IMAX Corporation (NASDAQ: IMAX; TSX: IMX) and Group of Companies "TRIUMPH," a leading media, entertainment and film production company in the Ukraine, today announced an agreement to add to the company's roll-out of IMAX(R) theatres in the country. Kinokompaniya Triumf, which already had a deal to install two IMAX theatres in the Ukraine, has signed on for a third theatre to be installed in Kharkov in 2011, with an option for a fourth theatre to be installed in the capital city of Kyiv.
Group of Companies "TRIUMPH" installed its first IMAX theatre in Kyiv last month, and its second system, which was upgraded to a digital projection system pursuant to the parties' new agreement, is scheduled to be installed in the city of Odessa in 2010. Today's deal is part of an overall increase in European exhibitor interest in the IMAX business, fueled by the introduction of IMAX's new digital projection system. There are now 13 IMAX theatres scheduled to be operating in Russia and the Commonwealth of Independent States (CIS) by 2011. To date, IMAX has signed contracts for more than 190 IMAX digital projection systems, with 20 currently in operation and a total of 45-50 scheduled to be in operation by year end.
"Our new IMAX theatre in Kyiv has already delivered impressive results with extremely happy customers as well as strong ticket and concession sales, and now we're very excited to expand with more IMAX locations," said Andriy Shpyg, General Director of Group of Companies "TRIUMPH." "After just 20 days of operation, we sold 17,000 IMAX tickets at a premium price, which demonstrates that The IMAX Experience(R) drives incremental attendance and revenue. The elimination of film prints and the reduced start up capital required for IMAX's digital projection system makes the IMAX business even more attractive as we work towards expanding our IMAX and multiplex network in the Ukraine."
"The IMAX brand continues to get stronger in new markets internationally, thanks to partners like Group of Companies "TRIUMPH," who are dedicated to the marketing and delivery of premium entertainment experiences," said IMAX Co-Chairmen and Co-CEOs Richard L. Gelfond and Bradley J. Wechsler. "We're very pleased with the impact that our digital projection system has made on exhibitor interest in Europe, and we look forward to continued growth in the region."
"The first IMAX theatre that Group of Companies "TRIUMPH" opened has hanged the way people in the Ukraine experience movies and we're delighted that their early success has inspired them to add more locations," added Larry O'Reilly, IMAX's Executive Vice president, Theatre Development. "Europe is an important growth market for us and through the economical advantages of our digital projection system, we're starting to see more exhibitors get into the IMAX business."
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(R) 3D presentations.
Upcoming IMAX films include:
Madagascar 2: Escape 2 Africa - DreamWorks Animation
The Day the Earth Stood Still - Twentieth Century Fox
Under the Sea 3D - IMAX/Warner Bros. Pictures
Watchmen - Warner Bros. Pictures/Paramount Pictures/Legendary Pictures
Monsters vs. Aliens 3D - DreamWorks Animation
Night at the Museum Battle of the Smithsonian - Twentieth Century Fox
Transformers: Revenge of the Fallen - DreamWorks Pictures/Paramount
Harry Potter and the Half-blood Prince - Warner Bros. Pictures
Hubble 3D (working title) - IMAX/Warner Bros. Pictures
How to Train Your Dragon 3D - DreamWorks Animation
Shrek Goes Fourth 3D - DreamWorks Animation
About Group of Companies "TRIUMPH"
Set up to address the growing demand for original Russian and Ukrainian film content in the former Soviet Union, Group of Companies "TRIUMPH" has rapidly grown to become one of the leading movie, television, and advertising production companies in the Ukraine. It has released major films in the Russian and Ukrainian markets and is currently developing high quality multiplexes across Ukraine. It has related companies developing shopping malls and entertainment complexes in prime locations in Kyiv.