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New York, N.Y. and Knoxville, Tenn—Oct 1, 2010
IMAX and Regal Entertainment Group® Expand Joint Venture Relationship for Up to 25 New Imax® Theatres
New Joint Venture Agreement Calls for Minimum of 16 Theatres, with Potential for Up to 25
IMAX Corporation (NASDAQ: IMAX; TSX: IMX) and Regal Entertainment Group (NYSE: RGC), today announced an expansion of the companies' joint venture agreement to include installation of an additional 16 to 25 new IMAX® theatres in the United States. These theatres, which are part of an amendment to the parties' original 2008 joint venture agreement, are in addition to Regal's previously committed rollout of 39 IMAX joint venture theatres, 34 of which are in currently in operation. As part of the agreement, Regal also plans to upgrade eight of its existing film-based IMAX theatres with IMAX's digital projection technology.
The companies intend to open up the new joint venture theatres by the end of 2012 in U.S. markets including such cities as Albuquerque, NM, Eugene, OR, Charlottesville, VA and Atlanta, GA. Upon completion of the full Regal IMAX theatre rollout, Regal will operate up to 77 IMAX theatres.
"It is with great pleasure that we announce the expansion of our relationship with IMAX," said Amy Miles, CEO, Regal Entertainment. "We take
pride in offering our customers a unique, differentiated out-of-home entertainment experience, and we are pleased that IMAX will continue to be a
key component of our premium strategy. IMAX theatres deliver an immersive presentation of unparalleled sound and image quality that command a premium price from consumers, and we look forward to bringing that premium experience to more Regal audiences across the country."
"This is an important expansion of our relationship with our long-time partner Regal that builds on the success of our existing joint venture
theatres," said Richard L. Gelfond, CEO, IMAX Corporation. "Our operating history together has shown that the combination of IMAX and Regal creates premium movie going experiences that Regal movie-goers crave, and as result, yields substantial returns on investment to our joint venture. This agreement represents a potential 64% increase in our existing JV theatre commitment with Regal, paving the way for more consumers to have The IMAX Experience® in new domestic markets."
With today's announcement, IMAX has announced at least 198 theatre systems signings year-to-date, which compares to 35 system signings in all of 2009 and represents a new record for the most signings in a single year.
Included among the terms of the amended agreement is an increase in the length of the joint venture arrangement for all Regal IMAX theatres - to 10 years from the previous term of seven years. The deal also includes an adjusted allocation of costs to help defray Regal's operating expenses for all of its new and existing joint venture IMAX theatres.
About Regal Entertainment Group:
Regal Entertainment Group (NYSE: RGC) operates one of the largest and most geographically diverse theatre circuits in the United States, consisting of 7,307 screens in 564 theatres in 42 states along with Guam, Saipan, American Samoa and the District of Columbia as of June 30, 2016. The Company operates theatres in 46 of the top 50 U.S. designated market areas. We believe that the size, reach and quality of the Company’s theatre circuit not only provide its patrons with a convenient and enjoyable movie-going experience, but is also an exceptional platform to realize economies of scale in theatre operations.
Regal Entertainment Group Directory page
About IMAX Corporation:
IMAX, an innovator in entertainment technology, combines proprietary software, architecture and equipment to create experiences that take you beyond the edge of your seat to a world you've never imagined. Top filmmakers and studios are utilizing IMAX theatres to connect with audiences in extraordinary ways, and, as such, IMAX's network is among the most important and successful theatrical distribution platforms for major event films around the globe.
IMAX is headquartered in New York, Toronto and Los Angeles, with offices in London, Tokyo, Shanghai and Beijing. As of September 30, 2015, there were 1,008 IMAX theatres (887 commercial multiplexes, 19 commercial destinations and 102 institutions) in 66 countries. On Oct. 8, 2015, shares of IMAX China, a subsidiary of IMAX Corp., began trading on the Hong Kong Stock Exchange under the stock code "HK.1970."
IMAX Corporation Directory page
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May 4, 2011
Regal Entertainment Group Announces New Forms of Digital Cinema Access
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May 18, 2009
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Feb 5, 2009
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More IMAX Press Releases:
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IMAX Signs Largest Agreement in France with Five-Theatre Deal with Les Cinémas Gaumont Pathé
Oct 11, 2016
IMAX and Odeon & UCI Cinemas to Launch First IMAX VR™ Centre in Europe
Aug 2, 2016
Wanda to Add 150 IMAX® Theatres in Landmark Deal; Largest Agreement in IMAX History
Jul 12, 2016
Ster-Kinekor Expands Imax Footprint with Three-Theatre Agreement in South Africa
Jun 22, 2016
IMAX and AMC Theatres® Sign 25-Theatre Deal
Jun 22, 2016
IMAX and Cineworld Group Plc Sign Five-Theatre Agreement
Jun 13, 2016
IMAX and Sichuan Lumière Pavilions Company Ltd. Sign 10-Theatre Full Revenue Share Agreement in China
May 19, 2016
Google and IMAX Partner to Develop Groundbreaking Virtual Reality Camera
May 12, 2016
IMAX Signs 40-Theatre Full Revenue Share Agreement with Guangzhou Jinyi Media Corporation in China
Apr 13, 2016
IMAX Signs 10-Theatre Deal in China with Shanghai Aurora Movie Co., Ltd.
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