NEW YORK and TORONTO, Aug. 24, 2017 /PRNewswire/ --IMAX Corporation (NYSE: IMAX) and Cineplex (TSX: CGX) today announced an agreement that will see the installation of two new IMAX auditoriums as well as the installation of a new IMAX VR Centre. An IMAX® auditorium will be added at Cineplex Odeon Eglinton Town Centre Cinemas in Toronto, Ontario, and at Cineplex Cinemas Normanview in Regina, Saskatchewan. With both sites expected to open in November 2017, the addition of these two auditoriums will bring the number of IMAX auditoriums in Cineplex theatres across Canada to 25. Additionally, the companies are also working together to install Canada's first IMAX VR Centre at Cineplex's Scotiabank Theatre Toronto.
"Cineplex is a leading entertainment company and an excellent partner that shares our commitment to innovation," said Richard L. Gelfond, CEO of IMAX Corporation. "It has led the way in expanding the IMAX network across Canada and is now the first to launch an IMAX VR Centre in the country. We believe the Centre will give audiences of all ages a new level of immersive entertainment experiences."
"Offering our guests new entertainment choices and a variety of experiences is what Cineplex is about and we are proud to partner with IMAX on this venture," said Ellis Jacob, President and CEO, Cineplex. "The Centre, slated to open this fall, will offer our guests immersive, multi-dimensional virtual reality experiences, including movie entertainment content and games."
Relocating the existing box office to the upper level of Scotiabank Theatre Toronto, Cineplex's new IMAX VR Centre will be situated adjacent to its main entrance. The Centre will feature a unique combination of premium technology and world-class content that lets users see, feel, move and play in new worlds in a powerfully immersive and realistic way, much like IMAX theatres offer moviegoers a differentiated and best-in-class film experience. With groundbreaking VR headset technology, 360-degree sound and sophisticated room tracking, players will be instantly transported into new interactive virtual worlds that are more realistic than anything imaginable.
The design – proprietary to IMAX – consists of multiple "pods" to allow multiple players to enjoy highly interactive, exciting, moveable VR experiences in an extremely social environment. The pods, which are designed to optimize user mobility and interaction in virtual environments, can be adapted for specific content experiences – whether single or multi-user.
IMAX launched its flagship pilot IMAX VR Centre in Los Angeles and its second location in New York City. The Company is set to open up to eight additional centres in North America, Western Europe and Asia in 2017. IMAX plans to use these pilot locations to test several factors, including the overall customer experience, pricing models and the types of content featured. If successful, the intent is to roll out the concept globally to select multiplexes as well as commercial locations such as shopping centers and tourist destinations.
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 additional offices in London, Dublin, Tokyo, and Shanghai. As of June 30, 2017, there were 1,257 IMAX theaters (1,154 commercial multiplexes, 13 commercial destinations and 90 institutions) in 75 countries. On Oct. 8, 2015, shares of IMAX China, a subsidiary of IMAX Corp., began trading on the Hong Kong Stock Exchange under the stock code "HK.1970."
IMAX®, IMAX® 3D, IMAX DMR®, Experience It In IMAX®, An IMAX 3D Experience®, The IMAX Experience®, IMAX Is Believing® and IMAX nXos®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).
A leading entertainment and media company, Cineplex (TSX:CGX) is a top-tier Canadian brand that operates in the Film Entertainment and Content, Amusement and Leisure, and Media sectors. As Canada's largest and most innovative film exhibitor, Cineplex welcomes 75 million guests annually through its circuit of 164 theatres across the country. Cineplex also operates successful businesses in digital commerce (CineplexStore.com), food service, alternative programming (Cineplex Events), cinema media (Cineplex Media), digital place-based media (Cineplex Digital Media), amusement solutions (Player One Amusement Group) and an online eSports platform for competitive and passionate gamers (WorldGaming.com). It also operates a location based entertainment business through Canada's newest destination for 'Eats & Entertainment' (The Rec Room), and will also be opening new sports and entertainment complexes in communities across the country (Topgolf). Additionally, Cineplex is a joint venture partner in SCENE, Canada's largest entertainment loyalty program.
Proudly recognized as having one of the country's Most Admired Corporate Cultures, Cineplex employs over 13,000 people in its offices across Canada and the United States. To learn more visit Cineplex.com or download the Cineplex App.
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.
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