NEW YORK and KNOXVILLE, Tenn., Oct. 4, 2012 /PRNewswire/ -- IMAX Corporation (NYSE: IMAX; TSX: IMX) and Regal Entertainment Group (NYSE: RGC) today announced an expansion of the companies' existing joint revenue sharing agreement to include the installation of 10 additional IMAX® theatres in the U.S. Today's deal brings to 87 Regal's total IMAX commitment.
"IMAX is a key component in our strategy to offer premium moviegoing experiences to our customers and we're pleased to announce another expansion of our relationship," said Regal Entertainment Group CEO Amy Miles. "To date, we have opened approximately 70 IMAX theatres, further enhancing the variety of premium moviegoing options available to our patrons."
"Today's expansion of our long-time partnership with Regal demonstrates continued growth opportunities in the North American market, including strong demand in areas within and outside of large cities," said IMAX CEO Richard L. Gelfond. "Our valued partners at Regal understand that IMAX is a major point of differentiation for their business and together we look forward to continuing our shared tradition of delivering unparalleled entertainment experiences to moviegoers in more and more communities across the U.S."
About Regal Entertainment Group
Regal Entertainment Group (NYSE: RGC) is the largest motion picture exhibitor in the United States. The Company's theatre circuit, comprising Regal Cinemas, United Artists Theatres and Edwards Theatres, operates 6,621 screens in 524 locations in 37 states and the District of Columbia as of September 27, 2012. Regal operates theatres in 43 of the top 50 U.S. designated market areas. We believe that the size, reach and quality of the Company's theatre circuit not only provide its patrons with a convenient and enjoyable movie-going experience, but is also an exceptional platform to realize economies of scale in theatre operations. Additional information is available on the Company's Web site at www.REGmovies.com.
About IMAX Corporation
IMAX Corporation is one of the world's leading entertainment and technology companies, specializing in the creation and delivery of premium, awe-inspiring entertainment experiences. With a growing suite of cutting-edge motion picture and sound technologies, and a globally recognized entertainment brand, IMAX is singularly situated at the convergence of the entertainment industry, innovation and the digital media world. The industry's top filmmakers and studios are utilizing IMAX theatres to connect with audiences in extraordinary ways, and as such, the IMAX network is among the most important and successful theatrical distribution platforms for major event films around the globe. The Company's new digital projection and sound systems - combined with a growing blockbuster film slate - are fueling the rapid expansion of the IMAX network in established markets such as North America, Western Europe, and Japan, as well as emerging markets such as China and Russia. IMAX deliver the world's best cinematic presentations using proprietary IMAX®, IMAX® 3D, and IMAX DMR® (Digital Re-Mastering) technologies. IMAX DMR enables virtually any motion picture to be transformed into the unparalleled image and sound quality of The IMAX Experience®.
IMAX is headquartered in New York, Toronto and Los Angeles, with offices in London, Tokyo, Shanghai and Beijing. As of June 30, 2012, there were 663 IMAX theatres (529 commercial multiplex, 20 commercial destination and 114 institutional) in 52 countries.
IMAX®, IMAX® 3D, IMAX DMR®, Experience It In IMAX®, An IMAX 3D Experience®, The IMAX Experience® and IMAX Is Believing™ are trademarks of IMAX Corporation. More information about the Company can be found at www.imax.com. You may also connect with IMAX on Facebook (www.facebook.com/imax), Twitter (www.twitter.com/imax) and YouTube (www.youtube.com/imaxmovies).
This press release contains forward looking statements that are based on IMAX 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. These risks and uncertainties are discussed in IMAX's most recent Annual Report on Form 10-K and most recent Quarterly Reports on Form 10-Q.
For additional information please contact:
IMAX Corporation – New York
Sloane & Company – New York
IMAX Corporation – New York
Principal Communications Group – Los Angeles
Melissa Zuckerman/Paul Pflug
SOURCE IMAX Corporation