NEW YORK, Sept. 22, 2010 (GLOBE NEWSWIRE) -- IMAX Corporation (Nasdaq:IMAX) (TSX:IMX) and Cobb Theatres, the highly respected U.S.-based exhibitor recognized nationwide for operating first-class entertainment venues, today announced an agreement to install four IMAX® theatre systems in the Southeastern United States. Under the terms of the agreement, the first location will open in November 2010 in Lakeland, FL, followed by another location in South Florida in February, and installations in Tuscaloosa, AL and Merritt Island, FL in March and April of 2011, respectively. The deal brings the Company's total announced number of theatre systems signings year-to-date to 172 worldwide, which compares to 35 system signings in all of 2009.
"During the past few years it has become very evident that when a big movie opens, people want to experience it in IMAX," said Robert Cobb, CEO of Cobb Theaters. "The IMAX brand is synonymous with the best movie presentations in 2D and 3D, and these four locations will enable us to offer more premium content to our customers. The favorable economics and program flexibility of IMAX's digital projection system, and the strong recognition and appeal of the IMAX brand makes this relationship a perfect fit for our business."
"Cobb Theaters is widely known for operating first-class entertainment venues, which makes their locations ideally suited for the IMAX brand and we're very happy to enter into this relationship with them," said IMAX's Chief Executive Officer Richard L. Gelfond. "We have seen the strong performance of regional IMAX theatre operators across the U.S., and are pleased to increase our presence in the Southeast and add to our theatre system contract signings momentum, which continues to significantly outpace the growth we experienced during the same time a year ago."
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 Cobb Theaters
Cobb Theatres, based in Birmingham, Ala., is a progressive motion picture exhibitor with over 85 years of tradition. They currently operate 210 screens at 17 locations in the United States. Cobb Theatres & CineBistro, the premier cinema and dinner-in-a-movie concept, created by Cobb Theatres, are currently being developed throughout the country, with new sites coming to Virginia, Georgia and Florida. For more information on Cobb Theatres or CineBistro, visit www.cobbtheatres.com
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 June 30, 2010, there were 447 IMAX theatres (325 commercial, 122 institutional) operating in 47 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 ( 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, investments and operations in foreign jurisdictions, foreign currency fluctuations and the Company's prior restatements and the related litigation and ongoing inquiries by the SEC and 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.
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