NEW YORK and KNOXVILLE, Tenn., Jan. 6, 2017 /PRNewswire/ -- IMAX Corporation (NYSE: IMAX) and Regal Entertainment Group (NYSE: RGC) today announced an expansion of the companies' existing joint revenue sharing agreement to include the installation of 11 additional IMAX® theatres in the U.S – bringing to 100 theatres Regal's total IMAX network. The companies intend to open the new joint venture theatres in new and existing complexes in U.S. markets such as Lexington, Ky., Albuquerque, N.M., Fredericksburg, Va., Fort Lauderdale, Fla., and San Antonio, Texas. The expanded agreement provides for an additional two years of operation and an adjusted financial formula for all Regal IMAX joint venture locations.
"For nearly 20 years, Regal has brought The IMAX Experience® to millions of moviegoers across the U.S. We are excited to reach the 100th theatre milestone with such a valued partner and tremendous IMAX ambassador that has helped us to expand our reach from coast-to-coast and in cities big and small. This deal is a testament to Regal's continued commitment to IMAX as it extends all leases under the current joint venture agreement by two years with no theatres now due for renewal until the beginning of 2021," said IMAX CEO Richard L. Gelfond. "We're excited to expand upon our long-term partnership with Regal as we look to continue to bolster our domestic network, where in 2016 we've had more domestic theatre signings than any year since 2011."
"We believe in the strategic value IMAX delivers to our business, which is why we're increasing our IMAX footprint and extending the length of our agreements for all of our IMAX sites," stated Amy Miles, CEO of Regal Entertainment Group. "Regal is focused on delivering the best customer experience and we believe that IMAX both delights our guests and drives incremental revenue for our business. We are excited to mark our 100thIMAX theatre commitment with today's agreement."
About Regal Entertainment Group
Regal Entertainment Group (NYSE: RGC) operates one of the largest and most geographically diverse theatre circuits in the United States, consisting of 7,310 screens in 565 theatres in 42 states along with Guam, Saipan, American Samoa and the District of Columbia as of September 30, 2016. The Company operates theatres in 46 of the top 50 U.S. designated market areas. We believe that the size, reach and quality of the Company's theatre circuit not only provide its patrons with a convenient and enjoyable movie-going experience, but is also an exceptional platform to realize economies of scale in theatre operations. Additional information is available on the Company's website at www.REGmovies.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 Sep. 30, 2016, there were 1,145 IMAX theatres (1,037 commercial multiplexes, 16 commercial destinations and 92 institutions) in 74 countries. On Oct. 8, 2015, shares of IMAX China, a subsidiary of IMAX Corp., began trading on the Hong Kong Stock Exchange under the stock code "HK.1970."
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.
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