05.05.03
IMAX Signs Deal for Three IMAX Theatres in India |
(Toronto, May 2003) - IMAX Corporation (Nasdaq: IMAX; TSX: IMX) has announced that it has signed an agreement for three state-of-the-art IMAX(R) theatres with commercial real estate developer Aerens Developers & Engineers Ltd. to serve as anchor attractions in major commercial retail and entertainment complexes in India.
The announcement of the deal, which consummated in late March, follows on the heels of the Company's recent news about the release of IMAX 15/70 versions of the second and third chapter of The Matrix trilogy this spring and fall, and represents the largest international multiple theatre deal that IMAX has made in the last three years. This deal increases the total number of IMAX theatres to be open in India to six by the year 2006, making India the second fastest growing market in IMAX's 35-year history, and continuing to build on the Company's international expansion strategy.
"We are really excited about the direction that IMAX has taken and look forward to exhibiting re-purposed Hollywood and potentially Bollywood films, as well as traditional IMAX films," said Mr. Rajesh Gupta, Vice Chairman, Aerens Developers & Engineers Inc. "We believe that IMAX's world renown brand and high quality entertainment will add tremendous value to our high tech commercial retail and entertainment developments, creating a point of differentiation from our competitors by offering a unique cinematic experience."
"India, with its long history of moviegoing culture, is an ideal market for IMAX theatres," said IMAX Co-Chairmen and Co-CEO's Richard L. Gelfond and Bradley J. Wechsler. "We are thrilled to partner with Aerens Developers & Engineers Ltd. on this important multiple theatre deal and are confident that the expansion of the IMAX theatre network in this region will continue to stimulate the growing consumer demand for The IMAX Experience(R) in India."
The three new IMAX theatres will be installed by 2006 and will be capable of playing 2D and 3D IMAX(R) films, as well as Hollywood event films that have been transformed into The IMAX Experience using IMAX(R) DMR(TM) technology.
Currently there are two IMAX theatres in India, the Adlabs IMAX Theatre in Mumbai, which opened in 2001 and the Gujarat Science City IMAX(R) 3D Theatre in Ahmedabad, which opened in 2002. The Prasad IMAX Theatre in Hydrabad is scheduled to open before June of this year.
CONTACT: Media, Romi Schutzer, New York, +1-212-821-0144, or rschutzer@imax.com, or Analysts, Stephen G. Abraham, +1-212-821-0140, or sabraham@imax.com, both of IMAX Corporation; or Entertainment Media, Al Newman of Newman & Company, Los Angeles, +1-818-784-2130, or asn@newman-co.com; or Business Media, Whit Clay of Sloane & Company, New York, +1-212-446-1864, or wclay@sloanepr.com, both for IMAX Corporation
Web site: www.imax.com
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