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Attention Business Editors
IMAX Signs Multiplex Theatre Deal in Brazil
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One of Brazil's Fastest Growing Exhibitors Enters IMAX(R) Theatre
Business
29 IMAX Theatres to Be Open in Latin America By 2008
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TORONTO, Sept. 11 /CNW/ - September 11, 2006 - IMAX Corporation
(NASDAQ: IMAX; TSX: IMX) today announced an agreement with Circuito Cinearte
Ltd., one of Brazil's fastest growing exhibitors, to install an IMAX(R)
theatre as an anchor attraction at the new Bourbon Shopping Pompeia in Sao
Paulo, Brazil, scheduled to open in 2007. Located in a rapidly growing and
prestigious area of Sao Paulo, the new shopping center will be one of the
city's most prominent retail developments, with 220 businesses and a 10-screen
multiplex. This announcement marks IMAX's second deal in Brazil and reflects
continued momentum in the Company's international expansion strategy. There
are now 29 IMAX theatres scheduled to be open in Latin America by 2008.
"Brazil is a vast and relatively untapped market that holds great
potential for expansion of the IMAX theatre network," said IMAX Co-CEOs and
Co-Chairmen Richard L. Gelfond and Bradley J. Wechsler. "We are delighted to
join one of the country's fastest growing exhibitors to bring The IMAX
Experience(R) to moviegoers in Sao Paulo. Historically, the successful launch
of an IMAX theatre in a new market has led to increased enthusiasm and
interest in IMAX from exhibitors in surrounding markets. We are confident that
establishing a presence in a city as prominent as Sao Paulo will be beneficial
to further growth in Latin America."
"The impressive box office performance of Hollywood movies in IMAX's
format shows us that moviegoers are drawn to the uniquely immersive experience
that only IMAX theatres can deliver," said Adhemar de Oliveira, Managing
Director of Circuito Cinearte Ltd. "With moviegoers in Brazil looking for the
best premium cinematic experience, and a mix of Hollywood titles and original
IMAX documentaries being released to IMAX theatres each year, we are confident
that our new theatre at the Bourbon Shopping Pompeia will serve as the
premiere cultural and entertainment destination for people of all ages."
The IMAX theatre in Sao Paolo will be capable of showing Hollywood
blockbusters, as well as a wide variety of original IMAX films, in both 2D and
IMAX(R) 3D. The IMAX MPX(R) theatre system that will be installed was
specifically designed to enable multiplex operators to more cost effectively
enter into the IMAX theatre business, by retrofitting an existing stadium
seating auditorium or via an economical new build.
The Bourbon Shopping Pompeia will be located in the Western part of Sao
Paulo - an area that is experiencing rapid development. In addition to the
IMAX theatre, other elements that will differentiate the 1.9 million square
foot mall from others in Sao Paulo include a 1,500-seat live theatre designed
to stage Broadway-style plays, a 32,000 square foot bookstore and one of the
renowned Zaffari Bourbon high tech Supermarkets.
About Circuito Cinearte Ltda
Founded in 1990, Circuito Cinearte has become one of Brazil's largest
multiplex operators with theatres located in 10 cities. These theatres are
often sponsored by or developed in collaboration with other investment groups
such as Unibanco, one of Brazil's largest Bank Groups (the Unibanco Artplex)
with theatres in Sao Paulo, Rio de Janeiro, Porto Alegre and Curitiba. The
exhibitor was recently recognized by local media for having the best theatres
in Rio and Sao Paulo. Diversity in film selection, comfortable stadium
seating, and theatres specifically designed for the cities they are located in
have been some of the key drivers of Cinearte's success. A distinctive feature
of the Cinearte Group has been its unique ability to combine culture,
education and entertainment within the same complex. Multiplexes often include
space for art exhibits and run educational programs on film as well as
televised debates on Brazilian movies. In Sao Paulo, for example, Cinearte has
over 8,000 school teachers that are members of a Cinearte Film association and
regularly meet at the various theaters to see films of all genres.
About IMAX Corporation
Founded in 1967, IMAX Corporation is one of the world's leading
entertainment technology companies and the newest distribution window for
Hollywood films. IMAX delivers the world's best cinematic presentations using
proprietary IMAX, IMAX 3D, and IMAX DMR technology. IMAX DMR (Digital
Re-mastering) makes it possible for virtually any 35mm film to be transformed
into the unparalleled image and sound quality of The IMAX Experience. The IMAX
brand is recognized throughout the world for extraordinary and immersive
entertainment experiences. As of June 30, 2006, there were 274 IMAX theatres
operating in 38 countries.
IMAX(R), IMAX(R) 3D, IMAX DMR(R), IMAX(R) MPX(R), and The IMAX
Experience(R) are trademarks of IMAX Corporation. More information on the
Company can be found at www.imax.com.
This press release contains forward looking statements that are based on
management's assumptions and existing information and involve certain risks
and uncertainties which could cause actual results to differ materially from
future results expressed or implied by such forward looking statements.
Important factors that could affect these statements include the timing of
theatre system deliveries, the mix of theatre systems shipped, the timing of
the recognition of revenues and expenses on film production and distribution
agreements, the performance of films, the viability of new businesses and
products, and fluctuations in foreign currency and in the large format and
general commercial exhibition market. These factors and other risks and
uncertainties are discussed in the Company's Annual Report on Form 10-K for
the year ended December 31, 2005 and in the subsequent reports filed by the
Company with the Securities and Exchange Commission including the Company's
10-Q for the quarter ended June 30, 2006.
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/For further information: Media: IMAX Corporation, New York, Sarah
Gormley, (212) 821-0155, sgormley@imax.com; Entertainment Media: Newman &
Company, Los Angeles, Al Newman, (310) 278-1560, asn@newman-co.com; Investors:
Integrated Corporate Relations, Amanda Mullin, (203) 682-8243; Business Media:
Sloane & Company, New York, Whit Clay, (212) 446-1864, wclay@sloanepr.com/
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