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IMAX Signs Multiplex Theatre Deal in Russia

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Written by: IMAX Corporation
Date: November 12, 2004

  

Category: Press Releases

Commercial Growth Strategy Continues to Deliver Theatre Signings Worldwide


TORONTO, Nov 12, 2004 -- IMAX Corporation (NASDAQ: IMAX; TSX: IMX) today announced an agreement with Panorama Cinemas, a leading exhibitor in Perm, Russia, to install an IMAX® MPX(TM) theatre system in a new multiplex to be built in Perm, a city of just over 1 million people situated 800 miles east of Moscow. The deal reflects the growing popularity of The IMAX Experience® around the world and IMAX's ability to continue successfully executing its commercial growth strategy.

IMAX's commercial growth strategy includes using proprietary IMAX DMR® (Digital Re-mastering) technology to convert blockbuster Hollywood films into the unparalleled image and sound quality of The IMAX Experience, as well as offering IMAX MPX -- a theatre system specifically designed for multiplexes -- as a way for commercial exhibitors to more easily and cost effectively join the IMAX® theatre network. The six IMAX DMR films released to date have posted strong worldwide box office results, helping drive more than 25 IMAX MPX orders since the system was unveiled in March 2003.

"Moviegoers in emerging markets have embraced IMAX DMR releases, and in Russia, China and India, these films have helped propel multiplexes with an IMAX theatre to the top spot in the country," said Richard L. Gelfond and Bradley J. Wechsler, Co Chairmen and Co-CEO's of IMAX Corporation. "Our Hollywood film slate and the box office results of these films are driving the interest of commercial exhibitors in surrounding markets, and Panorama Cinemas is a prime example, as their decision was influenced in part by the successful debut of the NESCAFE IMAX theatre in Moscow. We are very encouraged by this developing trend and excited to be working with Panorama to expand our presence in Russia."

"The IMAX MPX system was specially designed for the needs of multiplex operators, and we believe it offers us the perfect way to differentiate our new multiplex, by offering our patrons the world's most immersive cinematic experience," said Alexander Fleginski, Managing Director of Panorama Cinemas. "We've been impressed by the performance of IMAX DMR releases in Russia and around the world, and we very much look forward to introducing The IMAX Experience to moviegoers in Perm."

The new Panorama Cinemas IMAX theatre will be part of a four-screen multiplex expected to open in late 2005, and will be capable of showing both 2D and IMAX® 3D films. It will join the one other IMAX theatre already open in Russia, operated by leading exhibitor BFC Cinemas. The NESCAFE IMAX theatre has helped propel BFC's Moscow multiplex to one of the top performing sites in Russia, and boasted the top grossing screens in the country for the IMAX digitally re-mastered day and date releases of THE MATRIX REVOLUTIONS: THE IMAX EXPERIENCE and HARRY POTTER AND THE PRISONER OF AZKABAN: THE IMAX EXPERIENCE. Research indicated that audiences in Russia were willing to pay up to three times more than the price of a regular 35mm ticket to experience these blockbuster Hollywood films in IMAX's format.

As announced earlier this year, there is another IMAX theatre scheduled to open in Russia in 2005. Kronverk Cinemas, the largest exhibitor in St. Petersberg, Russia, is installing an IMAX MPX system at a planned flagship multiplex in the heart of St. Petersburg.

About IMAX Corporation

Founded in 1967, IMAX Corporation is one of the world's leading entertainment technology companies. IMAX's businesses include the creation and delivery of the world's best cinematic presentations using proprietary IMAX and IMAX 3D technology, and the development of the highest quality digital production and presentation. IMAX has developed revolutionary technology called IMAX DMR (Digital Re-mastering) that makes it possible for virtually any 35mm film to be transformed into the unparalleled image and sound quality of The IMAX Experience. The IMAX brand is recognized throughout the world for extraordinary and immersive family entertainment experiences. As of September 30, 2004, there were more than 235 IMAX theatres operating in 35 countries.

IMAX®, IMAX® 3D, IMAX DMR®, IMAX® MPX(TM), and The IMAX Experience® are trademarks of IMAX Corporation. More information on the Company can be found at www.imax.com.

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