LAS VEGAS, April 24, 2018 /PRNewswire/ --
HIGHLIGHTS
- Cineworld and Regal to add IMAX with Laser to 26 new IMAX®
theatres and upgrade 29 existing IMAX sites in U.S. and
Europe
- Cineworld and Regal to incorporate additional moviegoing
enhancements including IMAX's immersive sound, luxury seating and
re-designed aesthetics at all 55 IMAX locations
- Parties renew 12-year lease terms for all 55 sites and expect
all IMAX with Laser systems to be installed between 2018 and
2022
IMAX Corporation (NYSE:IMAX) and Cineworld Group PLC,
including its Regal Entertainment Group subsidiary, today announced
a binding letter of intent to install IMAX's new ground-breaking
laser experience for commercial multiplexes in 55 of the
exhibitor's locations across the U.S. and Europe. The announcement coincides with the
launch of the next-generation of IMAX with Laser, the Company's
most advanced commercial projection system to date designed to
transform the premium blockbuster moviegoing experience.
Under the agreement, the companies will be adding IMAX with
Laser systems to 26 new IMAX® theatres and upgrading 29
of its existing IMAX sites, including 15 currently open and 14
sites in backlog. The IMAX with Laser systems will include renewed
12-year lease terms and are expected to be installed between 2018
and 2022. The specific sites and mix of deal types will be agreed
by the companies.
Additionally, Cineworld and Regal will be undertaking a complete
renovation of the 55 locations and add several additional
moviegoing enhancements including the installation of IMAX's
12-channel immersive sound, luxury plush rocker seating, redesigned
entryways and in-theatre branding.
"For over 20 years, Cineworld has been a major proponent of The
IMAX Experience® and its ability to attract and immerse audiences.
We're encouraged to see that support continue with its acquisition
of Regal through this significant endorsement of the new IMAX with
Laser experience and its ability to deliver audiences increased
differentiation that they can only get with IMAX," said IMAX CEO
Richard L. Gelfond. "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."
"There is no doubt in my mind that IMAX with Laser provides the
best blockbuster moviegoing experience and will be our leading
premium offering," said Mooky
Greidinger, CEO of Cineworld Group PLC. "IMAX and our
collective organization have worked together for more than 20 years
and we both understand how to create best-in-class customer
experiences. For us, this agreement is about continuing that legacy
and introducing a new era of IMAX moviegoing."
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 overheard 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 Cineworld Group:
Cineworld Group was founded in
1995 with its roots going back to 1930 through the combination with
Cinema City in 2014. In December
2017, Cineworld acquired US cinema chain Regal Entertainment
Group. Following completion of the deal in February 2018, the enlarged Group became the
second largest cinema chain in the world, with 9,538 screens across
the US and Europe. Cineworld is
operating cinemas today in ten countries: the US, the UK,
Ireland, Poland, Romania, Israel, Hungary, Czech, Bulgaria and Slovakia, covering a market of approximately
500 million people. The acquisition of Regal provides Cineworld
with a major presence in the US cinema market, the largest box
office market in the world. Cineworld's primary brands are Regal
(in the US), Cineworld and Picturehouse (in the UK &
Ireland), Cinema City (throughout
Europe) and Yes Planet (throughout
Israel). We believe that the
size, reach and quality of Cineworld's theatre circuit provides its
patrons with a convenient and enjoyable movie-going experience. We
are committed to being 'The Best Place to Watch a Movie!' More
information can be found at www.cineworld.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:
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Business
Media: IMAX
Corporation – New York Adam
Davis 212-821-0116 adavis@imax.com
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Investors: IMAX Corporation – New York Michael K. Mougias 212-821-0187 mmougias@imax.com
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Sloane &
Company– New York Whit
Clay 212-446-1864 wclay@sloanepr.com
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Entertainment
Media: Principal
Communications Group – Los Angeles Melissa Zukerman/Paul Pflug 323-658-1555 melissa@pcommgroup.com
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SOURCE IMAX Corporation