NEW YORK, Oct. 19, 2011 (GLOBE NEWSWIRE) -- IMAX Corporation (NYSE:IMAX) (TSX:IMX) today announced that Blue Sky World Entertainment signed an agreement to install a digital IMAX® theatre system at the 20th Century Plaza in Nairobi, Kenya. The theatre, which will be the first in Central Africa, will open in March 2012.
"Our commercial theatre network has nearly doubled in the last two years and our entry into Central Africa reflects the growing international appeal of the IMAX brand, which currently has a presence in nearly 50 countries," said IMAX CEO Richard L. Gelfond. "We anticipate that today's announcement will set the stage for greater opportunities for us in the region."
"We are proud to be the first exhibitor to bring The IMAX Experience® to Kenya. The historic 20th Century Plaza is located in the heart of Nairobi and the addition of an IMAX theatre is symbolic of the evolution of the cinema industry in Central Africa, where the demand for a premium cinematic experience is growing," said Alexei Serkov, the authorized representative of Blue Sky World.
Commenting on the announcement Larry O'Reilly, President, Worldwide Sales, IMAX, said, "We are pleased to join forces with Blue Sky World and bring awe-inspiring entertainment to moviegoers in Kenya, in a format that only IMAX can deliver."
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.
About Blue Sky World Ltd.
Blue Sky World is an investment company, which was set up in 1994 and participates as an investor and founder in different companies in the field of media, film and marketing services in Europe and Africa, namely Austria, Latvia and Kenya.
Operational management of IMAX cinema in Nairobi, Kenya will be realized by ANGEL Media Limited – a rapidly growing media company, which was established in 2010 specially for managing the IMAX cinemas in East Africa. Company's director Adam Kahindi is very proud of IMAX presence in Kenya and expresses hopes that this project will be extremely successful and the first but not the last.
ANGEL Media Limited is headquartered in Nairobi, Kenya. More information about the company can be found at www.angelmedia.co.ke or on Facebook (www.facebook.com/pages/Angel-Media-Limited/113957962041724 ).
About IMAX Corporation
IMAX Corporation is one of the world's leading entertainment and technology companies, specializing in the creation and delivery of premium, awe-inspiring entertainment experiences. With a growing suite of cutting-edge motion picture and sound technologies, and a globally recognized entertainment brand, IMAX is singularly situated at the convergence of the entertainment industry, innovation and the digital media world. The industry's top filmmakers and studios are utilizing IMAX theatres to connect with audiences in extraordinary ways, and as such, the IMAX network is among the most important and successful theatrical distribution platforms for major event films around the globe. The Company's new digital projection and sound systems - combined with a growing blockbuster film slate - are fueling the rapid expansion of the IMAX network in established markets such as North America, Western Europe, and Japan, as well as emerging markets such as China and Russia. IMAX theaters deliver the world's best cinematic presentations using proprietary IMAX®, IMAX® 3D, and IMAX DMR® (Digital Re-Mastering) technologies. IMAX DMR enables virtually any motion picture to be transformed into the unparalleled image and sound quality of The IMAX Experience®.
IMAX is headquartered in New York, Toronto and Los Angeles, with offices in London, Tokyo, Beijing and Shanghai. As of June 30, 2011, there were 560 IMAX theatres (417 commercial multiplex, 25 commercial destination and 118 institutional) operating in 46 countries.
IMAX®, IMAX® 3D, IMAX DMR®, Experience It In IMAX®, An IMAX 3D Experience® and The IMAX Experience® 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).
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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. Important factors that could affect these statements include, but are not limited to, general economic, market or business conditions, including the length and severity of the current economic downturn, the opportunities that may be presented to and pursued by IMAX, competitive actions by other companies, the performance of IMAX DMR films, conditions in the in-home and out-of home entertainment industries, the signing of theatre system agreements, changes in law or regulations, conditions, changes and developments in the commercial exhibition industry, the failure to convert theatre system backlog into revenue, new business initiatives, investments and operations in foreign jurisdictions and any future international expansion, foreign currency fluctuations and IMAX's prior restatements and the related litigation. These factors and other 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.