NEW YORK, June 27, 2012 /PRNewswire/ -- IMAX Corporation (NYSE: IMAX; TSX: IMX) and Frank Theatres, a division of the Frank Entertainment Company (1906), today announced a revenue sharing agreement for 10 IMAX® theatres to be installed into existing complexes and new construction projects located throughout the U.S. Today's deal brings to 421 the total number of IMAX theatres open or contracted to open in North America.
Under the terms of the agreement, Frank Theatres will open four IMAX theatres in November in York, Pa.; Southern Pines, N.C.; Delray Beach, Fla.; and Northfield, N.J. Two additional theatres are slated to open May 2013 in Ranson, W. Va. and Kingsport, Tenn. Locations for the remaining four theatres will be determined by the parties at a later date.
"Since 1921, we've been committed to delivering the best available entertainment experience and now, with the addition of IMAX, this long-standing tradition will be raised to a whole new level," said Bruce Frank, President and CEO of Frank Theatres. "As we expand our circuit throughout the U.S., IMAX will serve as the anchor attraction for our new entertainment complexes. With a globally recognized brand, the most immersive movie-going experience available and a slate of the biggest Hollywood event films, we're confident that IMAX will be a hit with our guests, drive increased attendance and help position us for long-term success."
"Today's agreement is our largest signing with a regional exhibitor in the U.S. to date and it also underscores the important role these partners play in bringing IMAX to audiences in underpenetrated U.S. markets," said IMAX CEO Richard L. Gelfond. "We're delighted to join forces with Frank Theatres, a strong regional player that will help us seize the growth opportunities that exist domestically."
About Frank Theatres
Frank Theatres currently owns and operates 25 theatres and 256 screens in New Jersey, Pennsylvania, West Virginia, North Carolina, South Carolina, Georgia and Florida. Today, guided by 3rd generation leadership and a seasoned management team, Frank Theatres continues their growth with upcoming projects to include sites in Delray Beach, FL., West Palm Beach, FL., Cary, NC., Holly Springs, NC., Southern Pines, NC., Kingsport, TN., Ranson, WV., and Princeton, NJ. For more information, visit www.franktheatres.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 March 31, 2012, there were 643 IMAX theatres (510 commercial multiplex, 20 commercial destination and 113 institutional) in 52 countries.
IMAX®, IMAX® 3D, IMAX DMR®, Experience It In IMAX®, An IMAX 3D Experience® and The IMAX Experience® 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. 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 performance of IMAX DMR films, the opportunities that may be presented to and pursued by IMAX, competitive actions by other companies, 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 respond to changes and advancements in digital technology, the failure to convert theatre system backlog into revenue, new business initiatives, investments and operations in foreign jurisdictions and any future international expansion, the inability to protect IMAX's intellectual property foreign currency fluctuations and IMAX's prior restatements and the related litigation. These factors and other 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
SOURCE IMAX Corporation