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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 7,310 screens in 565 theatres in 42 states along with Guam, Saipan, American Samoa and the District of Columbia as of September 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 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
More Regal Press Releases:
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4DX Coming to 17 Additional Regal Screens in Key U.S. Markets
Mar 21, 2016
AEG and Regal Partner with Barco to Unveil Most Technologically Advanced, World-Renowned Movie Theater
Jun 14, 2013
Dolby Atmos Installed in 20 Additional RPX: Regal Premium Experience Theatres
Apr 19, 2012
Regal Entertainment Group Selects Sony’s Entertainment Access Glasses with Audio to Improve Theater Experience for Hearing Or Visually Impaired Audience Members
Nov 15, 2011
Barco Completes First U.S. Auro-3D Installations for Cinemark, Regal Entertainment Group and AMC Entertainment
May 4, 2011
Regal Entertainment Group Announces New Forms of Digital Cinema Access
Jan 27, 2011
RealD and Regal Entertainment Group to Double 3D Cinema Screen Count
May 18, 2009
Regal Entertainment Group to Install Sony 4K Digital Cinema Projection Systems Across Entire Circuit
More IMAX Press Releases:
May 24, 2017
IMAX Continues Rapid Expansion with Les Cinémas Gaumont Pathé in Europe; Signs an Additional Six-Theatre Agreement for the Group’s Top-Performing Locations in France and Holland
Apr 26, 2017
PVR Cinemas Doubles its IMAX Footprint with Five-Theatre Agreement in India
Apr 18, 2017
IMAX and Omnijoi Cinemas Expand Partnership in China with 40-Theatre Agreement
Apr 11, 2017
IMAX Signs Agreement with AMC Entertainment for 25 New IMAX® Theatres at Odeon Cinemas Group and Nordic Cinema Group Locations; Marking Largest European Agreement in IMAX History
Feb 27, 2017
Bona Film Group Makes Significant IMAX Commitment with 30-Theatre Agreement in China
Dec 1, 2016
Shanghai Film Corporation Adds Three New IMAX® Theatres to Circuit in China
Nov 10, 2016
IMAX Completes First Phase of $50 Million Virtual Reality Fund That Will Finance New High-Quality, Immersive VR Content
Oct 13, 2016
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
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