LAS VEGAS, April 24, 2018 /PRNewswire/ -- IMAX
Corporation (NYSE: IMAX) and AMC Theatres (NYSE: AMC), today
signed a binding letter of intent to install IMAX's new
ground-breaking laser experience for commercial multiplexes in 87
of the exhibitor's highest-performing IMAX at AMC locations across
the U.S. The announcement coincides with the launch of the
next-generation of IMAX with Laser, IMAX's most advanced commercial
projection system to date designed to transform the premium
blockbuster moviegoing experience.
Under the agreement, the IMAX with Laser systems operate under a
joint revenue sharing arrangement with renewed 12-year lease terms,
and are expected to be installed between 2018 and 2022.
Additionally, AMC will be undertaking a complete renovation in the
locations with several additional moviegoing enhancements including
the installation of IMAX's 12-channel immersive sound, luxury plush
rocker seating, redesigned entryways and in-theatre branding.
"The next-generation of IMAX with Laser represents a
technological breakthrough years in the making aimed at delivering
consumers a bold, more differentiated IMAX blockbuster moviegoing
experience," said IMAX CEO Richard L.
Gelfond. "Together with AMC, our largest exhibitor partner
in North America, we look forward
to continuing our legacy of providing unforgettable entertainment
experiences through the launch of IMAX with Laser and several
premium in-theatre upgrades at 87 of its top locations. In addition
to the economics of the new laser system remaining attractive and
coming with 12-year lease extensions, we believe this powerful new
product will over time help ensure that IMAX remains the premium
cinematic experience of choice among moviegoers, studios,
filmmakers and theatre partners alike."
"AMC and IMAX continue to stay at the forefront of presentation
innovation, and this announcement represents a momentous step
forward for our guests who love seeing their movies in IMAX at
AMC," said Adam Aron, CEO and
President, AMC.
IMAX with Laser provides audiences with strikingly crystal-clear
and vivid images to suspend disbelief when experiencing today's
biggest blockbusters. The next-generation 4K laser projection system features a new optical
engine and suite of proprietary IMAX technologies that delivers
increased resolution, sharper and brighter images, deeper contrast
as well as the widest range of colors available to filmmakers to
present more distinct, exotic colors than ever before. The new
system will also feature IMAX's 12-channel sound technology that
incorporates new side and overhead channels to deliver greater
dynamic range and precision for ultimate audio immersion and sound
you can feel.
To date, the Company has signed agreements for more than 150 of
its new IMAX with Laser systems worldwide.
About AMC Entertainment Holdings, Inc.
AMC (NYSE:
AMC) is the largest movie exhibition company in the U.S., in
Europe and throughout the world
with more than 1,000 theatres and 11,000 screens across the globe.
AMC has propelled innovation in the exhibition industry by:
deploying more plush power-recliner seats; delivering enhanced food
and beverage choices; generating greater guest engagement through
its loyalty program, web site and smart phone apps; offering
premium large format experiences and playing a wide variety of
content including the latest Hollywood releases and independent
programming. AMC operates among the most productive theatres in
the United States' top markets,
having the #1 or #2 market share positions in 22 of the 25 largest
metropolitan areas of the United
States, including the top three markets (NY, LA,
Chicago). Through its Odeon
subsidiary AMC operates in 14 European countries and is the #1
theatre chain in Estonia,
Finland, Italy, Latvia, Lithuania, Spain, Sweden
and UK & Ireland. In a joint
partnership with The Development and Investment Entertainment
Company, a subsidiary of The Public Investment Fund of Saudi Arabia, AMC also operates AMC Cinemas in
the Kingdom of Saudi Arabia. www.amctheatres.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 additional
offices in London, Dublin, Tokyo, and Shanghai. As of December 31, 2017, there were 1,370 IMAX theater
systems (1,272 commercial multiplexes, 12 commercial destinations,
86 institutional) operating in 75 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:
Business
Media:
|
Investors:
|
IMAX
Corporation – New York
|
IMAX
Corporation – New York
|
Adam Davis
|
Michael K.
Mougias
|
212-821-0116
|
212-821-0187
|
adavis@imax.com
|
mmougias@imax.com
|
|
|
AMC
Theatres
|
Entertainment
Media:
|
Ryan
Noonan
|
Principal
Communications Group – Los Angeles
|
913-213-2183
|
Melissa Zukerman/Paul
Pflug
|
rnoonan@amctheatres.com
|
323-658-1555
|
|
melissa@pcommgroup.com
|
Sloane &
Company– New York
|
|
Whit Clay
|
|
212-446-1864
|
|
wclay@sloanepr.com
|
|
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SOURCE IMAX Corporation