IMAX Signs Deal With Lincoln Square Cinemas in Washington State
TORONTO, Nov. 13 /PRNewswire-FirstCall/ — IMAX Corporation (NASDAQ: IMAX; TSX: IMX) and Lincoln Square Cinemas today announced an agreement to install an IMAX(R) theatre in the top performing multiplex in Washington State. Under the terms of the sales agreement, Lincoln Square Cinemas will install IMAX’s new digital projection system at its flagship multiplex in Bellevue, Washington during the second quarter of 2009. To date, IMAX has signed contracts for more than 200 IMAX digital projection systems, with 34 currently in operation and approximately 45 scheduled to be in operation by year end.
“We take great pride in our commitment to providing the best experience for our customers, and we’re very excited to incorporate the IMAX brand and The IMAX Experience(R) into our operation,” said Phil Harris, Founder of Lincoln Square Cinemas. “IMAX’s digital projection system has made it much easier for us to get into the IMAX business, both economically and logistically, and the immersive power of IMAX will make it much easier for our customers to get into the movies – literally.”
“Our digital projection system is creating new opportunities for us with respected regional exhibitors such as Lincoln Square Cinemas, and it’s fueling the significant growth of our network,” said IMAX Co-Chairmen and Co-CEOs Richard L. Gelfond and Bradley J. Wechsler. “We’re looking forward to installing our latest technology into the top performing multiplex in Washington State, as it will extend the reach of our brand to new audiences at an established and highly visible location.”
“Lincoln Square Cinemas’ proven knowledge of the Bellevue/Seattle market combined with their unwavering commitment to state-of-the-art technology makes this an ideal relationship for IMAX,” added Larry O’Reilly, IMAX’s Executive Vice president, Theatre Development. “Their ability to install the new system during the second quarter of 2009 enables them to capitalize on some of next year’s exciting Hollywood IMAX movie slate.”
IMAX’s digital projection system delivers The IMAX Experience 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 films include: 2008 ---- Madagascar 2: Escape 2 Africa - DreamWorks Animation The Day the Earth Stood Still - Twentieth Century Fox 2009 ---- The Dark Knight - (re-release) 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 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 - Warner Bros. Pictures Avatar - 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 Lincoln Square Cinemas, LLC
Lincoln Square Cinemas in Bellevue, Washington is the top performing theatre in the State of Washington. As part of the Bellevue Collection of Bellevue Square, Bellevue Place, and Lincoln Square, the Lincoln Square Cinemas with 16 screens strives for the best movie going experience possible for patrons. The Cinema offers a stadium presentation with rocking seats, digital surround sound and a quality image on large screens. As an independent operator Lincoln Square Cinemas is able to move forward as improvements are made in cinema presentation. Bringing IMAX to Lincoln Square continues the tradition of bringing the best to our patrons.
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-, IMAX- MPX-, and The IMAX Experience(R) are trademarks of IMAX Corporation. More information on the Company can be found at http://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.
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