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New York, NY—Jan 17, 2012
IMAX Restructures Theatre Licensing Agreement with RACIMEC to Accelerate Growth in South America
Expects New, Flexible Deal Structures to Lead to Faster Penetration of South
IMAX Corporation (NYSE: IMAX; TSX: IMX) today
announced that it has restructured its master license agreement in South
America with Giencourt Investments S.A., a member of the RACIMEC
International Group (RACIMEC), in order to both play a more active role in
the market and accelerate the roll-out of IMAX ® theatres across South
Today's agreement allows for IMAX to be more involved in the market, in
terms of systems and sales support as well as logistical and administrative
functions, and for RACIMEC to offer multiple deal structures to prospective
partners - including revenue sharing arrangements that have been very
successful for IMAX in other markets. The parties agree that these
adjustments to the original agreement should allow for more favorable terms
to be offered to prospective exhibitor partners and believe that, as a
result, the IMAX theatre network will expand in this strategic and
underpenetrated region of the world at a faster rate than was previously
possible. Additional terms of the restructured agreement were not
"We expect these important changes in our agreement to accelerate our growth
in South America," said Richard L. Gelfond, CEO, IMAX Corporation. "Not
only have major international exhibitors expressed interest in expanding
with us in this region of the world, but real estate developers have
expressed a desire for the IMAX brand to anchor their development projects. We believe that our restructured agreement with our long-term partner,
Miguel Sfeir and RACIMEC, will provide a 'win-win' scenario for each of us
by enabling a faster penetration of this important growth market."
"This new structure should enable IMAX and RACIMEC to create more
opportunities in the long run and accelerate market growth in the short
run," said Miguel Sfeir, President of RACIMEC Corporation. "I continue to
have numerous promising leads throughout the region and this restructured
agreement allows me to turn those into concrete results."
Analysis of the market suggests that 150 IMAX theatres could exist across
South America over time, up from 15 IMAX commercial theatres today. IMAX
theatres in markets like Sao Paulo, Curitiba and Rio de Janeiro, Brazil are
strong performers, having generated gross box office per screen of
approximately $1.5 million, on average, in 2011. IMAX expects to open
theatres from existing backlog through the RACIMEC relationship in 2012, in
markets throughout Brazil and Argentina and also expects to open new
theatres in 2012 as part of the new agreement.
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
About RACIMEC International Group:
International Group Founded in Rio de Janeiro, Brazil, in August 1966, as one of the most prominent entertainment and public gaming companies in the world, developing gaming applications such as Lotto and Soccer Lottery, for various Latin American countries including Brazil, Chile, Argentina, Venezuela, Colombia and Paraguay. The RACIMEC International Group has reached outstanding success in various countries with its starring game KINO, a pre-printed ticket game with a real time live TV show, crossing over the 4 billion dollar barrier during the last decade. RACIMEC has been identified by the Lottery market as the creator of new standards in Game operation and safety in the different countries where it operates.
RACIMEC International Group Directory page
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