TORONTO, March 24, 2010 (GLOBE NEWSWIRE) -- IMAX Corporation (Nasdaq:IMAX) (TSX:IMX) today announced that Shaw Theatres Pte Ltd, a leading exhibitor in Singapore, has signed an agreement to install a digital IMAX® theatre system at the exhibitor's premier location in the heart of Singapore's famous commercial retail and entertainment area, Orchard Road. The IMAX installation scheduled to be open in spring of 2011 is part of a major remodeling of the Lido Cineplex in Shaw House.
"We have watched the IMAX brand grow significantly across the Asia-Pacific region and we believe it is an ideal fit for this iconic location." said Mark Shaw, Executive Vice President of Shaw Theatres, "The combination of the growing slate of Hollywood blockbusters in the IMAX format and the super premium IMAX theatre system will deliver an exceptional experience our patrons will seek out and pay a premium for. We believe that IMAX will be a major entertainment anchor for our complex and Singapore."
"Shaw's Lido Cineplex is located in the highest profile retail and entertainment area in Singapore, and the inclusion of an IMAX theatre there will increase the visibility of our brand in yet another key location within the Asia-Pacific market," said IMAX CEO Richard L. Gelfond. "There is great potential for the IMAX brand in Singapore, and this new partnership with Shaw Theatres serves as a great way to capitalize on that potential."
"We're very excited to work with Shaw Theatres to help transform their cinema complex into a super-premium attraction for its customers," added Don Savant, IMAX's Senior Vice President and Managing Director, Asia Pacific. "With the biggest Hollywood movies as well as select mainstream Chinese films now available in the IMAX format, we're in a position to captivate a much wider audience and offer a broad range of movie experiences that moviegoers in Singapore can't get anywhere else."
IMAX's digital projection 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 IMAX®3D presentations.
About Shaw Theatres
Shaw Theatres, part of the Shaw Organisation, was founded by the Shaw Brothers and has been operating cinemas in Singapore since 1927. It owns and currently operates 5 Multiplexes across the island, with a new location opening in November 2010.
The Lido Cineplex, located in Shaw House is Shaw Theatres' flagship location. First opened in 1959, Lido was a single screen cinema on the current site. In 1993, after 3 years of construction, a new 5 screen multiplex was opened as part of the new 22 Storey Shaw House re-development. In 1997, it was upgraded to 8 screens. Shaw Theatres is now embarking on a major remodeling of the Cineplex creating a landmark 11 screen cineplex to include Singapore's first digital IMAX theater slated to be ready in spring 2011.
Shaw House is a 22 Storey Retail and Office building situated at the heart of Singapore's iconic Orchard Road at the junction of Orchard and Scotts Road.
Orchard Road is a 2.2km street that is one of Singapore's biggest local and tourist attractions. With over 800,000sq m. of Retail, Restaurants, Hotels and Cinemas, Orchard Road is Singapore's entertainment hub.
For more information on Shaw Theatres and Shaw Organisation, please visit http://shaw.sg . You can also connect with Shaw on Facebook (facebook.com/shaw.sg), Twitter (twitter.com/shawonline) and YouTube (youtube.com/ShawOnlineVideos).
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 December 31, 2009, there were 430 IMAX theatres (309 commercial, 121 institutional) operating in 48 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).
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.