IMAX and Larry H. Miller Megaplex Theatres Expand Partnership
IMAX Corporation, 22 April 2010
LHM to Add Two New Digital IMAX(R) Theatres and Upgrade Existing IMAX
Theatre to Digital in Utah Markets
Strong Consumer Demand for Hollywood Movies in IMAX Continues to Drive
NEW YORK, April 22, 2010 (GLOBE NEWSWIRE) -- IMAX Corporation (Nasdaq:IMAX) (TSX:IMX) and Larry H. Miller (LHM) Megaplex Theatres, the leading commercial theatre operator in Utah, today announced that they have reached an agreement to add two new digital IMAX(R) theatres in the Salt Lake City, UT area and upgrade their existing film-based IMAX theatre system in Sandy, UT to IMAX digital. The agreement builds on the box office success of Hollywood films in IMAX and the strong performance of the existing IMAX theatre that is owned and operated by LHM Megaplex Theatres in Sandy, UT.
Under the terms of the agreement, the existing film-based IMAX system, which opened in 2005, will be upgraded with IMAX's digital projection system in time for the IMAX release of Iron Man 2 in May. The first new location will be retrofitted at an existing multiplex in the Salt Lake City area and is expected to open by the end of this year. The second new location will be a newly constructed multiplex with a purpose-built IMAX auditorium and is expected to be open by the end of 2011.
"During the past five years our IMAX theatre has performed exceptionally well, delivering an incredible movie experience that cannot be matched anywhere else," said Blake Andersen, Senior Vice President and General Manager of LHM Megaplex Theatres. "We are pleased to be upgrading our existing IMAX theatre system to digital and to add two new IMAX locations. We've experienced the strong consumer demand for The IMAX Experience(R) at our location in Sandy and we're very excited to feed that demand by expanding our partnership with IMAX."
"Larry H. Miller Theatres has been an outstanding partner of ours, they are terrific operators and we're very excited to build on the success of their first IMAX location by making The IMAX Experience available to more consumers in the Utah market," said IMAX CEO Richard L. Gelfond. "This expanded partnership serves as yet another example of how our digital projection system is transforming our business by allowing us to deliver more Hollywood films at a lower cost, which greatly expands our reach to consumers and increases profitability for commercial theatre operators."
The current IMAX film slate for the remainder of 2010 includes Iron Man 2: The IMAX Experience (May 2010); DreamWorks Animation's Shrek Forever After: An IMAX 3D Experience(May 2010); Walt Disney Pictures' Prince of Persia: Sands of Time: The IMAX Experience (May 2010); Walt Disney Pictures' Toy Story 3: An IMAX 3D Experience (June 2010); Summit Entertainment's The Twilight Saga: Eclipse: The IMAX Experience (June 2010); Warner Bros. Pictures' Inception: The IMAX Experience (July 2010); Walt Disney Pictures' Tron Legacy: An IMAX 3D Experience (December 2010); and an IMAX original film in partnership with Warner Brothers, titled Hubble 3D (March 2010). The Company remains in active discussions with virtually all of the major studios regarding potential titles for release as far out as 2012.
About Larry H. Miller Megaplex Theatres
The Megaplex Theatres at Jordan Commons in Sandy, Gateway in Salt Lake City, Thanksgiving Point in Lehi, The Junction in Ogden and The District in South Jordan are among the most popular theatres in Utah. Founded by Utah businessman Larry H. Miller, the theatres are among the top-grossing movie theatres in the nation. In addition, the Megaplex Theatres feature regular and large format movie screens, MegaPass -- dinner and a movie gift options, conference and auditorium rental and the industry-leading guest services team. Megaplex Theatres show times and other group information can be found on the web at www.MegaplexTheatres.com, by calling (801) 304-4636, or by texting "Movies" to 71354.
About IMAX Corporation
IMAX Corporation is one of the world's leading entertainment technology companies, specializing in immersive motion picture technologies. The worldwide IMAX network is among the most important and successful theatrical distribution platforms for major event Hollywood films around the globe, with IMAX theatres delivering the world's best cinematic presentations using proprietary IMAX, IMAX(R) 3D, and IMAX DMR(R) technology. IMAX DMR is the Company's groundbreaking digital re-mastering technology that allows it to digitally transform virtually any conventional motion picture into the unparalleled image and sound quality of The IMAX Experience. The IMAX brand is recognized throughout the world for extraordinary and immersive entertainment experiences for consumers. As of December 31, 2009, there were 430 IMAX theatres (309 commercial, 121 institutional) operating in 48 countries.