MONTREAL, July 17, 2013 /PRNewswire/ -- IMAX Corporation (NYSE: IMAX; TSX: IMX) today announced an expansion of its revenue sharing agreement with Cinemas Guzzo for an additional two IMAX® theatre systems in Quebec. Cinemas Guzzo will add an IMAX theatre at its Mega-Plex™ Deux-Montagnes 14 in Deux-Montagne and a second IMAX theatre at its Mega-Plex™ Terrebonne 14 in Terrebonne, which marks the exhibitor's fourth agreement for two IMAX screens within a single multiplex. This is also the first-ever single-language, dual-screen installation in the IMAX network. Today's deal brings to 12 Cinemas Guzzo's total IMAX commitment.
"IMAX continues to thrill our guests and drive business results," said Vincenzo Guzzo, Executive Vice-President, Cinemas Guzzo. "For example, since the March 2012 opening of our first IMAX theatre in Taschereau, the complex's overall gross box office has increased 20 percent in just a year. We're delighted to add more theatres to our circuit to meet the growing IMAX demand among our patrons. Also, as the IMAX film slate continues to expand with even more Hollywood blockbuster titles, we're pleased to add a second French-language IMAX screen in Terrebonne. This will allow us to take greater advantage of blockbuster opening weekends in the same complex."
"We're pleased to see existing partners expand their IMAX business – a testament to the truly differentiated brand and entertainment experience we deliver," said Mark Welton, President, IMAX Theatres. "In just over a year, Cinemas Guzzo has opened six IMAX theatres in high-growth areas throughout the greater Montreal area. They are a tremendous IMAX brand ambassador and we're delighted to build on their success to date."
Cinemas Guzzo currently has six IMAX theatres open and six contracted to open. The exhibitor has IMAX theatres open at the Mega-Plex™Pont-Viau 16, Mega-Plex™ Terrebone 14, and two IMAX theatres at both the Mega-Plex™Taschereau 18 and Mega-Plex™Marche Central 18. This year, the exhibitor will open an IMAX theatre at the Cinemas Des Sources in Dollard-Des-Ormeaux, and as per today's agreement, an IMAX theatre at the Mega-Plex™Deux-Montagnes 14 and a second French-language IMAX screen at the Mega-Plex™ Terrebone 14. In 2014, Cinemas Guzzo will open an IMAX theatre at the Mega-Plex™ Lacordaire 16 and two theatres at the new Mega-Plex™Sainte-Therese 12.
About Les Cinemas Guzzo
Part of the Quebec cinema scene since 1974, the family-owned Cinemas Guzzo was founded by Angelo Guzzo, who for many years led the struggle for independent movie theatre owners to obtain the right to project first-run movies, thus opening the way for others. Angelo Guzzo and son Vincenzo continue to work as a team to bring moviegoers the best that cinema has to offer. The company has more than 142 digital screens, mainly in the Montreal area, and supports environmental cancer research through the Guzzo Foundation. For more information, visit www.cinemasguzzo.com.
About IMAX Corporation
IMAX, an innovator in entertainment technology, combines proprietary software, architecture and equipment to create experiences that take you beyond the edge of your seat to a world you've never imagined. Top filmmakers and studios are utilizing IMAX theatres to connect with audiences in extraordinary ways, and, as such, IMAX's network is among the most important and successful theatrical distribution platforms for major event films around the globe.
IMAX is headquartered in New York, Toronto and Los Angeles, with offices in London, Tokyo, Shanghai and Beijing. As of March 31, 2013, there were 738 IMAX theatres (606 commercial multiplexes, 19 commercial destinations and 113 institutions) in 53 countries.
IMAX®, IMAX® 3D, IMAX DMR®, Experience It In IMAX®, An IMAX 3D Experience®, The IMAX Experience® and IMAX Is Believing® 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 IMAX 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. These risks and uncertainties are discussed in IMAX's most recent Annual Report on Form 10-K and most recent Quarterly Reports on Form 10-Q.
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SOURCE IMAX Corporation