and a record number of films, IMAX Corporation (NYSE:IMAX) (TSX:IMX) today announced it has promoted Phil Groves to Senior VP, Worldwide Distribution, Studio-Exhibitor Relations. In his expanded role, Mr. Groves will oversee IMAX's global distribution operation in addition to managing the rapidly growing number of international relationships the Company maintains. Mr. Groves will continue to report to Greg Foster, Chairman and President, IMAX Filmed Entertainment.
"Phil has been a key contributor to the successful transformation of IMAX's film business and the results of that strategy have been evident," said Foster. "We have expanded his position to acknowledge the role he has played, and to enable our growing list of global exhibition and studio partners to have access to Phil's extensive knowledge of the IMAX distribution business."
In 2010, 13 new exhibition partners opened IMAX® theatres. The Company installed a total of 123 theatre systems worldwide, of which 91 were in new locations. IMAX forged relationships with several new partners, including Chinese film studios, and the IMAX film slate featured 15 titles.
About IMAX Corporation
IMAX Corporation is the world's leading entertainment and technology company, specializing in the creation and delivery of premium, awe-inspiring entertainment experiences. With a growing suite of cutting-edge motion picture and sound technologies, and a globally recognized entertainment brand, IMAX is singularly situated at the convergence of the entertainment industry, innovation and the digital media world. The industry's top filmmakers and studios are utilizing IMAX theatres to connect with audiences in extraordinary ways, and as such, the IMAX network is among the most important and successful theatrical distribution platforms for major event films around the globe. The Company's new digital projection and sound systems - combined with a growing blockbuster film slate - are fueling the rapid expansion of the IMAX network in established markets such as North America, Western Europe, and Japan, as well as emerging markets such as China and Russia. IMAX theatres deliver the world's best cinematic presentations using proprietary IMAX, IMAX® 3D, and IMAX DMR® (Digital Re-Mastering) technologies. IMAX DMR enables virtually any motion picture to be transformed into the unparalleled image and sound quality of The IMAX Experience®.
IMAX is headquartered in New York, Toronto and Los Angeles, with offices in London, Tokyo and Shanghai. As of December 31, 2010, there were 518 IMAX theatres (396 commercial, 122 institutional) operating in 46 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, 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, new business initiatives, investments and operations in foreign jurisdictions, foreign currency fluctuations and the Company's prior restatements and the related litigation and investigation by the SEC and the ongoing inquiry by 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.