IMAX to Open in Siberia

Frozen Russians will now have another great excuse to come in from the cold: extremely large movies.

The IMAX Company announced Friday that they will be installing another one of their super-theatres in the heart of Novosibirsk, Siberia. The theatre is expected to open in late 2008. IMAX is partnering up with Siberia's Art Science Cinema Distribution in order to make the deal happen. Art Science Cinema Distribution is Russia's 5^th largest exhibitor, opening up 28 screens and nine theatres all over the country within seven years. They plan to open up six more theatres with an additional 21 screens, continuing its reputation as Russia's top performing exhibitor. Art Science Cinema Distribution takes in 60% of the box office gross in the region.

This sort of success may have prompted IMAX to work with the company. IMAX decided taht they could help each other reach worldwide status. Richard Gelfond and Bradley Wechsler expresed confidence as seen in the press release. "Art Science Cinema Distribution is one of Russia's largest exhibitors, and we believe that entering into a partnership with the m is an effective way to introduce the IMAX(r) brand to millions of moviegoers in the region."

Lubov Sainova, ASCD's executive director, said in the press release that having IMAX in Siberia "far exceeds any other cinematic experience in Siberia. Moreover...classic IMAX documentary programming is ideally suited to the city's recent surge of science and education initiatives."
IMAX plans to use special cost-saving technology called IMAX MPX. It is designed to save movie theatre's money by allowing stadium-seating theatres to IMAX screens, even in a multi-screen theatre.

Currently the IMAX Company owns 283 theatres in over 40 countries, specializing in innovative movie theatre technology labeled the IMAX Experience. They are able to digitally remaster any movie and sometimes will broadcast them in IMAX 3D onto the world's biggest screens. When IMAX simultaneously broadcasts a Hollywood movie during the opening weekend (as they did with Harry Potter and the Order of the Phoenix), they average $70,000 per screen.

Novosbirsk is Russia's third-largest city after Moscow and St. Petersberg. It is widely considered the cultural center of Russia, boasting ballet companies, museums, operas, and art galleries. All of this culture leads Sainova to believe that IMAX can do more for its people. "...We will offer consumers a cinematic experience they can't get at home -- and that will be good for all areas of our business at this location."

SOURCE:

IMAX Corporation

URL for Press Release:

http://phx.corporate-ir.net/phoenix.zhtml?c=118725&p=irol-newsArticle&ID=1032645&highlight=