--- title: IMAX and Tokyu Recreation Expand Joint Venture Partnership in Japan With Five New Locations publisher: "IMAX" description: "Deal Builds on Success of Existing JV Partnership With One of Japan's Leading Exhibitors Strong Performance of Hollywood Movies in IMAX Continues to Drive Network Growth TOKYO, April 19, 2010 (GLOBE NEWSWIRE) -- IMAX Corporation (Nasdaq:IMAX) (TSX:IMX) and Tokyu Recreation, the owner of 109 Cinemas" canonical: "https://www.imax.com/pr/imax-and-tokyu-recreation-expand-joint-venture-partnership-japan" date: 2010-04-20 last_updated: 2010-04-20 --- IMAX and Tokyu Recreation Expand Joint Venture Partnership in Japan With Five New Locations =========================================================================================== Tue, Apr 20, 2010 Deal Builds on Success of Existing JV Partnership With One of Japan's Leading Exhibitors Strong Performance of Hollywood Movies in IMAX Continues to Drive Network Growth TOKYO, April 19, 2010 (GLOBE NEWSWIRE) -- IMAX Corporation (Nasdaq:IMAX) (TSX:IMX) and Tokyu Recreation, the owner of 109 Cinemas (10 is "To" and 9 is "kyu"), today announced a new joint venture agreement to install five digital IMAX(R) theatre systems in Japan. The agreement builds on the success of IMAX's current joint venture partnership with the exhibitor, which includes four IMAX theatres that were installed in 2009. Those existing IMAX screens have posted consistently strong box office performance with Hollywood IMAX releases, including Twentieth Century Fox's Avatar, which grossed $8 million on the four Tokyu IMAX screens.For the release of Avatar, the 109 Cinemas IMAX location in Kawasaki ranked as Japan's highest grossing screen. The three other Tokyu IMAX screens in Nagoya, Minoh and Shobu have shown significant improvements on their national rankings since their IMAX systems were installed. Disney's Alice in Wonderland opened on Saturday in Japan, setting a new Japanese IMAX box office record, with the four Tokyu IMAX screens generating a total of $335,882 in only 2 days. Under the terms of the new deal, five new IMAX systems are scheduled to be installed in 109 Cinemas locations by June 2012, with the first two expected to be installed in November 2010 in the greater Tokyo area. The deal brings the total number of IMAX commercial multiplex theatres in Japan to nine, up from the four that are currently open. IMAX believes that its presence in Japan could grow significantly larger over time. As with the previous joint venture agreement, IMAX and Tokyu Recreation will share the cost and profitability of the new theatres. Each theatre will be equipped with IMAX's new digital projection system. IMAX Chief Executive Office Richard L. Gelfond joined executives from Tokyu Recreation in Tokyo, Japan to announce the new theatre signings. "The performance of our four joint venture IMAX theatres has been very strong, increasing our market share and delivering an incredible consumer experience that is simply the best way to see event films," said Hitoshi Sato, President of Tokyu Recreation. "We are pleased to further our commitment to IMAX by adding five new theatres that will serve even more consumers in key markets throughout Japan. IMAX is an important and valuable partner for our company and we look forward to even more financial and operational success together." "We are very excited to build on the success of our four current joint venture theatres with Tokyu Recreation, our first major exhibition partner in Japan, one of the most important entertainment markets in the world," said Mr. Gelfond. "Our Tokyu joint venture theatres are among our highest performing IMAX locations, and this success, combined with being associated with a top Japanese exhibition brand, is contributing significantly to the increased visibility of our own brand with consumers and exhibitors in the market." About Tokyu Recreation 109 Cinemas Tokyu Recreation Co., Ltd. belongs to the Tokyu Group which is one of the biggest enterprise groups in Japan. The main company of the group is Tokyu Corporation. Tokyu Recreation is responsible for the entertainment business which plays an important role in the group. Tokyu Recreation has more than 60-years experience as an exhibitor and operates 17 cinema complexes such as the "109 Cinemas" chain as well as 9 first-run movie theatres in Japan. Besides the theatre business as a core, it has two other businesses: Sports and Leisure Business to operate bowling alleys and futsal facilities and Real-Estate Leasing Business such as master-leasing of real estate. In the theatre business, the Company continues to open new cinema complexes in major cities and areas throughout Japan. 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(R) 3D, and IMAX DMR(R) 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(R). The IMAX brand is recognized throughout the world for extraordinary and immersive entertainment experiences for consumers. As of December 31, 2009, there were 430 IMAX theatres (309 commercial, 121 institutional) operating in 48 countries. The IMAX logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=6469 IMAX(R), IMAX(R) 3D, IMAX DMR(R), An IMAX 3D Experience(R) and The IMAX Experience(R) 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/imaxnews) and YouTube (www.youtube.com/imaxmovies). 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, but are not limited to, general economic, market or business conditions, including the length and severity of the current economic downturn, the opportunities that may be presented to and pursued by the Company, the performance of IMAX DMR films, conditions in the in-home and out-of home entertainment industries, the signing of theatre system agreements, changes and developments in the commercial exhibition industry, the failure to convert theatre system backlog into revenue, investments and operations in foreign jurisdictions, foreign currency fluctuations and the Company's prior restatements and the related litigation and ongoing inquiries by the SEC and the OSC. 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. This news release was distributed by GlobeNewswire, www.globenewswire.com SOURCE: IMAX Corporation CONTACT: IMAX Corporation, New York Media: Sarah Gormley 212-821-0155 sgormley@imax.com Investors: Heather Anthony 212-821-0121 hanthony@imax.com Rogers & Cowan, Los Angeles Entertainment Media: Jason Magner 310-854-8128 jmagner@rogersandcowan.com Sloane & Company, New York Business Media: Whit Clay 212-446-1864 wclay@sloanepr.com