NEW YORK and KNOXVILLE, Tenn., Jan.
6, 2017 /PRNewswire/ -- IMAX Corporation (NYSE: IMAX)
and Regal Entertainment Group (NYSE: RGC) today announced an
expansion of the companies' existing joint revenue sharing
agreement to include the installation of 11 additional IMAX®
theatres in the U.S – bringing to 100 theatres Regal's total IMAX
network. The companies intend to open the new joint venture
theatres in new and existing complexes in U.S. markets such as
Lexington, Ky., Albuquerque, N.M., Fredericksburg, Va., Fort Lauderdale, Fla., and San Antonio, Texas. The expanded
agreement provides for an additional two years of operation and an
adjusted financial formula for all Regal IMAX joint venture
locations.
"For nearly 20 years, Regal has brought The IMAX Experience® to
millions of moviegoers across the U.S. We are excited to reach the
100th theatre milestone with such a valued partner and
tremendous IMAX ambassador that has helped us to expand our reach
from coast-to-coast and in cities big and small. This deal is
a testament to Regal's continued commitment to IMAX as it extends
all leases under the current joint venture agreement by two years
with no theatres now due for renewal until the beginning of 2021,"
said IMAX CEO Richard L.
Gelfond. "We're excited to expand upon our
long-term partnership with Regal as we look to continue to bolster
our domestic network, where in 2016 we've had more domestic theatre
signings than any year since 2011."
"We believe in the strategic value IMAX delivers to our
business, which is why we're increasing our IMAX footprint and
extending the length of our agreements for all of our IMAX sites,"
stated Amy Miles, CEO of Regal
Entertainment Group. "Regal is focused on delivering the best
customer experience and we believe that IMAX both delights our
guests and drives incremental revenue for our business. We are
excited to mark our 100th IMAX theatre commitment with
today's agreement."
About Regal Entertainment Group
Regal Entertainment
Group (NYSE: RGC) operates one of the largest and most
geographically diverse theatre circuits in the United States, consisting of 7,310 screens
in 565 theatres in 42 states along with Guam, Saipan, American Samoa and the District of Columbia as of September 30, 2016. The Company operates theatres
in 46 of the top 50 U.S. designated market areas. We believe that
the size, reach and quality of the Company's theatre circuit not
only provide its patrons with a convenient and enjoyable
movie-going experience, but is also an exceptional platform to
realize economies of scale in theatre operations. Additional
information is available on the Company's website at
www.REGmovies.com
About IMAX Corporation
IMAX, an innovator in
entertainment technology, combines proprietary software,
architecture and equipment to create experiences that take you
beyond the edge of your seat to a world you've never imagined. Top
filmmakers and studios are utilizing IMAX theatres to connect with
audiences in extraordinary ways, and, as such, IMAX's network is
among the most important and successful theatrical distribution
platforms for major event films around the globe.
IMAX is headquartered in New
York, Toronto and
Los Angeles, with offices in
London, Tokyo, Shanghai and Beijing. As of Sep. 30,
2016, there were 1,145 IMAX theatres (1,037 commercial
multiplexes, 16 commercial destinations and 92 institutions) in 74
countries. On Oct. 8, 2015, shares of
IMAX China, a subsidiary of IMAX Corp., began trading on the Hong
Kong Stock Exchange under the stock code "HK.1970."
IMAX®, IMAX® 3D, IMAX DMR®, Experience It In IMAX®, An IMAX 3D
Experience®, The IMAX Experience®, IMAX Is Believing® and IMAX
nXos®are trademarks of IMAX Corporation. More information about the
Company can be found at www.imax.com. You may also connect with
IMAX on Facebook (www.facebook.com/imax), Twitter
(www.twitter.com/imax) and YouTube
(www.youtube.com/imaxmovies).
This press release contains forward looking statements that
are based on IMAX management's 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. These risks and
uncertainties are discussed in IMAX's most recent Annual Report on
Form 10-K and most recent Quarterly Reports on Form 10-Q.
For additional information please contact:
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Business
Media:
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Investors:
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IMAX Corporation
– New York
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IMAX Corporation
– New York
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Ann
Sommerlath
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Jessica
Kourakos
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212-821-0155
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212-821-0110
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asommerlath@imax.com
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jkourakos@imax.com
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Sloane &
Company – New York
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Entertainment
Media:
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Whit Clay
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Principal
Communications Group – Los Angeles
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212-446-1864
|
Melissa
Zuckerman/Paul Pflug
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wclay@sloanepr.com
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323-658-1555
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melissa@pcommgroup.com
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SOURCE IMAX Corporation