NEW YORK, June 20, 2012 /PRNewswire/ -- IMAX Corporation (NYSE: IMAX; TSX: IMX) and Shaw Theatres Pte Ltd., a leading exhibitor in Singapore, today announced an agreement to install a new IMAX® theatre system to be located in a new complex in Punggol Watertown Point in Punggol, Singapore. Shaw's existing IMAX theatres are located in Singapore's premier destination areas. The exhibitor's Lido IMAX theatre opened in May 2011 in the heart of Orchard Road, Singapore's renowned retail and entertainment area. Shaw's second IMAX theatre opened in April at the retail landmark JCube Entertainment Complex.
Under the terms of today's agreement, the new IMAX theatre is scheduled to open in January 2015, bringing to three Shaw Theatres' total IMAX commitment and to 311 the total number of IMAX theatres open or contracted to open in the Asia Pacific region.
"IMAX is a leading distribution platform for the biggest blockbuster films, and we are thrilled to have an IMAX theatre as the key attraction of our new multiplex at the Punggol Waterway Point shopping complex," said Mark Shaw, Executive Vice President of Shaw Theatres. "Today's agreement builds on the tremendous success of our existing IMAX theatres that have delighted our patrons with the most immersive movie-going experience available."
"The IMAX Experience® is universal - embraced by consumers worldwide as a differentiated experience from in-home entertainment and traditional theatre options," said IMAX CEO, Richard L. Gelfond. "Today's agreement with Shaw Theatres underscores this global appeal and together we look forward to bringing IMAX to more audiences across Singapore."
"Shaw's IMAX expansion is proof that our business model works and delivers results to exhibitors in this strategically important region," said Don Savant, Senior Vice President and Managing Director, Asia Pacific. "Shaw Theatres has been a great partner in building the IMAX business in Singapore and today we're very pleased to expand our partnership."
About Shaw Theatres
Shaw Theatres, part of the Shaw Organization, was founded by the Shaw Brothers and has been operating cinemas in Singapore since 1927. It owns and currently operates seven multiplexes across the island. They feature the latest in cinema technologies like IMAX, Dolby 7.1 Surround and RealD 3D systems.
For more information on Shaw Theatres and Shaw Organisation, please visit http://shaw.sg. You can also connect with Shaw on Facebook (facebook.com/shaw.sg), Twitter (twitter.com/shawonline) and YouTube (youtube.com/ShawOnlineVideos).
About IMAX Corporation
IMAX Corporation is one of the world's leading entertainment and technology companies, specializing in the creation and delivery of premium, awe-inspiring entertainment experiences. With a growing suite of cutting-edge motion picture and sound technologies, and a globally recognized entertainment brand, IMAX is singularly situated at the convergence of the entertainment industry, innovation and the digital media world. The industry's top filmmakers and studios are utilizing IMAX theatres to connect with audiences in extraordinary ways, and as such, the IMAX network is among the most important and successful theatrical distribution platforms for major event films around the globe. The Company's new digital projection and sound systems - combined with a growing blockbuster film slate - are fueling the rapid expansion of the IMAX network in established markets such as North America, Western Europe, and Japan, as well as emerging markets such as China and Russia. IMAX deliver the world's best cinematic presentations using proprietary IMAX®, IMAX 3D®, and IMAX DMR® (Digital Re-Mastering) technologies. IMAX DMR enables virtually any motion picture to be transformed into the unparalleled image and sound quality of The IMAX Experience®.
IMAX is headquartered in New York, Toronto and Los Angeles, with offices in London, Tokyo, Shanghai and Beijing. As of March 31, 2012, there were 643 IMAX theatres (510 commercial multiplex, 20 commercial destination and 113 institutional) in 52 countries.
IMAX®, IMAX® 3D, IMAX DMR®, Experience It In IMAX®, An IMAX 3D Experience® and The IMAX Experience® 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. Important factors that could affect these statements include, but are not limited to, general economic, market or business conditions, including the length and severity of the current economic downturn, the performance of IMAX DMR films, the opportunities that may be presented to and pursued by IMAX, competitive actions by other companies, conditions in the in-home and out-of home entertainment industries, the signing of theatre system agreements, changes in law or regulations, conditions, changes and developments in the commercial exhibition industry, the failure to respond to changes and advancements in digital technology, the failure to convert theatre system backlog into revenue, new business initiatives, investments and operations in foreign jurisdictions and any future international expansion, the inability to protect IMAX's intellectual property foreign currency fluctuations and IMAX's prior restatements and the related litigation. These factors and other 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:
IMAX Corporation – New York
Principal Communications Group–Los Angeles
Melissa Zuckerman/Paul Pflug
IMAX Corporation – New York
Sloane & Company – New York
SOURCE IMAX Corporation