IMAX Corporation (NYSE: IMAX) (TSX: IMX) and Premiere Cinema Corp., one of the largest independently owned circuits in North America, today announced a sales agreement for three new IMAX® theatre systems in Texas. The new IMAX locations are expected to open by year-end in Houston, Lubbock, and El Paso. As part of the agreement, Premiere has an option to open a fourth location.
Since January 1, IMAX Corporation has signed contracts for over 100 theatre systems, more than double the number of theatre system signings that occurred during the same period in 2010.
"The strong IMAX box office performance this past year demonstrated how The IMAX Experience® has become synonymous with the biggest event movies," said Premiere Cinema Corporation's CEO Gary Moore. "The favorable economics of IMAX's digital projection system has enabled us to easily enter the IMAX business, and with IMAX's robust film slate, our timing couldn't be better. We are very excited to partner with IMAX and look forward to delivering on our commitment to Premiere's guests of offering the best movie-going experience in town."
"We are happy to be increasing our presence in Texas, and continuing to execute on our domestic growth strategy, which includes entering markets with high quality, well-branded regional exhibitors," said IMAX CEO Richard L. Gelfond. "Premiere Cinema Corp. is known for its first-class entertainment venues, which makes its complexes an ideal fit for the IMAX