LOS ANGELES, Jan. 15, 2013 /PRNewswire/ -- IMAX Corporation (NYSE: IMAX; TSX: IMX) and MacGillivray Freeman Films (MFF) today announced an agreement to jointly finance, market and distribute up to four films produced by MFF to be released exclusively to IMAX® theatres. The deal includes an option for the parties to extend the agreement for an additional four films upon completion of the four co-financed films. The companies' collaboration will also benefit from IMAX's extensive studio relationships in the development of future film productions. Today's agreement ensures IMAX exhibitors, particularly IMAX's iconic institutional theatres, will have access to a steady flow of the highest-quality, large-format documentaries over the years to come.
The parties have already begun development on the first film in the collaboration, which will be set in the exotic cluster of Indonesia's 13,000 islands and explore the breathtaking ancient reefs and ocean life of the South Pacific. The second in MacGillivray Freeman's multi-platform One World One Ocean campaign, the film will use inspiring human stories from this unique region to communicate that we are all islanders, no matter where we live on this ocean planet.
Since 2002, the top four highest-grossing films in the giant screen industry have been IMAX or MFF productions. The companies' first film collaboration was more than 20 years ago, with Race The Wind, released in 1989. Since then, IMAX and MFF have collaborated on many award-winning original, large-format films. The parties' most recent collaboration was To The Arctic, which was co-produced with Warner Bros. Pictures. Released in April of 2012, the film follows the intimate story of a mother polar bear and her two cubs navigating the rugged Arctic wilderness they call home. Since its release, To The Arctic has grossed approximately $13 million to date in IMAX theatres.
"The giant-screen industry was built on the success of IMAX documentaries and with this agreement, we look forward to working with IMAX and their partners to ensure a steady stream of high-quality educational films that our IMAX customers want," said Greg and Shaun MacGillivray, Co-Presidents of MacGillivray Freeman Films. "Museums, science centers and aquariums are the backbone for lifelong learning in communities around the world. We will continue to work hand-in-hand with these important institutions to deliver films and other educational programming that fulfill their missions."
"For decades, IMAX and MacGillivray Freeman have aligned our collective expertise to create some of the industry's highest-grossing and most acclaimed IMAX documentaries which have transformed the way people see and experience their world," said Greg Foster, IMAX Chairman and President of Filmed Entertainment. "With today's agreement, this legacy continues and we look forward to delivering films that will inspire movie-goers for generations to come from all over the globe."
"MacGillivray Freeman has unique credibility within the institutional theatre community and we are delighted to expand our relationship," said Robert D. Lister, IMAX Chief Legal and Business Development Officer. "Today's agreement delivers on our promise to provide IMAX customers, particularly our iconic institutional theatres, with more of the highest-quality content that will educate and entertain audiences worldwide."
About MacGillivray Freeman Films MacGillivray Freeman Films is the world's foremost independent producer and distributor of giant-screen 70mm films with 35 IMAX films to its credit. Throughout the company's 40-year history, its films have won numerous international awards including two Academy Award® nominations and three films inducted into the IMAX Hall of Fame. MacGillivray Freeman's films are known for their artistry and celebration of science and the natural world. It is the first documentary film company to reach the one billion dollar benchmark for box office. For more information about the company, visit www.macfreefilms.com.
About IMAX Corporation IMAX, an innovator in entertainment technology, combines proprietary software, architecture and equipment to create experiences that take you beyond the edge of your seat to a world you've never imagined. Top filmmakers and studios are utilizing IMAX theatres to connect with audiences in extraordinary ways, and, as such, IMAX's network is among the most important and successful theatrical distribution platforms for major event films around the globe.
IMAX is headquartered in New York, Toronto and Los Angeles, with offices in London, Tokyo, Shanghai and Beijing. As of Sept. 30, 2012, there were 689 IMAX theatres (556 commercial multiplex, 20 commercial destination and 113 institutional) in 52 countries.
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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.
For additional information please contact:
IMAX Corporation – New York
Sloane & Company – New York
IMAX Corporation – New York
Principal Communications Group – Los Angeles
Melissa Zuckerman/Paul Pflug
MacGillivray Freeman Films – Laguna Beach
SOURCE IMAX Corporation