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IMAX Signs First Digital Theatre Deal in Russia

Posted on: Wednesday, 14 January 2009, 06:30 CST

TORONTO, Jan. 14 /PRNewswire-FirstCall/ - IMAX Corporation (NASDAQ: IMAX; TSX: IMX) and Rising Star Media, a joint venture between National Amusements, Inc. and Soquel Ventures, today announced an agreement to install an IMAX(R) theatre at Rising Star's KinoStar City multiplex at Mega Belyadacha regional mall in Moscow, Russia. Scheduled to be installed in Moscow shortly, the new theatre will utilize IMAX's new digital projection system. The deal is one of a number of recent significant international deals signed by IMAX, indicating enthusiasm by European exhibitors in the IMAX theatre business following the North American rollout of IMAX's digital projection system. National Amusements currently operates seven IMAX theatres in the United States, one in Argentina and one in St. Petersburg, Russia.

"The IMAX theatre business has proven to be very effective for both Rising Star Media and National Amusements, and we are very excited to expand with more locations in Russia," said Shari E. Redstone, who leads Rising Star Media and is president of National Amusements, Inc. "IMAX's digital projection system allows greater program flexibility, which enables us to offer our customers even more movies in a truly unique and immersive way. Hollywood directors are discovering the excitement that the IMAX technology adds to a film, and as a result we are looking forward to being able to present more unique film experiences to our patrons."

"Russian moviegoers love The IMAX Experience(R)," said Paul B. Heth, who directs Rising Star Media. "Our partnership with IMAX has cemented Rising Star Media's position as a high-tech leader in the Russian exhibition business. We look forward to expanding our IMAX theatre network into Moscow, and through the economical and logistical advantages of IMAX's new digital projection system, we are able to open quickly to take advantage of the amazing IMAX film slate in 2009."

"Our digital projection system has boosted interest from Hollywood studios and exhibitors worldwide, and we're particularly encouraged by the interest we're starting to see in Europe," said IMAX Co-CEOs and Co-Chairmen Richard L. Gelfond and Bradley J. Wechsler. "Russia continues to play a key role in our European expansion strategy, and we're pleased to see top exhibitors who are already in the IMAX business open additional IMAX theatres."

"National Amusements and Rising Star Media have both been fantastic partners and we're delighted to expand our relationship with them as we continue to grow the IMAX network in Russia," added Larry O'Reilly, IMAX's Executive Vice President of Theatre Development. "Rising Star Media operates a successful IMAX theatre in St. Petersburg, and we're confident that their location in Moscow will be well received by moviegoers as well."

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: 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 Star Trek - Paramount 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 A Christmas Carol - Walt Disney Pictures 2010 Hubble 3D (working title) - IMAX/Warner Bros. Pictures How to Train Your Dragon 3D - DreamWorks Animation Shrek Goes Fourth 3D - DreamWorks Animation

About Rising Star Media

Rising Star Media is a joint venture between National Amusements, Inc., a U.S.-based exhibition leader and parent company of media giants Viacom and CBS, and Soquel Ventures, led by Paul B. Heth, best known for his groundbreaking work in the revitalization of the Russian cinema sector. Rising Star cinemas located in Moscow are among Russia's top grossing theaters. Rising Star Media was established with the goal of creating a world-class cinema circuit in the rapidly expanding Russian market. National Amusements, Inc. and Soquel Ventures have successfully collaborated on other projects in the United States, such as The Bridge: Cinema de Lux, a widely acclaimed new style of theatre with locations in Los Angeles and Philadelphia, PA., and together are shareholders in Monumental Pictures, a venture with Sony Pictures Entertainment to produce and market local language films in the Russian market. www.kinoStardelux.ru.

About National Amusements, Inc.

National Amusements, Inc., is a world leader in the motion picture exhibition industry operating more than 1,500 screens in the U.S., U.K., Latin America and Russia. National Amusements delivers a superior entertainment experience in theatres around the world under its Showcase, Multiplex, Cinema de Lux, and KinoStar brands. Based in Norwood, Massachusetts, National Amusements is a closely held company operating under the third generation of leadership by the Redstone family. National Amusements is also an equal partner in the online ticketing service, MovieTickets.com, and is the parent company of both Viacom and CBS Corporation. www.nationalamusements.com.

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

Source: PR Newswire

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