Press Release from IMAX Corporation
TORONTO, June 16 /PRNewswire-FirstCall/ - IMAX Corporation (NASDAQ: IMAX; TSX: IMX) and BIG Cinemas, a division of Adlabs Films Ltd, a Reliance ADA Group company and India's largest entertainment conglomerate, today announced an agreement to install IMAX's new digital projection system in BIG Cinemas' flagship IMAX(R) theatre in the heart of Mumbai. The installation is scheduled to be completed in July 2009, and will mark the first digital IMAX location in India.
The new IMAX digital projection system will replace the IMAX(R) Dome system that is currently operating in the BIG Cinemas location at Wadala, Mumbai. The new technology upgrade is designed to enable BIG Cinemas to take advantage of the growing slate of Hollywood releases in IMAX and IMAX(R) 3D.
"BIG Cinemas has constantly endeavored to expand our content offerings to render a world class movie going experience to our guests. Through the installation of IMAX's digital projection system, we will be able to offer our guests the world's most immersive movie experience, and even more premium entertainment options and at a much lower operating cost," said Tushar Dhingra, COO, BIG Cinemas.
"We're proud to enter this partnership with BIG Cinemas for installing our first digital projection system in Mumbai, the heart of Bollywood. It is an important strategic step for us as we look to expand our presence in the region," said IMAX CEO Richard L. Gelfond. "BIG Cinemas has already done a fantastic job establishing the IMAX brand in the country, and we're confident that this new theatre will enable them to reach an even wider audience of Indian consumers in the future."
The deal adds to the momentum of IMAX's international expansion efforts, which has been fueled by the introduction of IMAX's digital projection technology. To date, IMAX has signed contracts for more than 200 IMAX digital projection systems worldwide, with over 90 currently in operation and at least 115 scheduled to be in operation by year end.
IMAX's revolutionary digital projection system delivers The IMAX Experience(R) 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.