IMAX Corporation (NASDAQ:IMAX; TSX:IMX) and
ODEON & UCI Cinemas Group, Europe's largest exhibitor, today announced an
agreement to install an IMAX digital theatre system in the exhibitor's
flagship location in Liverpool, England.
The deal, which brings the total
number of IMAX® theatres operated by ODEON to seven, was signed as a result
of the growing success and popularity of the exhibitor's other IMAX
locations including digital IMAX venues in Wimbledon, Greenwich, Gateshead,
Cardiff and Southampton. ODEON is the largest operator of IMAX theatres in
the United Kingdom.
The deal follows the record-breaking box office success of the IMAX® 3D
release of Avatar, which has grossed more than $10 million from nine IMAX
screens in the United Kingdom and approximately $234 million from 262 IMAX
screens worldwide. The new ODEON location will capitalize on IMAX's growing
Hollywood film slate and is scheduled to open in time for the IMAX 3D
release of Shrek:Forever After on July 2, 2010.
"The incremental boost in performance that we receive by adding an IMAX
theatre to our existing complexes helps to drive our bottom line and our
overall box office, but most importantly, it gives ODEON customers the
premium cinema experience they are looking for," said Rupert Gavin, CEO of
ODEON & UCI Cinemas Group. "We're very excited to include this performance-boosting IMAX offering at our Liverpool location, which is already very successful. Beyond this new location, we're currently exploring the
possibility of adding more to our growing list of scheduled IMAX
"Our expanding partnership with ODEON & UCI Cinemas Group, Europe's largest
exhibitor and one of the world's most recognized cinema brands, continues to
strengthen our own brand presence and visibility worldwide," said IMAX CEO
Richard L. Gelfond. "ODEON has led the way in establishing the IMAX network
in Western Europe and we're confident that their increasing interest in the
IMAX business will result in more awe-inspiring entertainment experiences
for moviegoers in one of our most important markets."
Mr. Gavin continued, "In addition to offering the premium IMAX experience to
our customers at a growing number of venues, we recently completed the
installation of 266 conventional digital 3D systems in the UK and a grand
total of 414 digital 3D installations throughout Europe, which makes us the
market leader in the number of digital 3D locations in the United Kingdom
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 3D presentations.