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Toronto—Feb 3, 2010
IMAX Expands in Russia
Rising Star Media Adds More Digital IMAX® Theatre Systems
IMAX Corporation (NASDAQ: IMAX; TSX: IMX) and Rising Star Media, one of Russia's leading international exhibitors, today announced an agreement to expand their relationship by installing two more digital IMAX® theatre systems by spring 2010.
The deal follows a highly successful run of IMAX titles at the exhibitor's two existing IMAX locations. Under terms of the deal, Rising Star will add a new digital IMAX location in Moscow, and upgrade its existing film-based IMAX location in St. Petersburg with an IMAX digital projection system.
During the current run of Avatar in Russia, IMAX theatres generated 5% of the film's total Russian box office on 0.3% of the screens. The two Kinostar IMAX screens, which are operated by Rising Star Media, have both passed the $1 million box office mark. On other recent 3D releases, including Sony Animation's Cloudy with A Chance of Meatballs and Disney's A Christmas Carol, Kinostar enjoyed similar market leading box office success.
"We have a long and successful history with IMAX and it is great to see our relationship grow to new heights in Russia," said Shari E. Redstone, Chairwoman of Rising Star Media. "The incremental box office returns from our Kinostar venues with IMAX, combined with the growing number of Hollywood blockbusters released in IMAX's unique format makes the decision to expand our relationship an easy one."
"Through our experience with a range of 3D technologies we have learned that IMAX® 3D resonates with Russian moviegoers, and they are seeking out the premium IMAX experience at our theatres," said Paul B. Heth, Chief Executive Office of Rising Star Media. "Our partnership with IMAX has become very important to us as we continue to strive to offer the best movie going experience in our industry."
"Russia remains a key part of our European expansion strategy," said IMAX CEO Richard L. Gelfond. "Our strong film slate and digital projection system continues to drive interest from existing partners as well as exhibitors who are not yet in the IMAX business. This expanded relationship with Rising Star Media, one of the top exhibitors in the region, fuels that interest and reinforces our cache with Russian consumers."
"We are thrilled that Rising Star Media continues to position The IMAX Experience® as their premium offering for major Hollywood blockbusters and are expanding their IMAX footprint," added Larry O'Reilly, IMAX's Executive Vice President of Theatre Development.
IMAX's digital theatre 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.
About Rising Star Media:
Rising Star Media, owned by Shari E. Redstone and Paul B. Heth in partnership with UFG Asset Management, is Russia's leading international theatrical exhibitor with Russia's top grossing cinema complexes in Moscow and St. Petersburg. Rising Star Media was established with the goal of creating a world-class cinema circuit in the rapidly expanding Russian market.
Rising Star Media 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 Dec. 31, 2016, there were 1,215 IMAX theatres (1,107 commercial multiplexes, 16 commercial destinations and 92 institutions) in 75 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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