IMAX Corporation (NYSE:IMAX) (TSX:IMX) and AMC Entertainment Inc. (AMC), today announced an expansion of the companies' joint revenue sharing arrangement to include the installation of 10 additional IMAX(R) theatres in the United States.
Press Release from IMAX Corp.
NEW YORK and KANSAS CITY, Mo., Jul 15, 2011 (GlobeNewswire via COMTEX) -- IMAX Corporation (NYSE:IMAX) (TSX:IMX) and AMC Entertainment Inc. (AMC), today announced an expansion of the companies' joint revenue sharing arrangement to include the installation of 10 additional IMAX(R) theatres in the United States. These theatres, which fulfill the rollout of theatres under the June 2010 expansion of the parties' original 2007 joint revenue sharing agreement, are expected to open by the end of 2012. The 10 new IMAX theatre systems are in addition to AMC's existing obligation for 115 IMAX joint revenue sharing theatres, 105 of which are currently in operation.
The companies intend to open the new IMAX theatres in both new markets and in markets where AMC already operates IMAX theatres in North America. Upon completion of the full AMC IMAX theatre roll-out, AMC will operate 125 IMAX theatres under the joint revenue sharing agreement, and 135 in total. In June 2010, the companies amended the initial agreement to provide for the opening of 15 to 25 additional IMAX theatres.
"Our partnership with IMAX has generated consistent bottom-line benefits for us and we are pleased to build on this success," said Gerry Lopez, CEO and president, AMC. "IMAX theatres provide our guests an incredibly immersive movie experience and with today's agreement we are delivering on our commitment to offer our patrons the best moviegoing experience possible."
"Expanding our relationship with our great partners at AMC reinforces the financial benefits that our revenue sharing business model delivers," said Richard L. Gelfond, CEO, IMAX Corporation. "AMC's industry position, along with the unparalleled cinematic experience IMAX offers, is a powerful combination that more and more AMC customers are seeking."
About AMC Entertainment Inc.AMC Entertainment Inc. delivers distinctive and affordable movie-going experiences in 360 theatres with 5,128 screens across the United States and Canada. The company operates 24 of the 50 highest grossing theatres in the country, including the top three. AMC has propelled industry innovation and continues today by delivering premium sight and sound, enhanced food and beverage and diverse content. www.AMCTheatres.com.
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.