IMAX and Canada's Cinemas Guzzo Expand Revenue Share Agreement With Three-Theatre Deal Building on Success of First Dual Screen Installation, Exhibitor to Add Second IMAX® Theatre within a Single Multiplex; Brings Guzzo Total IMAX Commitment to Eight
NEW YORK, Sept. 19, 2012 /PRNewswire/ -- IMAX Corporation (NYSE: IMAX; TSX: IMX) today announced it is expanding its revenue sharing agreement with Cinemas Guzzo with an additional three IMAX® theatre systems, one of which will be the installation of a second IMAX screen within a single multiplex. Today's agreement brings Cinemas Guzzo's total IMAX commitment to eight screens, of which five are currently open, and also brings to 37 the total number of commercial theatres open or contracted to open in Canada.
In May, the companies announced they were testing the concept of a second screen within a single multiplex at the Mega-Plex Marche Central 18 in Montreal, which opened in July. Under today's agreement, Cinemas Guzzo will install a second IMAX screen at the Mega-Plex Taschereau 18 in Brossard in November. In addition, the exhibitor will open an IMAX theatre at its West-Island location in December as well as an IMAX theatre in a new North-Shore construction complex scheduled to open in 2013.
"The response to the second IMAX screen at our Mega-Plex Marche Central in Montreal has been overwhelmingly positive, resulting in new business for us," said Vincenzo Guzzo, Executive Vice President, Cinemas Guzzo. "Having two IMAX theatres in a bilingual multiplex enables us to better serve the demands of both our English- and French-speaking patrons. We believe the success of our mega-plexes will continue to be intimately connected to the IMAX theatres deployed in our circuit."
"In just nine months, our revenue-sharing agreement with Cinemas Guzzo has already garnered impressive results," said IMAX CEO Richard L. Gelfond. "The success of our partnership demonstrates that this model helps exhibitors quickly expand their IMAX footprint and brings incremental revenue to their multiplexes. We are pleased to expand our partnership with Quebec's leading regional exhibitor, which shows that the opportunity for growth on the domestic front remains strong."
About Les Cinemas Guzzo
Part of the Quebec cinema scene since 1974, the family-owned Cinemas Guzzo was founded by Angelo Guzzo, who for many years led the struggle for independent movie theatre owners to obtain the right to project first-run movies, thus opening the way for others. Angelo Guzzo and son Vincenzo continue to work as a team to bring moviegoers the best that cinema has to offer. The company has more than 142 screens, which will be 100% digital by May 2012, mainly in the Montreal area, and supports environmental cancer research through the Guzzo family Foundation. For more information, visit www.cinemasguzzo.com.
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 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®.
IMAX is headquartered in New York, Toronto and Los Angeles, with offices in London, Tokyo, Shanghai and Beijing. As of June 30, 2012, there were 663 IMAX theatres (529 commercial multiplex, 20 commercial destination and 114 institutional) in 52 countries.
IMAX®, IMAX® 3D, IMAX DMR®, Experience It In IMAX®, An IMAX 3D Experience®, The IMAX Experience® and IMAX Is Believing™ 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 IMAX 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. These risks and uncertainties are discussed in IMAX's most recent Annual Report on Form 10-K and most recent Quarterly Reports on Form 10-Q.
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SOURCE IMAX Corporation