12.02.03
IMAX Continues International Expansion |
(Shanghai, China, February 2003) - IMAX Corporation (Nasdaq: IMAX; TSX: IMX), the world leader in large-format entertainment technology and cinematic experience, announced today that it has signed deals for three new IMAX(R) theatres to be located in the People's Republic of China, increasing the country's total number of IMAX theatres slated to be open by 2005 to eight. The announcement continues IMAX's progress in implementing its international growth strategy and reflects the considerable momentum the company has generated over the past year in entering new markets.
"To be a part of three major developments just six months after our official launch in China demonstrates the continued demand for IMAX theatres around the world, particularly in China," said co-Chairmen and co-CEOs Richard L. Gelfond and Bradley J. Wechlser. "The theatres scheduled to open by 2005 make China the fastest growing market for IMAX in its 35 year history. In addition, we believe that we will achieve further success in other new markets including additional regions of Asia, South America and Europe."
These new deals represent the inclusion of IMAX theatres into three extensive developments in Beijing and Dongguan, the latter being one of the fastest growing cities in South China. The Beijing Radio, Film and TV Group, celebrating 100 years of film in China, will include a state-of-the-art IMAX(R) 3D theatre in the new China Film Museum. Dongguan will feature both commercial and institutional venues. The South China Mall, developed by the Sanyuan Yinghui Investment and Development Company, slated to be the largest mall in Asia, will feature IMAX 3D technology. The Dongguan Science and Technology Museum, developed by The People's Government of Dongguan City, will feature an IMAX(R) Dome theatre.
"IMAX is a world leader in high quality cinematic experience and is revolutionizing the way people see films in China," said Mr. Ma Chaojun, President of the Beijing Radio, Film and TV Group. "As we approach the centennial celebration of the film industry in China, it seems fitting to also represent the future of cinema by including this innovative technology as part of the China Film Museum."
"The IMAX brand is recognized internationally for high quality out of home family entertainment," said Mr. Hu Guirong, Chairman of Yinghui Investment and Development Company. "As an anchor of the entertainment area in the South China Mall, the IMAX theatre will attract people of all ages in China and provide them with the ultimate film experience."
Leng Xiaoming, Deputy Mayor of the People's Government of Dongguan City added, "IMAX theatres have become an integral part of science centers and museums around the world. We are excited to be able to provide our future visitors with powerful and unique educational experiences that transcend culture, language and even politics. It has already proven to be successful at the Shanghai Science and Technology Museum, where hundreds of thousands of Chinese children and adults have been inspired by The IMAX Experience(R)."
In addition to successfully opening two IMAX theatres at the Shanghai Science and Technology Museum in 2001, IMAX has expanded its network of theatres throughout other parts of Asia, with key openings in Singapore and India.
CONTACT:
Media - Romi Schutzer of IMAX Corporation, New York,
+1-212-821-0144, rschutzer@imax.com; or Business Media - Whit Clay of Sloane & Company, New York, +1-212-446-1864, wclay@sloanepr.com, for IMAX Corporation; or Analysts - Stephen G. Abraham of IMAX Corporation, New York, +1-212-821-0140, sabraham@imax.com; or Entertainment Media - Al Newman of Newman & Company, Los Angeles, +1-818-784-2130, asn@newman-co.com, for IMAX, www.imax.com.
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