IMAX Corporation (NYSE: IMAX; TSX: IMX) today announced an expansion of its revenue sharing agreement with Cinémas Guzzo for an additional IMAX® theatre system to be located at the Mega-Plex Marché Central 18 in Montreal, which is scheduled to open in July. The deal marks the Company's initial test of two IMAX screens within a single multiplex.
Today's agreement also brings Cinémas Guzzo's total IMAX commitment to five screens under joint revenue sharing arrangements and brings the number of commercial theatres open or contracted to open in Canada to 32.
The deal follows an earlier four-theatre agreement with Cinémas Guzzo announced in January. To date, three of the four theatres have opened, including the Mega Plex Marché Central 18 in Montreal; the Mega-Plex Terrebonne 14 in Terrebonne and the Mega-Plex Taschereau 18 in Brossard. Cinémas Guzzo's IMAX theatre at the Mega-Plex Pont-Viau 16 in Laval is slated to open in July.
"We're excited to have the first multiplex in the world that offers customers two IMAX screens," said Vincenzo Guzzo, Executive Vice President, Cinémas Guzzo. "Since opening our first IMAX theatre in March, we've experienced overwhelming demand and now with the ability to play simultaneous IMAX presentations in both French and English, we will be able to bring that experience to even more of our customers. No other format can transport our guests into the action, intensity and emotion of a blockbuster film like IMAX can. This is providing a key competitive advantage to our theaters that we believe cannot be duplicated."
"We've been considering this "second-screen" concept for quite some time and we're launching the initial test with leading regional exhibitor Cinémas Guzzo, which has been a great partner for us," said IMAX CEO Richard L. Gelfond. "With our continued network growth and increasing film slate, we believe this initiative will enable IMAX and our partners to fully capitalize on the strong demand during blockbuster opening weekends, when we are seeing more and more sellouts. It will also provide us with greater flexibility to schedule multiple titles that overlap during the busy summer and holiday season."
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.
