IMAX Corporation (NYSE:IMAX) (TSX:IMX) and ZON Lusomundo Cinemas today announced a joint revenue sharing agreement to install three new digital IMAX theatre systems in Portugal.
Press Release from IMAX Corp.
NEW YORK, July 6, 2011 (GLOBE NEWSWIRE) -- IMAX Corporation (NYSE:IMAX) (TSX:IMX) and ZON Lusomundo Cinemas today announced a joint revenue sharing agreement to install three new digital IMAX theatre systems in Portugal. The deal marks the first IMAX theatres to open in Portugal.
Under the terms of the agreement, the systems will be installed in existing theatres in different parts of the country, with the first expected to open by the end of the year. All three locations are expected to open before the end of 2012.
"We have been impressed by the growth and success of IMAX in Europe, and we are thrilled to be bringing the premium, state-of-the-art IMAX Experience to our customers in Portugal," said Luis Mota, General Manager of ZON Lusomundo Cinemas.
"ZON Lusomundo Cinemas is the preeminent exhibitor in Portugal with numerous assets and its finger on the pulse of European filmed entertainment," said IMAX CEO Richard L. Gelfond. "ZON Lusomundo's marketing assets make it an extremely attractive partner for the IMAX brand, which has a strong foundation in Western European markets. Over the past 12 months our growth strategy has included seeding important markets like Spain, Italy, Germany - and now Portugal. Our partnership with ZON Lusomundo is strategic -- not just as a partner for our first entry into Portugal - but supporting our broader growth strategy in Europe, which is a key expansion market for us."
"Our joint revenue sharing model has proven to be successful in Europe and we look forward to building on this segment of our business in one of our most important growth markets," added Larry T. O'Reilly, IMAX's Executive Vice President, Theatre Development. "We are pleased to partner with ZON Lusomundo to introduce IMAX to audiences in Portugal."
IMAX's digital theatre 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 ZONZON Lusomundo Cinemas is part of ZON Multimedia Group. ZON Multimedia, listed on the main Portuguese stock index, PSI-20 index, is the leader of the pay TV market in Portugal and the country's second largest Internet provider. ZON Multimedia has over 1.5 million TV clients, 704,000 broadband and 807,000 fixed line customers. ZON Multimedia is Portugal's leading provider of triple play solutions, offering multiple services across several platforms: cable, satellite and mobile. Additionally, the company is Portugal's leading content distribution and cinema exhibition company, branded ZON Lusomundo. For more information, visit ZON at www.zon.pt.
About IMAX CorporationIMAX 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(R).
IMAX is headquartered in New York, Toronto and Los Angeles, with offices in London, Tokyo and Shanghai. As of March 31, 2011, there were 528 IMAX theatres (408 commercial, 120 institutional) operating in 46 countries.