IMAX Corporation today announced three new theatre deals in Russia. These deals will mark the entry of the first IMAX(R) Digital projection systems in the country. Under the terms of the agreements, IMAX's digital projection system will be installed in the cities of Sochi, Nizinhy Novogorod and Novosibirsk. In Sochi, the agreement is with Luxor Cinemax, one of the largest exhibitors in Russia. In Nizinhy Novogorod, the agreement is with Electronika, the city's largest consumer electronics retailer and developer, and in Novosibirsk the agreement is with Art Science Cinema Distribution, the leading exhibitor in Siberia. This is Art Science Cinema Distribution's second contracted IMAX(R) theatre system. The first agreement was signed in June 2007. The three new theatres are expected to be installed between 2009 and 2011.
"Exhibitor interest in our new digital theatre system in both domestic and international markets has been very strong and we are delighted that part of this interest is coming from Russia," said IMAX Co-Chairmen and Co-CEOs Richard L. Gelfond and Bradley J. Wechsler. "We are committed to making The IMAX Experience(R) more accessible in this region and look forward to reaching a wider audience with our new partners, each of which have their own well recognized and respected brand in the markets in which they operate."
"The favorable economics of IMAX's digital theatre system makes the IMAX theatre business very attractive for us," said General Director of Luxor Cinemax Igor Dobrovolsky. "The new IMAX theatre will enable us to offer our customers a premium cinema experience that cannot be replicated at home or in any other type of theatre, and that gives us a clear advantage over the competition."
"IMAX fits in perfectly with our mission -- to offer customers the best entertainment that technology has to offer," said Alexander Kuznetsov, General Director of Group of Companies "Electronika". "We are very excited to wow our customers with a whole new way to experience Hollywood's biggest movies in both 2D and IMAX(R) 3D."
"IMAX's new digital theatre system virtually eliminates the high cost of film prints, which increases programming flexibility," said Lubov Sainova, General Director of Art Science Cinema Distribution. "With more programming options, we increase our ability to get people out of their homes and back into the theatre. Further, our classic IMAX documentary programming is ideally suited to the city's recent surge of science and education initiatives."
There are currently three IMAX theatres operating in Russia, in the cities of Moscow, St. Petersberg and Kazan. There are currently ten IMAX theatres scheduled to be operating in Russia by the end of 2011.
IMAX's digital projection system is being designed to further enhance The IMAX Experience and help to drive profitability for studios, exhibitors and IMAX theatres by virtually eliminating the need for film prints, increasing program flexibility and ultimately increasing the number of movies shown on IMAX screens. The new system is configured for an IMAX MPX(R)-style auditorium and is capable of showing Hollywood movies that have been digitally re-mastered using IMAX's proprietary DMR(R) technology in both IMAX and IMAX 3D. The system will also be capable of showing original IMAX documentaries.
