Third Exhibitor in Mexico Enters IMAX Business Following Success of Digitally Re-Mastered Hollywood Movies
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TORONTO, Oct. 19 /PRNewswire-FirstCall/ -- IMAX Corporation (NASDAQ: IMAX; TSX: IMX) today announced an agreement with Cinemas Martinez to install IMAX(R) theatres as part of two new multiplex developments in Mexico. The first IMAX theatre is scheduled to be installed during the third quarter of 2007 in the city of Torreon and the second is scheduled to be installed during the first quarter of 2008 in the city of Chihuahua. There are now 32 IMAX theatres scheduled to be open in Latin America by the end of 2008.
"Latin America is one of our fastest growing markets, and we are encouraged by the consistent growth in Mexico, which already has an established network of IMAX theatres," said IMAX Co-CEOs and Co-Chairmen Richard L. Gelfond and Bradley J. Wechsler. "Multiplex-based IMAX theatres are performing very well in Mexico, and the success has translated into more growth in the region. We are pleased to see exhibitors such as Cinemas Martinez taking advantage of the strength and universal appeal of the IMAX(R) brand to help differentiate its new multiplexes from competitors."
"The IMAX brand has long been recognized as the world's most powerful and immersive cinematic experience and it is becoming increasingly more popular in Mexico," said Pedro Martinez, General Director of Cinemas Martinez. "With Hollywood event movies presented in IMAX and IMAX(R) 3D, combined with original IMAX films that are both entertaining and educational, the installation of these two IMAX theatres will establish our new multiplexes as the very best premium entertainment destinations in Chihuahua and Torreon."
"We are very excited to have Cinemas Martinez introduce The IMAX Experience(R) to moviegoers in its home town of Torreon and its neighboring city of Chihuahua," added Larry T. O'Reilly, IMAX's Executive Vice President, Theatre Development. "The new IMAX theatres will change the way people in these cities experience event Hollywood movies and give them another compelling reason to visit a Cinemas Martinez multiplex. The strong performance of our most recent Hollywood title in Mexico, Open Season: An IMAX 3D Experience, continues to demonstrate that consumers in this country demand a unique cinematic experience that only IMAX theatres can provide."
Both IMAX theatres will be capable of playing Hollywood event films that have been transformed into the unparalleled image and sound quality of The IMAX Experience in both 2D and IMAX 3D, through IMAX DMR(R) (digital re-mastering) technology and IMAX's proprietary 2D to 3D conversion technology. They will also be capable of playing original IMAX productions in 2D and IMAX 3D.
About Martinez Cinemas
Founded in 1970, Cinemas Martinez is a family operated business that started out as a traveling cinemas venture in the 1950's. Operated by seven brothers, Cinemas Martinez has been the top exhibitor in each city it has opened in. Cinemas Martinez has evolved its technology and business to meet the growing consumer demand for Hollywood content in a state-of-the-art multiplex setting.
About IMAX Corporation
Founded in 1967, IMAX Corporation is one of the world's leading entertainment technology companies and the newest distribution window for Hollywood films. IMAX delivers the world's best cinematic presentations using proprietary IMAX, IMAX 3D, and IMAX DMR technology. IMAX DMR(R) (Digital Re-mastering) makes it possible for virtually any 35mm film to be transformed into the unparalleled image and sound quality of The IMAX Experience. To date, 16 Hollywood titles have been digitally re-mastered with this technology and released to IMAX theatres. The IMAX brand is recognized throughout the world for extraordinary and immersive entertainment experiences. As of June 30, 2006, there were 274 IMAX theatres operating in 38 countries.
IMAX(R), IMAX(R) 3D, IMAX DMR(R), IMAX(R) 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 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 performance of films, 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, 2005 and in the subsequent reports filed by the Company with the Securities and Exchange Commission including the Company's 10-Q for the quarter ended June 30, 2006.
Source: IMAX Corporation