15.12.01
IMAX Corporation Completes Sale of Digital Projection International |
(TORONTO, Dec 12, 2001) - IMAX Corporation (Nasdaq: IMAX; TSE: IMX) has completed its previously announced transaction involving its wholly owned subsidiary Digital Projection International Ltd. (DPI). IMAX has sold the shares and assets of DPI, primarily consisting of its staging, rental and fixed installations business, to DPI Chief Executive Officer and Managing Director Brian Critchley. The terms of the transaction were not disclosed. IMAX will retain the rights and technology to develop high-end digital cinema, including the use of Texas Instruments Inc.'s DLP Cinema(TM) technology in large format and other key patents and intellectual property related to the conversion of film to digital images.
"We acquired DPI to help establish IMAX as the leader in the development of large format digital cinema," said IMAX Co-Chief Executive Officers Richard L. Gelfond and Bradley J. Wechsler. "While we are selling the overall business and in particular the non-strategic rental, staging and fixed installation business, we are also retaining the key elements that will allow IMAX to develop both a high end digital cinema system and eventually a digital IMAX theatre. We remain optimistic about IMAX's future in the digital world."
Founded in 1967, IMAX Corporation is one of the world's leading entertainment technology companies. IMAX's businesses include the world's best cinematic presentations together with IMAX, IMAX 3D and the development of the highest quality digital production and presentation. The IMAX brand is recognized throughout the world for extraordinary and immersive family experiences. As of September 30 2001, there were more than 220 IMAX theatres operating in 30 countries. More than 700 million people have seen an IMAX presentation since the medium premiered in 1970. More information on the Company can be found at http://www.imax.com.
This press release contains forward-looking statements that are based on management 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 effect these statements include the timing of theatre system deliveries, the mix of theatre systems shipped, the timing of the recognition of revenues and expenses on film production and distribution agreements, the viability of new businesses and fluctuations in foreign currency and in the commercial exhibition market. These factors and other risks and uncertainties are discussed in the Company's Annual Report on Form 10-K for the year ended December 31, 2000 and in the subsequent reports filed by the Company with the Securities and Exchange Commission.
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