06.09.02
IMAX Signs Agreement to Build First IMAX Theatre in Russia |
IMAX Theatre System to Open in Moscow in 2003
(TORONTO, Canada, September 2002) - IMAX Corporation (Nasdaq: IMAX; TSX:IMX), the world leader in large format entertainment technology and cinematic experience, has announced that it has signed an agreement with BFC Media Limited for a state-of-the-art IMAX(R) theatre to be located in Moscow, Russia.
This new IMAX theatre will form part of the largest shopping centre yet to be built in Moscow. The centre, operated by Ramenka, the leading shopping centre operator in Moscow, will be located next to the M10 Road, Moscow's most important thoroughfare running to St. Petersburg. The Moscow IMAX Theatre is expected to open in January 2003.
"We are very happy to partner with BFC Media to bring the world's most advanced and immersive cinematic experience to Russia," said IMAX Co-CEOs Richard L. Gelfond and Bradley J. Wechsler. "We are excited to add Russia, such a unique and important market, to the expanding number of countries to have an IMAX theatre. Introducing The IMAX Experience(R) to Russia, with its vast territory, is an important milestone in our strategy to expand IMAX across the world."
"We are thrilled to be introducing the first IMAX theatre to Russia," said BFC Media spokesperson Oksana Zinovieva. "Russia, with its great cinematographic history, now has an exploding movie-going population. We believe that this IMAX theatre, with its mix of both commercially-oriented films and educational programming, is the perfect fit for audiences in Moscow and throughout all of Russia."
"Historically, the successful launch of an IMAX theatre in a market has led to the increased demand for more IMAX theatres in other markets of the same region, as demonstrated by our Eastern European theatres -- where the success of the IMAX theatre in Warsaw led to the opening of three additional theatres in the region," added Messrs. Gelfond and Wechsler. "Clearly Moscow is the ideal city to open our first IMAX theatre in Russia."
The IMAX theatre, capable of showing classic IMAX 2D films as well as exciting new IMAX(R) 3D films such as IMAX's SPACE STATION, launched this spring and narrated by Tom Cruise, will be situated in the new 68,000 square meter Ramstore shopping center. Unrivalled in Russia, this Western-style mall will incorporate, in addition to the new IMAX theatre, numerous food courts, a 4-screen mini-plex cinema, hypomarket, ice-skating rink and two floors of electrical goods and retail fashion outlets.
About BFC Media Limited
BFC Media, a UK Company, will operate the Moscow IMAX theatre through a wholly owned Russian subsidiary, BFC Cinemas. BFC Media is an associate company of BUR Productions Limited which has been involved in the Russian cinematographic industry since 1988.
CONTACT: Media, Romi Schutzer, +1-212-821-0144, or schutzer@imax.com, or Analysts, Stephen G. Abraham, +1-212-821-0140, or sabraham@imax.com, both of IMAX Corporation, New York; or Oksana Zinovieva of BFC Media, Moscow, +7095-241-0741; or Financial Media, Whit Clay of Sloane & Company, New York, +1-212-446-1864, or wclay@sloanepr.com, for IMAX Corporation.
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