Building on the Success of Its First IMAX Installation, Shaw Theatres Pte Ltd to Open Second Digital IMAX(R) Theatre
TORONTO, Aug. 10, 2011 (GLOBE NEWSWIRE) — IMAX Corporation (NYSE:IMAX) (TSX:IMX) today announced that Shaw Theatres Pte Ltd, a leading exhibitor in Singapore, has signed an agreement to install a digital IMAX(R) theatre system in the new JCube entertainment complex in Singapore, which is scheduled to be completed by 2012. This will mark the opening of Shaw Theatres’ second IMAX theatre. In May, Shaw Theatres opened the first commercial IMAX theatre in Singapore, which to date has generated over $1.4 million of gross box office within its first few months of operation.
“Our Shaw Theatres Lido IMAX has been a resounding success, with our patrons willing to pay a premium to enjoy their favorite Hollywood films in the superior IMAX platform,” said Mark Shaw, Executive Vice President of Shaw Theatres. “We are building on this momentum with a second IMAX theatre in our new Shaw Theatres JCube multiplex to offer even more patrons the best movie-going experience possible.”
“The success of Shaw’s IMAX Theatre in Lido, coupled with today’s agreement, underscores the growth potential for IMAX in Singapore,”
said IMAX CEO Richard L. Gelfond. “Southeast Asia is an important market for us and we are pleased to leverage the region’s increasing appetite for The IMAX Experience(R) with this latest network addition.”
“Our expanded relationship with Shaw Theatres highlights the value of the IMAX brand and the continued business momentum IMAX is experiencing in Southeast Asia,” added Don Savant, IMAX’s Senior Vice President and Managing Director, Asia Pacific. “We are excited to partner with Shaw Theatres and offer a wider audience in Singapore the premium cinematic experience that only IMAX can deliver.”
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(R) 3D presentations.
About Shaw Theatres
Shaw Theatres, part of the Shaw Organisation, was founded by the Shaw Brothers and has been operating cinemas in Singapore since 1927. It owns and currently operates six multiplexes across the island. They feature the latest in cinema technologies like IMAX, Dolby 7.1 Surround and RealD 3D systems.
For more information on Shaw Theatres and Shaw Organisation, please visit http://shaw.sg . You can also connect with Shaw on Facebook (facebook.com/shaw.sg), Twitter (twitter.com/shawonline) and YouTube (youtube.com/ShawOnlineVideos).
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 theaters deliver the world’s best cinematic presentations using proprietary IMAX(R), IMAX 3D(R), and IMAX DMR(R) (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 June 30, 2011, there were
560 IMAX theatres (417 commercial multiplex, 25 commercial destination and 118 institutional) operating in 46 countries.
IMAX(R), IMAX(R) 3D, IMAX DMR(R), Experience It In IMAX(R), An IMAX 3D
Experience(R) and The IMAX Experience(R) are trademarks of IMAX Corporation. More information about the Company can be found at www.imax.com. You may also connect with IMAX on Facebook (www.facebook.com/imax), Twitter (www.twitter.com/imax) and YouTube (www.youtube.com/imaxmovies).
This press release contains forward looking statements that are based on management’s assumptions and existing information and involve certain risks and uncertainties which could cause actual results to differ materially from future results expressed or implied by such forward looking statements. Important factors that could affect these statements include, but are not limited to, general economic, market or business conditions, including the length and severity of the current economic downturn, the opportunities that may be presented to and pursued by the Company, competitive actions by other companies, the performance of IMAX DMR films, conditions in the in-home and out-of home entertainment industries, the signing of theatre system agreements, changes in law or regulations, conditions, changes and developments in the commercial exhibition industry, the failure to convert theatre system backlog into revenue, new business initiatives, investments and operations in foreign jurisdictions and any future international expansion, foreign currency fluctuations and the Company’s prior restatements and the related litigation. These factors and other risks and uncertainties are discussed in the Company’s most recent Annual Report on Form 10-K and most recent Quarterly Reports on Form 10-Q.