--- title: IMAX and Regal Sign Agreement to Open Two Additional IMAX(R) Theatres publisher: "IMAX" description: "TORONTO, Feb 24, 2003 /PRNewswire-FirstCall via COMTEX/ -- Important Strategic Commitment Grows IMAX Commercial Network IMAX Corporation (Nasdaq: IMAX; TSE: IMX) announced today that it has signed an agreement with Regal Entertainment Group Inc. (Regal) (NYSE: RGC) to install two additional IMAX(R)" canonical: "https://www.imax.com/pr/imax-and-regal-sign-agreement-open-two-additional-imaxr-theatres" date: 2003-02-24 last_updated: 2003-02-24 --- IMAX and Regal Sign Agreement to Open Two Additional IMAX(R) Theatres ===================================================================== Mon, Feb 24, 2003 TORONTO, Feb 24, 2003 /PRNewswire-FirstCall via COMTEX/ -- _**Important Strategic Commitment Grows IMAX Commercial Network**_ IMAX Corporation (Nasdaq: IMAX; TSE: IMX) announced today that it has signed an agreement with Regal Entertainment Group Inc. (Regal) (NYSE: RGC) to install two additional IMAX(R) theatre systems, increasing the number of IMAX theatres operated by Regal to 14 -- more than any other third party operator in the world. The two theatres will be located in Boise, Idaho and Denver, Colorado and are expected to be installed by April 2003. Regal's increased commitment to IMAX underscores its belief in the potential of IMAX theatres to generate revenues and distinguish its multiplexes given the promise of IMAX(R) DMR(TM) which is IMAX's proprietary new technology that enables the conversion of Hollywood live-action films into An IMAX Experience(R). To date, Apollo 13 and Star Wars(R): Episode II Attack of the Clones have been seen digitally re-mastered into IMAX 15/70 format using IMAX DMR technology. The addition of more commercial theatres to the IMAX theatre network improves the economics of releasing digitally re-mastered Hollywood films to IMAX theatres which is key to the Company's ability to lease more IMAX theatre systems. "This increased commitment from Regal further confirms our belief that our commercial theatre strategy is working and that our unique combination of Hollywood and traditional IMAX entertainment is appealing to commercial exhibitors," said IMAX co-CEOs and co-Chairmen Richard L. Gelfond and Bradley J. Wechsler. "This agreement reaffirms our belief in the potential of commercial multiplexes and furthers our goal to increase our penetration of commercial exhibitors by establishing IMAX theatres as a new release window for Hollywood films. Regal's commitment in combination with the momentum of our business right now gives us increasing confidence that 2003 will be a strong earnings year for IMAX." "We look forward to working with IMAX as it further develops and grows the IMAX DMR film slate. We believe that IMAX theatres offer a high quality experience that is attractive to our consumers," stated Mike Campbell, CEO of Regal Entertainment Group's theatre operations and Co-CEO of Regal Entertainment Group. Gelfond and Wechsler added, "As we see the continued strengthening of the commercial exhibitor sector, we expect more sales of IMAX theatres to commercial multiplexes. We believe the success of our film slate in 2002, from Beauty and the Beast to Star Wars: Episode II Attack of the Clones The IMAX Experience to SPACE STATION 3D, will continue to drive commitment to IMAX." About IMAX Corporation: Founded in 1967, IMAX Corporation is one of the world's leading entertainment technology companies. IMAX's businesses include the creation and delivery of the world's best cinematic presentations using proprietary IMAX and IMAX(R) 3D technology, and the development of the highest quality digital production and presentation. IMAX has developed revolutionary technology called IMAX DMR (Digital Re-mastering) that will make it possible for any 35mm film to be transformed into the unparalleled image and sound quality of The IMAX Experience. The IMAX brand is recognized throughout the world for extraordinary and immersive family experiences. As of December 2002, there were more than 230 IMAX theatres operating in 32 countries. More than 700 million people have seen an IMAX presentation since the medium premiered in 1970. IMAX(R), IMAX(R) 3D, IMAX(R) DMR(TM) and The IMAX Experience(R) are trademarks of IMAX Corporation. More information on the Company can be found at http://www.imax.com. About Regal Entertainment Group: Regal Entertainment Group (NYSE: RGC) is the largest motion picture exhibitor in the world. The Company's theatre circuit, comprising Regal Cinemas, United Artists Theatres and Edwards Theatres, operates 5,663 screens in 524 locations in 36 states. This geographically diverse circuit represents over 20% of domestic box office receipts and includes theatres in 41 of the top 50 U.S. Designated Market Areas as well as prime locations in growing suburban markets. We believe that the size, reach and quality of the Company's theatre circuit provides its patrons with a convenient and exceptional movie-going experience. Additional information is available on the Company's Web site at http://www.regalcinemas.com. This press release contains forward-looking statements that are based on management 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 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, the viability of new businesses and products, and fluctuations in foreign currency and in the large format and general commercial exhibition market. These factors and other risks and uncertainties are discussed in the Company's Annual Report on Form 10-K for the year ended December 31, 2002 and in the subsequent reports filed by the Company with the Securities and Exchange Commission. SOURCE IMAX Corporation CONTACT: Media: Romi Schutzer, IMAX Corporation, New York, +1-212-821-0144, rschutzer@imax.com; Business Media: Whit Clay, Sloane & Company, New York, +1-212-446-1864, wclay@sloanepr.com; Entertainment Media: Al Newman, Newman & Company, Los Angeles, +1-818-784-2130, asn@newman-co.com; Analysts: Stephen G. Abraham, IMAX Corporation, New York, +1-212-821-0140, sabraham@imax.com; Financial Contacts: Don De Laria, Vice President - Investor Relations, Regal Entertainment Group, Tennessee, +1-865-925-9685, ddelaria@regalcinemas.com; Media Contact: Dick Westerling, Senior Vice President - Marketing, Regal Entertainment Group, Tennessee, +1-865-925-9539, dick.westerling@regalcinemas.com /Company News On-Call: http://www.prnewswire.com/comp/103201.html URL: http://www.imax.com http://www.prnewswire.com Copyright (C) 2003 PR Newswire. All rights reserved.