24.02.03
IMAX and Regal Sign Agreement to Open Two Additional IMAX Theatres |
(TORONTO, February 2002) - IMAX Corporation (Nasdaq: IMAX; TSE: IMX) has announced that it has signed an agreement with Regal Entertainment Group Inc. (Regal) (NYSE: RGC) to install two additional IMAX(R) theatre systems, increasing the number of IMAX theatres operated by Regal to 14 -- more than any other third party operator in the world. The two theatres will be located in Boise, Idaho and Denver, Colorado and are expected to be installed by April 2003.
Regal's increased commitment to IMAX underscores its belief in the potential of IMAX theatres to generate revenues and distinguish its multiplexes given the promise of IMAX(R) DMR(TM) which is IMAX's proprietary new technology that enables the conversion of Hollywood live-action films into An IMAX Experience(R). To date, Apollo 13 and Star Wars(R): Episode II Attack of the Clones have been seen digitally re-mastered into IMAX 15/70 format using IMAX DMR technology. The addition of more commercial theatres to the IMAX theatre network improves the economics of releasing digitally re-mastered Hollywood films to IMAX theatres which is key to the Company's ability to lease more IMAX theatre systems.
"This increased commitment from Regal further confirms our belief that our commercial theatre strategy is working and that our unique combination of Hollywood and traditional IMAX entertainment is appealing to commercial exhibitors," said IMAX co-CEOs and co-Chairmen Richard L. Gelfond and Bradley J. Wechsler. "This agreement reaffirms our belief in the potential of commercial multiplexes and furthers our goal to increase our penetration of commercial exhibitors by establishing IMAX theatres as a new release window for Hollywood films. Regal's commitment in combination with the momentum of our business right now gives us increasing confidence that 2003 will be a strong earnings year for IMAX."
"We look forward to working with IMAX as it further develops and grows the IMAX DMR film slate. We believe that IMAX theatres offer a high quality experience that is attractive to our consumers," stated Mike Campbell, CEO of Regal Entertainment Group's theatre operations and Co-CEO of Regal Entertainment Group.
Gelfond and Wechsler added, "As we see the continued strengthening of the commercial exhibitor sector, we expect more sales of IMAX theatres to commercial multiplexes. We believe the success of our film slate in 2002, from Beauty and the Beast to Star Wars: Episode II Attack of the Clones The IMAX Experience to SPACE STATION 3D, will continue to drive commitment to IMAX."
CONTACT:
Media: Romi Schutzer, IMAX Corporation, New York, +1-212-821-0144, rschutzer@imax.com; Business Media: Whit Clay, Sloane & Company, New York, +1-212-446-1864, wclay@sloanepr.com; Entertainment Media: Al Newman, Newman & Company, Los Angeles, +1-818-784-2130, asn@newman-co.com; Analysts: Stephen G. Abraham, IMAX Corporation, New York, +1-212-821-0140, sabraham@imax.com; Financial Contacts: Don De Laria, Vice President - Investor Relations, Regal Entertainment Group, Tennessee, +1-865-925-9685, ddelaria@regalcinemas.com; Media Contact: Dick Westerling, Senior Vice President - Marketing, Regal Entertainment Group, Tennessee, +1-865-925-9539, dick.westerling@regalcinemas.com.
www.imax.com
www.regalcinemas.com
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