IMAX Corporation (NASDAQ:IMAX, TSX:IMX), the popular giant screen entertainment company based in New York and Toronto, has scored a second big win in Europe, this time with ODEON Cinimas, Europe’s largest exhibitor. IMAX announced today that ODEON has agreed to install two IMAX® theaters in the London area, less than two weeks after announcing a deal with Austria’s largest exhibitor, Cineplexx Kinobetriebe Gmbh, to install three IMAX theatres in Austria.
The ODEON deal also represents another major step in IMAX’s global expansion with its new digital projection system. IMAX has already secured contracts for more than 180 of the advanced digital systems, even though the product was only officially launched a few months ago. The system is able to recreate the unparalleled image and sound experience that IMAX is famous for, but in a 100% digital format. The new digital system bypasses the expense and reliability issues associated with the film print process, integrating a suite of proprietary IMAX technologies with dual digital projectors and multi-channel digital surround sound. The system can be retrofitted into existing auditoriums, and can be used for both 2D and IMAX 3D presentations.
Rupert Gavin, ODEON CEO, said, “The economical advantages of IMAX’s new digital projection system combined with the ongoing success of our existing IMAX theatre in Manchester has made the decision to expand our IMAX footprint very easy.” IMAX co-CEOs Richard Gelfond and Bradley Wechsler added “Expanding our relationship with the largest exhibitor in Europe adds to the momentum of our digital growth strategy as we continue to align ourselves with the world’s top exhibitors.”
IMAX Corporation is one of the world’s leading entertainment technology companies, specializing in immersive motion picture technologies. The worldwide IMAX network is among the most successful theatrical distribution platforms for major event Hollywood films around the globe. There are currently 300 theatres operating in 40 countries utilizing IMAX, IMAX 3D, and IMAX Dome technology.
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