11.01.02
IT International Expands Agreement with IMAX for Two Additional Theatres |
(TORONTO, January, 2002) - IMAX Corporation (Nasdaq: IMAX; TSE: IMX) has announced that IT International (I.T.) has increased its commitment from its original contract for seven IMAX(R) theatres to nine. I.T.'s first Eastern European location in Warsaw opened in September 2000 and has welcomed more than 500,000 visitors since opening. The additional theatres will be located in Athens, Greece and an undisclosed European location and are scheduled to open in 2003. I.T.'s second Eastern European location opened officially to the public in Krakow, Poland on December 12.
"Our IMAX theatre in Warsaw is performing very well, with over 500,000 admissions recorded for its first year of operations. The theatre continues to exceed our expectations serving as the prime drawing card of a retail multiplex complex," said Moshe Greidinger, CEO of IT International. "We are very pleased with IMAX and that's why we are going to take IMAX as part of our growth strategy."
"We are thrilled with the reaction to I.T.'s Warsaw location and are extremely happy with the company's decision to increase their commitment from seven to nine IMAX systems," said IMAX co-CEOs Richard L. Gelfond and Bradley J. Wechsler. "This agreement represents the strong interest that IMAX continues to generate in new international markets. As the international exhibitor market continues to strengthen, we expect to see more global opportunities for IMAX theatres in commercial developments.
I.T. International Theatres (EASDAQ: ITIT) is the leading motion picture exhibitor in Israel based on box office receipts. Since December 1997, when the Company opened its first multiplex theatre outside of Israel, in Budapest, Hungary, the Company has embarked on an expansion effort in Central Europe and currently operates approximately 50% of its 218 screens outside of Israel, including 76 in Hungary, 24 in Poland and 8 in Prague. Today the Company is the single largest international operator of multiplex cinemas in Central Europe and plans significant further expansion in Hungary, Poland and the Czech Republic. I.T. International Theatres is a 75% owned subsidiary of Israel Theatres Ltd. More information about the company can be found at www.iti-theatres.com.
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