Agreement with IMAX's Largest North American Exhibitor Includes 13-Year Lease Terms for New IMAX® Theatres at AMC Locations in Chicago, New York, Newark and Phoenix
NEW YORK and LEAWOOD, Kan., Aug. 18, 2014 /PRNewswire/ -- IMAX Corporation (NYSE: IMAX; TSX: IMX) and AMC Entertainment Holdings, Inc. (NYSE: AMC) today announced an expansion of the companies' existing joint revenue sharing arrangement with the addition of 11 IMAX® theatres. The theatres, which will carry 13-year lease terms from the date of installation, are expected to be installed in 2015 in cities that include Chicago, New York, Newark and Phoenix. Today's agreement brings AMC's total IMAX commitment to 159 theatres and reinforces its position as the largest IMAX exhibitor in North America.
"Guests are choosing AMC because they know they'll get the best possible movie-going experience, including more immersive IMAX theatres than anyone else in North America," said Gerry Lopez, CEO and president of AMC. "We look forward to strengthening our longstanding successful partnership and bringing The IMAX Experience® to more moviegoers across the United States"
"For nearly a decade, AMC and IMAX have worked together to bring millions of movie fans across North America the best cinema-going experience possible," said IMAX CEO Richard L. Gelfond. "Our collaborations continue on many fronts, most recently on new marketing initiatives which include developing custom IMAX content for AMC's marketing channels, successfully generating awareness of our brand and experience. We see today's agreement with AMC as an endorsement of the long-term viability of the IMAX domestic business and anticipate many more years of shared success."
The agreement terms include six new sites and the confirmation of five previously conditional sites.
About AMC Entertainment Holdings, Inc.
AMC (NYSE: AMC) is the guest experience leader with 342 locations and 4,968 screens primarily in the United States. AMC has propelled innovation in the theatrical exhibition industry and continues today by delivering more comfort and convenience, enhanced food & beverage, greater engagement and loyalty, premium sight & sound, and targeted programming. AMC operates the most productive theatres in the country's top markets, including No. 1 market share in the top three markets (NY, LA, Chicago). www.amctheatres.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 theaters 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 June 30, 2014, there were 868 IMAX theaters (735 commercial multiplexes, 19 commercial destinations and 114 institutions) in 59 countries.
IMAX®, IMAX® 3D, IMAX DMR®, Experience It In IMAX®, An IMAX 3D Experience®, The IMAX Experience®, IMAX Is Believing® and IMAX nXos® 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.