IMAX Corporation (Nasdaq:IMAX) (TSX:IMX) and Cobb Theatres, the highly respected US-based exhibitor recognized nationwide for operating first-class entertainment venues, today announced an agreement to install four IMAX® theatre systems in the Southeastern United States.
Under the terms of the agreement, the first location will open in November 2010 in Lakeland, FL, followed by another location in South Florida in February, and installations in Tuscaloosa, AL and Merritt Island, FL in March and April of 2011, respectively. The deal brings the Company's total announced number of theatre systems signings year-to-date to 172 worldwide, which compares to 35 system signings in all of 2009.
"During the past few years it has become very evident that when a big movie opens, people want to experience it in IMAX," said Robert Cobb, CEO of Cobb Theaters. "The IMAX brand is synonymous with the best movie presentations in 2D and 3D, and these four locations will enable us to offer more premium content to our customers. The favorable economics and program flexibility of IMAX's digital projection system, and the strong recognition and appeal of the IMAX brand makes this relationship a perfect fit for our business."
"Cobb Theaters is widely known for operating first-class entertainment venues, which makes their locations ideally suited for the IMAX brand and we're very happy to enter into this relationship with them," said IMAX's Chief Executive Officer Richard L. Gelfond. "We have seen the strong performance of regional IMAX theatre operators across the US, and are pleased to increase our presence in the Southeast and add to our theatre system contract signings momentum, which continues to significantly outpace the growth we experienced during the same time a year ago."
IMAX's digital projection system delivers The IMAX Experience® and helps drive profitability for studios, exhibitors and IMAX theatres by eliminating the need for film prints, increasing program flexibility and ultimately increasing the number of movies shown on IMAX screens. The system can run both IMAX and IMAX® 3D presentations.