IMAX Signs First Joint Venture Deal With One of Australia's Largest Exhibitors
MISSISSAUGA, July 10 /CNW-AsiaNet/ --
Hoyts Cinemas Ltd. Doubles IMAX's Footprint in Australia with Four Joint
Venture Locations
IMAX Corporation (NASDAQ:IMAX; TSX:IMX) and Hoyts Cinemas Ltd., one of the largest exhibitors in
Australia, today announced a joint venture agreement to install four IMAX(R) theatres in the cities of Perth,
Melbourne and Sydney. The deal marks the Company's first international joint venture deal featuring the
Company's new IMAX(R) Digital theatre system and doubles IMAX's footprint in Australia. To date, IMAX has
signed contracts for more than 180 IMAX(R) Digital theatre systems, with approximately 50 scheduled to be
installed by the end of 2008.
Under the terms of the joint venture agreement, IMAX and Hoyts Cinemas
will share in the cost and profitability of the new theatres. The first three
theatres will be installed at the Entertainment Quarter 12 in Sydney, the
Highpoint 17 in Melbourne and the Carousel 16 in Perth. These openings are
scheduled to coincide with the Australian launch of Harry Potter and the Half
Blood Prince in December of this year. The fourth theatre will be installed in
Melbourne in 2009.
"IMAX is a widely recognized and very successful brand in Australia, and
we are excited to open these locations in partnership with IMAX to offer our
customers the world's most immersive cinema experience," said
Delfin Fernandez, CEO of Hoyts Cinemas. "IMAX theatres offer a cinematic
experience that people can't get at home or in a conventional theatre, and
this unique offering has proven to drive incremental attendance at the
multiplex. Additionally, the IMAX Digital projection system eliminates the
need for film prints, which significantly lowers operating costs and enables
us to offer our customers a wider range of IMAX content."
"Entering into a partnership with one of the largest exhibitors in
Australia is a fantastic way to initiate our international JV business, and it
adds to the momentum of our overall digital growth strategy," said IMAX's
Co-Chairmen and Co-CEOs, Richard L. Gelfond and Bradley J. Wechsler. "Hoyts is
a top-notch exhibitor with a commitment to innovation and expansion, and we
believe this partnership will strengthen our presence in the region."
The highly anticipated IMAX Digital projection system further enhances
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.
IMAX's film slate for the remainder of 2008, 2009 and 2010 includes:
The Dark Knight - Warner Bros. Pictures - July 18, 2008
Madagascar 2: Escape 2 Africa - DreamWorks Animation - November 7, 2008
Harry Potter and the Half Blood Prince - Warner Bros. Pictures -
November 21, 2008
Under the Sea 3D - Warner Bros. Pictures - February, 2009
Monsters vs. Aliens 3D - DreamWorks Animation - March, 2009
Hubble 3D (working title) - Warner Bros. Pictures - February, 2010
How to Train Your Dragon 3D - DreamWorks Animation - March, 2010
Shrek Goes Fourth 3D - DreamWorks Animation - May, 2010
About Hoyts Corporation
Hoyts is a world class cinema operator with over 350 screens in the
oceanic region. Hoyts is the single biggest cinema brand in Australia with a
100 year heritage. Hoyts has a number of showcase cinemas across Australia &
New Zealand; Entertainment Quarter and Blacktown in Sydney, Melbourne Central
and Chadstone in Melbourne, Carousel in Perth and their most recent
development Sylvia Park in Auckland. Hoyts continues to redefine the cinema
experience for consumers with their latest Australia cinema, Melbourne
Central, submitted for the prestigious Premier's Design Award, a prize for
design innovation. With cutting edge designed cinemas and exciting
revolutionary new cinema concepts such as the halfpipe (beanbag cinema), Hoyts
continues to set the standard in cinema excellence across the region.
About IMAX Corporation
IMAX Corporation is one of the world's leading digital entertainment and
technology companies. 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 remastering
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 and new digital systems display
crystal-clear images on the world's biggest screens. The IMAX brand is
recognized throughout the world for extraordinary and immersive entertainment
experiences for consumers. As of March 31, 2008, there were 298 IMAX theatres
operating in 40 countries.
IMAX(R), IMAX(R) 3D, IMAX DMR(R), and The IMAX Experience(R) are
trademarks of IMAX Corporation. More information on the Company can be found
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 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, risks arising from
potential material weaknesses in internal control over financial reporting 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/A for the year ended
December 31, 2007, as well as the Company's Quarterly Reports on Form 10-Q/A
and 10-Q.
SOURCE IMAX Corporation
CONTACT: Media:
IMAX Corporation, New York,
Sarah Gormley,
(212) 821-0155,
sgormley(at)imax.com;
Entertainment Media:
Newman & Company, Los Angeles,
Al Newman,
(310) 278-1560,
asn(at)newman-co.com;
Investors:
IMAX Corporation - New York,
Heather Anthony,
(212) 821-0121,
hanthony(at)imax.com;
Business Media:
Sloane & Company, New York,
Whit Clay,
(212) 446-1864,
wclay(at)sloanepr.com/
(IMX. IMAX)
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