GLASGOW, Scotland, Aug. 28, 2013 /PRNewswire/ -- IMAX Corporation (NYSE:IMAX; TSX: IMX) and Cineworld Group PLC, the UK's largest cinema chain, today announced an expansion of the companies' revenue sharing agreement with an IMAX theatre to be added at a location yet to be determined and the installation of IMAX's next-generation laser digital projection technology at Glasgow Science Centre's IMAX® theatre in Scotland. This deal brings Cineworld Group's IMAX commitment to 13 under the parties' revenue share arrangement.
Cineworld has recently reached an agreement with the Glasgow Science Centre, an IMAX exhibitor since 2000, to take over the operations of its IMAX theatre – the first IMAX theatre in Scotland. Under the terms of the deal announced today, Cineworld will install an IMAX digital theatre system before transitioning to IMAX's dual 4K laser system.
"Cineworld is delighted to add another IMAX theatre to our circuit and to install IMAX's upcoming laser solution at the Glasgow Science Centre, which will allow us to present the full spectrum of IMAX content," said Crispin Lilly, Vice President of Business Affairs, Cineworld Group PLC. "The IMAX Experience® has become synonymous with the biggest event movies and, as such, we're pleased to build on our successful partnership."
"As we expand our network throughout Europe, growing relationships with partners such as Cineworld is a key strategy to support our growth," said Andrew Cripps, President, IMAX EMEA. "Together with Cineworld we look forward bringing even more audiences across the UK the biggest blockbusters in the world's most immersive film format."
IMAX's next-generation laser digital projection system, which represents the culmination of the largest R&D initiative in IMAX's history, incorporates the laser digital intellectual property IMAX licensed exclusively from Eastman Kodak and Barco's unique laser innovations. It is expected to set a new benchmark as the industry's premium entertainment experience and will enable IMAX's largest screens to deliver the highest-quality digital content available with greater brightness and clarity, a wider color gamut and deeper blacks.
About Cineworld Group
Cineworld Group was founded in 1995 by Steve Wiener, the current Chief Executive, and is the #1 UK cinema chain by both box office and admissions. The Group operates 81 cinemas across the UK & Ireland of which 77 are multiplex sites with five screens or more. In 2007 Cineworld successfully floated on the London Stock Exchange.
More information can be found at www.cineworld.co.uk
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 inLondon, Tokyo, Shanghai and Beijing. As of June 30, 2013, there were 767 IMAX theatres (634 commercial multiplexes, 19 commercial destinations and 114 institutions) in 54 countries.
IMAX®, IMAX® 3D, IMAX DMR®, Experience It In IMAX®, An IMAX 3D Experience®, The IMAX Experience® and IMAX Is Believing® are trademarks of IMAX Corporation. More information about the Company can be found at www.imax.com. You may also connect with IMAX on Facebook (www.facebook.com/imax), Twitter (www.twitter.com/imax) and YouTube (www.youtube.com/imaxmovies).
This press release contains forward looking statements that are based on IMAX 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. These risks and uncertainties are discussed in IMAX's most recent Annual Report on Form 10-K and most recent Quarterly Reports on Form 10-Q.