IMAX Signs Joint Revenue Sharing Agreement with Cinemas Guzzo in Canada
From IMAX press release:
TORONTO -- IMAX Corporation and Cinemas Guzzo today announced a joint revenue sharing agreement to install four digital IMAX® theatre systems throughout the greater Montreal area in Quebec. This agreement brings the total number of IMAX® theatres open or contracted to open in Canada to 30.
Under the terms of the agreement, all four theatres are scheduled to open in 2012 in existing Cinemas Guzzo Mega-Plexes that include: Mega-Plex Taschereau 18 in Brossard; Mega-Plex Pont-Viau 16 in Laval; Mega Plex Terrebonne 14 in Terrebonne and Mega Plex Marche Central 18 in Montreal.
"We believe our patrons deserve the best cinematic experience available. With more and more guests demanding the powerful and immersive movie-going experience that only IMAX can offer, we are very proud to give our patrons what they crave," said Vincenzo Guzzo, Executive Vice President, Cinemas Guzzo. "We expect the addition of four IMAX theatres to our circuit to be a key driver in our overall growth strategy that will set us apart from competitors and drive box office success."
"Today's agreement with Cinemas Guzzo highlights the focus of our domestic growth strategy with regional exhibitors," said IMAX CEO Richard L. Gelfond. "Over the past two years, we have more than doubled our commercial theatre presence in Canada, and we are pleased to continue that momentum with Guzzo, the largest regional exhibitor in Quebec."
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® 3D presentations.
About Les Cinemas Guzzo
Part of the Quebec cinema scene since 1974, the family-owned Cinemas Guzzo was founded by Angelo Guzzo, who for many years led the struggle for independent movie theatre owners to obtain the right to project first-run movies, thus opening the way for others. Angelo Guzzo and son Vincenzo continue to work as a team to bring moviegoers the best that cinema has to offer. The company has more than 140 screens, which will be 100% digital by May 2012, mainly in the Montreal area, and supports environmental cancer research through the Guzzo family Foundation. For more information, visit www.cinemasguzzo.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 theatres 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 September 30, 2011, there were 583 IMAX theatres (441 commercial multiplex, 23 commercial destination and 119 institutional) operating in 48 countries.