NEW YORK, Oct. 13, 2010 (GLOBE NEWSWIRE) -- Building on the momentum of the expanding IMAX® theatre network throughout Europe and Russia, IMAX Corporation (Nasdaq:IMAX) (TSX:IMX) and CinemaxX AG today announced an agreement to install a digital IMAX theatre in Bremen, Northern Germany, in November 2010. The parties also expressed an intention to open at least four additional IMAX theatre systems across Germany in the future. The deal marks IMAX's first joint venture agreement in Germany and builds on the Company's ongoing network expansion across Continental Europe, following the successful roll-out of IMAX theatres with leading exhibitors in the United Kingdom, The Netherlands and France.
Today's announcement brings the total number of IMAX theatres scheduled to be operating in The EMEA (Europe, Middle East, Russia and CIS) region to 115. The Company's announced number of theatre systems signings year-to-date has increased to 199 worldwide, which compares to 35 system signings in all of 2009.
"We work hard to bring a further dynamic element to the German exhibition market," said Christian Gisy, CEO of CinemaxX, "IMAX is the next step in our programme to provide German customers with the very best film experience. I am confident that the strong IMAX brand values will help to drive real success in Bremen and beyond, and I look forward to a long and successful partnership with IMAX Corporation in Germany."
"We are excited to be 'seeding' the German market with our new joint venture partner CinemaxX," said IMAX CEO Richard L. Gelfond. "Germany is a large and under-penetrated market for IMAX, and we are pleased to further our development there with a key and established exhibitor partner – a model that has worked well and enabled us to achieve success in other markets across Europe and the rest of the world. I am delighted we are taking this important strategic step in Germany with an exhibitor that has such a clear eye to the future."
"We have seen strong results in our long-operating Potsdamer Platz IMAX in Berlin, and this new initiative will enable us to start bringing The IMAX Experience® to more cinema goers across Germany," added Larry T. O'Reilly, IMAX's Executive Vice President, Theatre Development. "Christian Gisy has assembled a great dynamic team at CinemaxX that has demonstrated real initiative and drive in the German and Danish exhibition market. We are very excited to open this initial location with them and look forward to expanding across the market in future."
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.
CinemaxX AG is the most well-known operator of multiplex cinemas in Germany. In total, the company has 34 cinemas with 298 screens and capacity for around 80,000 people in Germany and Denmark. Due to their architectural design, CinemaxX multiplex cinemas occupy a unique position in the German cinema landscape and also offer exemplary standards of comfort and quality – including refined picture and sound quality, extra large screens, modern comfortable seats in air-conditioned cinema halls and an excellent ambience. For more information, please visit www.cinemaxx.de.
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 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.
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