One of the Largest Independently Owned Theatre Circuits in North America to Install up to Four IMAX Digital Theatre Systems
IMAX Continues US Expansion Strategy of Entering Small to Mid-Sized Markets With Leading Regional Exhibitors
NEW YORK, April 4, 2011 (GLOBE NEWSWIRE) -- IMAX Corporation (NYSE:IMAX) (TSX:IMX) and Premiere Cinema Corp., one of the largest independently owned circuits in North America, today announced a sales agreement for three new IMAX® theatre systems in Texas. The new IMAX locations are expected to open by year-end in Houston, Lubbock, and El Paso. As part of the agreement, Premiere has an option to open a fourth location.
Since January 1, IMAX Corporation has signed contracts for over 100 theatre systems, more than double the number of theatre system signings that occurred during the same period in 2010.
"The strong IMAX box office performance this past year demonstrated how The IMAX Experience® has become synonymous with the biggest event movies," said Premiere Cinema Corporation's CEO Gary Moore. "The favorable economics of IMAX's digital projection system has enabled us to easily enter the IMAX business, and with IMAX's robust film slate, our timing couldn't be better. We are very excited to partner with IMAX and look forward to delivering on our commitment to Premiere's guests of offering the best movie-going experience in town."
"We are happy to be increasing our presence in Texas, and continuing to execute on our domestic growth strategy, which includes entering markets with high quality, well-branded regional exhibitors," said IMAX CEO Richard L. Gelfond. "Premiere Cinema Corp. is known for its first-class entertainment venues, which makes its complexes an ideal fit for the IMAX brand."
About Premiere Cinemas
Premiere is listed among the Top 20 largest theatre circuits in the U.S., and is one of the largest independently-owned circuits in North America. Based in Big Spring, Texas, Premiere designs, constructs, equips and operates first-class stadium multiplex cinemas across Texas, New Mexico, Alabama and Florida. Being privately-held and capitalized enables Premiere to continually invest in new technologies and amenities for its guests to optimize the movie-going experience at every level. Premiere is one of a handful of circuits to have completed the conversion of all of its stadium auditoriums to 100% digital cinema. Premiere gained global notoriety for building the world's first mezzanine-less cinemas with 100% digital projection technology built as features directly into its architecture. Currently Premiere is under construction of three new locations and its in-house general-contracting division, PDC is developing new state-of-the–art expanded-amenity facilities for malls and developers in several parts of the country. Premiere's company website is www.pccmovies.com.
About IMAX Corporation
IMAX Corporation is one of the world's leading entertainment and technology companies, 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 theaters 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.
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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 (www.youtube.com/imaxmovies).
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.