Regal to add 31 Imax Digital Theatres

Imax Corp. is expanding the screen-count of its joint venture deal with Regal Cinemas to install another 31 Imax digital projection systems at Regal locations in 20 cities in the United States.

The revised agreement will boost the deal to 38 theatres, and will bring the running total of Regal theatres with Imax capacity to 52 screens by the end of 2010, the Toronto company said yesterday.

Imax and Regal will share the cost and profits of the new theatres.

Regal has "set a benchmark for marketing and drawing audiences to Imax theatres, as indicated by the results of our existing theatres in Regal locations," Imax co-chairs and co-CEOs Richard Gelfond and Bradley Wechsler said in a release.

An unspecified number of theatres are expected to open in time for the release of Harry Potter and the Half Blood Prince: The Imax Experience, due in November, Imax said.

“We are pleased to expand our IMAX relationship with additional sites, and we’re excited to introduce IMAX’s Digital projection system to Regal audiences in key markets throughout the United States,” stated Greg Dunn, President and COO of Regal Entertainment Group. “Greg Foster, Rob Lister and Phil Groves were instrumental in working with Regal’s IMAX Team to complete this agreement.”

“Regal is one of the best theater operators in the world and they have set a benchmark for marketing and drawing audiences to IMAX theatres, as indicated by the results of our existing theaters in Regal locations,” said IMAX’s Co-Chairmen and Co-CEOs, Richard L. Gelfond and Bradley J. Wechsler. “We are extremely pleased to be expanding our relationship in such a significant way, and we are excited about the new locations in cities throughout the U.S.”

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100 Imax digital projectors deal with AMC

The agreement will double Imax's commercial theater presence in North America, and includes installations at some of AMC's highest-grossing multiplexes such as the Empire in New York's famed Times Square and Century City in Los Angeles.

"We can't think of any deal in our 40-year history that has been more important to us," co-CEO Bradley Wechsler during a webcast Friday.

"This deal, by far and away the largest and most expansive in Imax's history, is extremely significant for the company, from both the financial and strategic point of view."

The Toronto-based maker of large-screen movie systems, did not detail the financial implications of what it described as a joint venture, but Imax co-CEOs Richard Gelfond and Wechsler described the partnership as "a transformational moment" for their firm.

During the webcast, Imax said the term of the agreement is seven years, after which AMC has the option to extend the deal for three more years.

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