IMAX Corporation (Nasdaq:IMAX) (TSX:IMX) and Cinemark Holdings, Inc. (NYSE:CNK) today announced an agreement for Cinemark to acquire two new digital IMAX theatre systems in Cinemark complexes located in Lancaster, CA and Corpus Christi, TX.
Press Release from IMAX Corporation
NEW YORK, Jan. 4, 2011 (GLOBE NEWSWIRE) -- IMAX Corporation (Nasdaq:IMAX) (TSX:IMX) and Cinemark Holdings, Inc. (NYSE:CNK) today announced an agreement for Cinemark to acquire two new digital IMAX theatre systems in Cinemark complexes located in Lancaster, CA and Corpus Christi, TX. Both theatres are expected to open by April of 2011. In addition to adding two new sites, Cinemark will upgrade all six of its film-based IMAX locations to IMAX digital theatres, also planned for completion by April of 2011.
"We are pleased to be expanding and upgrading our IMAX footprint," said Alan Stock, CEO of Cinemark Holdings, Inc. "Our IMAX theatres have always been strong performers. By adding two new locations in California and Texas, and by upgrading to digital, we believe our IMAX stable of theatres will become even more productive, more profitable and will showcase the biggest and best blockbuster titles that IMAX has to offer."
"Cinemark is one of the country's most successful exhibition operators and an important long-time partner of ours," said Richard L. Gelfond, CEO of IMAX Corporation. "This agreement builds upon what was a year of record theatre signings for IMAX and will contribute to our continued growth in 2011 and beyond. We are confident that the upgrading of Cinemark's existing IMAX theatres and the addition of new sites in Lancaster and Corpus Christi will excite audiences in these markets and will deliver significant box office and attendance for Cinemark."
The companies also announced that they have amicably resolved their respective litigation claims against each other. As a result, all claims and counterclaims in the patent litigation in Texas and contract litigation in New York are being dismissed with prejudice. Terms of the settlement were not disclosed.
About Cinemark Holdings, Inc.
Cinemark is a leading domestic and international motion picture exhibitor, operating 428 theatres with 4,938 screens in 39 U.S. states, one Canadian province, Brazil, Mexico and 11 other Latin American countries as of September 30, 2010. For more information go to www.cinemark.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 films around the globe, with IMAX theatres delivering the world's best cinematic presentations using proprietary IMAX, IMAX 3D, and IMAX DMR 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. The IMAX brand is recognized throughout the world for extraordinary and immersive entertainment experiences for consumers. As of September 30, 2010, there were 470 IMAX theatres (348 commercial, 122 institutional) operating in 45 countries.