Country's Largest Exhibitor Enters IMAX Business with IMAX's
Revolutionary Digital Projection Technology
TORONTO, Jan. 22 /PRNewswire-FirstCall/ - IMAX Corporation (NASDAQ: IMAX;
TSX: IMX) and VieShow Cinemas, the leading exhibitor in Taiwan, today
announced an agreement to open an IMAX(R) theatre in its Sun Cinemas multiplex
in the city of Taipei. The installation is scheduled to be completed to take
advantage of IMAX's robust 2009 Hollywood slate. The deal continues IMAX's
international expansion momentum, which has been fueled by the introduction of
IMAX's digital projection technology. There are currently 75 IMAX theatres
scheduled to be operating in Asia by 2012. To date, IMAX has signed contracts
for more than 200 IMAX digital projection systems worldwide, with 46 currently
in operation and at least 115 scheduled to be in operation by year end.
"IMAX theatres offer the world's most immersive movie experience, and
consumers in Asia have demonstrated they are willing to pay a premium for it,"
said Charles Wang, Chairman of VieShow Cinemas. "The economics of IMAX's
digital projection system, combined with the increase in Hollywood content
being released in IMAX's format, made the decision to get into the IMAX
business easy. We're very excited to install the system during the first
quarter, with the goal of offering our customers most of this year's strong
IMAX film slate."
"VieShow has a very strong brand in Taiwan and we believe a partnership
with them is an ideal way to strengthen our own brand in the country," said
IMAX Co-Chairmen and Co-CEOs Richard L. Gelfond and Bradley J. Wechsler. "This
partnership also advances our overall growth strategy in Asia, by adding
another well-known exhibitor to the IMAX network and maximizing visibility
with consumers in the region."
"We're very excited to work with VieShow to change the way moviegoers
experience Hollywood movies in Taiwan," added Larry O'Reilly, IMAX's Executive
Vice president, Theatre Development. "Our digital projection technology
continues to fuel exhibitor interest in the IMAX business, and we are
delighted that this interest has resulted in a partnership with Taiwan's
leading exhibitor."
IMAX's revolutionary digital projection system delivers The IMAX
Experience(R) and helps drive profitability for studios, exhibitors and IMAX
theatres by eliminating the need for film prints, increasing program
flexibility and ultimately increasing the number of movies shown on IMAX
screens. The system can run both IMAX and IMAX(R) 3D presentations.
Upcoming IMAX releases include:
2009
----
The Dark Knight - Warner Bros. Pictures
Under the Sea 3D - IMAX/Warner Bros. Pictures
Watchmen - Warner Bros. Pictures/Paramount Pictures/Legendary Pictures
Monsters vs. Aliens 3D - DreamWorks Animation
Star Trek - Paramount Pictures
Night at the Museum Battle of the Smithsonian - Twentieth Century Fox
Transformers: Revenge of the Fallen - DreamWorks Pictures/Paramount
Pictures
Harry Potter and the Half-blood Prince (with scenes in IMAX 3D) - Warner
Bros. Pictures
A Christmas Carol - Walt Disney Studios
Avatar 3D - Twentieth Century Fox
2010
----
Hubble 3D (working title) - IMAX/Warner Bros. Pictures
How to Train Your Dragon 3D - DreamWorks Animation
Shrek Goes Fourth 3D - DreamWorks Animation
About VieShow
VieShow Cinemas was established in 1997, having brought the era of
multiplex cinemas into Taiwan. VieShow Cinemas is the current market leader in
Taiwan's exhibition industry, with 7 locations island-wide, accounting for 35%
of Taiwan's total box office market share. Further to continuing market
expansions and development of innovative services, VieShow Cinemas established
the distribution company VieVision Picture in 2006 with the mission to provide
more variety of films into Taiwan.
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 movie presentations using
proprietary IMAX, IMAX 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. IMAX's renowned
projectors display crystal-clear images on the world's biggest screens, and
the IMAX brand is recognized throughout the world for extraordinary and
immersive entertainment experiences for consumers. As of September 30, 2008,
there were 320 IMAX theatres operating in 42 countries.
IMAX(R), IMAX(R) 3D, IMAX DMR(R), IMAX MPX(R), and The IMAX Experience(R)
are trademarks of IMAX Corporation. More information on the Company can
be found at www.imax.com.
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 ongoing
discussions with the SEC and OSC relating to their ongoing inquiries and the
Company's accounting, the performance of films, the signing of theatre system
agreements, the viability of new technologies, businesses and products, 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, risks arising from potential material weaknesses in
internal control over financial reporting and fluctuations in foreign currency
and in the large format, general commercial exhibition and out-of-home
entertainment markets. 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.
SOURCE IMAX Corporation
- 01/22/2009
CONTACT: Media: IMAX Corporation, New
York, Sarah Gormley, (212)
821-0155, [email protected]; Entertainment Media: Rogers &
Cowan, Los Angeles,
Jason Magner, (310) 854-8128,
[email protected];
Investors: IMAX Corporation - New York,
Heather Anthony, (212) 821-0121, [email protected];
Business Media: Sloane & Company, New York, Whit Clay, (212) 446-1864,
[email protected]
(IMAX IMX.)
CO: IMAX Corporation