SHANGHAI, Aug. 25 --CNW-AsiaNet/InfoQuest
IMAX Corporation (NASDAQ: IMAX; TSX: IMX) and Evershining Large Format
Theatre Management Corp., a division of Shanghai United Cinemas, today
announced that the Peace Cinema IMAX(R) theatre has become one the top
performing theatres in China, selling out over a dozen shows of Spider-Man 2 --
more than any other theatre in the region. The sequel to the 2002 box office
sensation Spider-Man was digitally re-mastered into IMAX's format through
IMAX's revolutionary IMAX DMR(R)(Digitally Re-Mastering) technology, for
exhibition in IMAX theatres. The early success of IMAX DMR in China helps to
build the momentum of IMAX's commercial strategy in the Company's fastest
growing market.
"The popularity of the Peace Cinema IMAX theatre demonstrates the added
value that The IMAX Experience(R) brings to our multiplex and we are thrilled
that Spider-Man 2: The IMAX Experience has drawn such an impressive number of
moviegoers," said Wang Bozheng, General Manager of Peace Cinema. "The public's
willingness to pay a premium ticket price clearly indicates that there is a
demand to see Hollywood films in IMAX theatres and so far, the feedback has
been extremely positive."
"The strong performance of the Shanghai Peace Cinema IMAX theatre's first day and date release of an IMAX DMR film is an important indication of the
worldwide appeal of IMAX DMR films," said Larry T. O'Reilly, Senior Vice
President, Theatre Sales and Film Distribution, IMAX Corporation. "We have
seen that when the popularity of an IMAX theatre grows in a new market, there
is often demand for additional IMAX theatres in surrounding markets. The
success of Spider-Man 2: The IMAX Experience at the Peace Cinema demonstrates
that there is demand for The IMAX Experience in China and with the help of top
exhibitors such as Shanghai United Cinemas, we look forward to continued
success with our expansion in the region."
In addition to the IMAX Theatre at Peace Cinema, there are three other
IMAX theatres currently operating in the region with several more scheduled to
open. There are two IMAX theatres located at the Shanghai Science and
Technology Museum and one IMAX theatre located in Harbin, at the Heilongjiang
Science and Technology Museum. China is IMAX's fastest growing market, with
eleven theatres expected to be operating by 2006.
About Shanghai Evershining Giant Screen Theatre Co. Ltd.
Jointly invested and founded by Shanghai Evershining Culture (Group) Co., Ltd. and Shanghai United Cinema Line Co., Ltd. in October, 2003, Shanghai
Evershining IMAX Theatre Co., Ltd.'s businesses include IMAX theatre operation
and investment in potential IMAX theatres. Shanghai Evershining IMAX Theatre
Co., Ltd. owns and operates the IMAX theatre at Peace Cinema, the first
commercial IMAX theatre in China.
About IMAX Corporation
Founded in 1967, IMAX Corporation is one of the world's leading
entertainment technology companies. IMAX's businesses include the creation and
delivery of the world's best cinematic presentations using proprietary IMAX
and IMAX(R) 3D technology and the development of the highest quality digital
production and presentation. IMAX has developed revolutionary technology called
IMAX DMR (Digital Re-mastering) that 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 family entertainment experiences. As of June 30,
2004, there were 240 IMAX theatres operating in 35 countries.
IMAX(R), IMAX(R) 3D, IMAX DMR(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/A for
the year ended December 31, 2003 and in the subsequent reports filed by the
Company with the Securities and Exchange Commission.
SOURCE: Imax Corporation
CONTACT: Media: IMAX Corporation, New York, Romi Schutzer
(212) 821-0144, [email protected]
Entertainment Media: Newman & Company, Los Angeles, Al Newman
(818) 784-2130, [email protected]
Analysts: IMAX Corporation, New York, Cheryl Cramer
(212) 821-0121, [email protected]
Business Media: Sloane & Company, New York, Whit Clay
(212) 446-1864, [email protected]
--Distributed by AsiaNet (www.asianetnews.net)--
--InfoQuest (SP)--