IMAX® AND CMX CINEMAS TO EXPAND PARTNERSHIP WITH THREE IMAX LOCATIONS IN THE UNITED STATES

Rhea-AI Summary

IMAX Corporation (NYSE: IMAX) announces an expansion of its partnership with CMX Cinemas to add three IMAX with Laser systems in Florida. This agreement nearly doubles IMAX's presence with CMX in the state, introducing two new locations in Daytona Beach and Palm Beach and upgrading one site in Miami. The deal comes amid strong box office results, highlighted by IMAX's record-breaking performance with 'Avatar: The Way of Water.' The existing partnership, which began in 2017, now includes a total of eight locations across the eastern U.S. The new installations will leverage advanced IMAX technology, aiming to enhance the cinematic experience for moviegoers.

Positive

• Expansion of IMAX network with three new locations in Florida.
• Deal nearly doubles IMAX's footprint with CMX in Florida.
• Record box office results, including highest-grossing first-run film ever.
• Enhanced IMAX technology in new locations to improve moviegoing experience.

Negative

• None.

Multi-Theatre Deal Expands IMAX Network Further into Key Markets across Florida

LAS VEGAS, April 25, 2023 /PRNewswire/ -- CMX Cinemas and IMAX Corporation (NYSE: IMAX) today announced plans to expand their partnership with an agreement for three state-of-the-art IMAX® with Laser systems in the United States. The deal will nearly double IMAX's footprint with CMX in Florida, delivering two brand new IMAX with Laser locations in the tourist hotspots of Daytona Beach and Palm Beach and upgrading one existing location in Miami.

The announcement was made today at the annual CinemaCon 2023 exhibition conference in Las Vegas.

This new agreement expands on the relationship with CMX Cinemas that began in 2017. IMAX currently partners with CMX on five locations across the eastern U.S., including three existing locations in Florida. Nationally, CMX has a footprint of 30 locations spanning eight states across the country and has a strong regional presence in Florida with 17 locations across the state.

"CMX Cinemas is thrilled to announce its extended partnership with IMAX, enabling us to provide a top-of-the-line cinematic experience to our guests through IMAX's premium technology," said Patrick Ryan, CEO of CMX Cinemas. "Our goal is to offer the most exceptional moviegoing experience possible, and we believe that, with IMAX's support, CMX Cinemas will remain a must-visit destination for film enthusiasts."

"We're excited to expand our successful partnership with CMX Cinemas and further grow our footprint across key markets in one of the largest states in the country," said Rich Gelfond, CEO of IMAX. "This agreement highlights a resurgence of interest in new IMAX systems across the well-established U.S. market, which further bolsters our optimism for network growth in the year ahead."

The deal comes as IMAX rides an unprecedented wave of strong box office results across North America. The Company just its highest-grossing first-run film ever with "Avatar: The Way of Water" and continues to over-index in a variety of recent Hollywood blockbusters in the U.S., a top market for IMAX. Continued powerhouse box office results across the country significantly contributed to IMAX delivering its best first quarter box office results ever.

The three new and upgraded locations for CMX include CMX Dolphin 19 in Miami, CMX Daytona 12 in Daytona Beach, and CMX Downtown at The Gardens 16 in Palm Beach. These screens will be equipped with IMAX with Laser, IMAX's most advanced theatre experience. Immersive by design, IMAX with Laser has been developed from the ground-up to deliver crystal clear, lifelike images and precision audio for a moviegoing experience unlike anything else. It is set apart by a ground-breaking 4k laser projection system that features a new optical engine, custom designed lenses, and a suite of proprietary technology that delivers brighter images with increased resolution, deeper contrast, and the widest range of colors exclusively to IMAX screens. 

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 systems to connect with audiences in extraordinary ways, making IMAX's network among the most important and successful theatrical distribution platforms for major event films around the globe.  Streaming technology company SSIMWAVE, an IMAX subsidiary, is a leader in AI-driven video quality solutions for media and entertainment companies.

IMAX is headquartered in New York, Toronto, and Los Angeles, with additional offices in London, Dublin, Tokyo, and Shanghai. As of December 31, 2022, there were 1,716 IMAX systems (1,633 commercial multiplexes, 12 commercial destinations, 71 institutional) operating in 87 countries and territories. Shares of IMAX China Holding, Inc., a subsidiary of IMAX Corporation, trade on the Hong Kong Stock Exchange under the stock code "1970."  

IMAX®, IMAX® Dome, IMAX® 3D, IMAX® 3D Dome, Experience It In IMAX®, The IMAX Experience®, An IMAX Experience®, An IMAX 3D Experience®, IMAX DMR®, DMR®, Filmed For IMAX™, IMAX LIVE™, IMAX Enhanced™, IMAX nXos®, SSIMWAVE® and Films to the Fullest®, are trademarks and trade names of the Company or its subsidiaries that are registered or otherwise protected under laws of various jurisdictions. For more information, visit www.imax.com. You may also connect with IMAX on Instagram (www.instagram.com/imax), Facebook (www.facebook.com/imax), Twitter (www.twitter.com/imax), YouTube (www.youtube.com/imaxmovies) and LinkedIn (www.linkedin.com/imax).

About CMX

CMX Cinemas opened its doors in April 2017 at Brickell City Centre, Miami, FL, offering new features to give guests an innovative and VIP movie-going experience. CMX provides state-of-the art technology that can be enjoyed through different types of experiences, such as: CMX CinéBistro, the luxury dine-in and in-seat service and CMX Cinemas, the upgraded traditional theatre with classic concessions.  It also features the Stone Sports Bar at select theatres, making CMX the one-stop-destination for entertainment. CMX has 30 sites and over 2,000 employees in venues located in Florida, Illinois, Minnesota, Georgia, Alabama, North Carolina, Ohio, and Virginia. For more information, visit cmxcinemas.com.

For additional information please contact: 

Investors:
Jennifer Horsley
jhorsley@imax.com
212.821.0154

Media:
Mark Jafar
mjafar@imax.com
212.821.0102

 

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SOURCE IMAX Corporation

FAQ

What is the recent announcement by IMAX regarding its partnership with CMX?

IMAX announced an expansion of its partnership with CMX Cinemas to add three IMAX with Laser systems in Florida, nearly doubling its footprint in the state.

When was the announcement made about IMAX's expansion in Florida?

The announcement was made on April 25, 2023, during CinemaCon in Las Vegas.

How many locations does IMAX currently have with CMX Cinemas after the expansion?

After the expansion, IMAX will have a total of eight locations with CMX Cinemas across the eastern United States.

What technology will be used in the new IMAX locations?

The new locations will be equipped with IMAX with Laser, which offers advanced projection and audio experiences.