IMAX and Hoyts Cinemas to Install Theatres in Australia IMAX Corporation and Australian exhibitor Hoyts Cinemas have announced a joint venture agreement to put four IMAX theatres in the cities of Perth Melbourne and Sydney. The deal marks IMAX’s first international joint venture featuring the company's new IMAX digital system and doubles IMAX's footprint in Australia. To date IMAX has signed contracts for more than 180 IMAX digital theatre systems with approximately 50 scheduled to be installed by the end of 2008. Under the terms of the joint venture agreement IMAX and Hoyts Cinemas will share in the cost and profitability of the new theatres. The first three theatres will be installed at the Entertainment Quarter 12 in Sydney the Highpoint 17 in Melbourne and the Carousel 16 in Perth. These openings are scheduled to coincide with the Australian launch of Harry Potter and the Half Blood Prince in December of this year. The fourth theatre will be installed in Melbourne in 2009. IMAX is a widely recognized and very successful brand in Australia and we are excited to open these locations in partnership with IMAX to offer our customers the world's most immersive cinema experience says Delfin Fernandez CEO of Hoyts Cinemas. IMAX theatres offer a cinematic experience that people can't get at home or in a conventional theatre and this unique offering has proven to drive incremental attendance at the multiplex. Additionally the IMAX Digital projection system eliminates the need for film prints which significantly lowers operating costs and enables us to offer our customers a wider range of IMAX content. Entering into a partnership with one of the largest exhibitors in Australia is a fantastic way to initiate our international JV business and it adds to the momentum of our overall digital growth strategy say IMAX's co-chairmen and co-CEOs Richard L. Gelfond and Bradley J. Wechsler. Hoyts is a top-notch exhibitor with a commitment to innovation and expansion and we believe this partnership will strengthen our presence in the region. Hoyts Cinemas www.hoyts.ninemsn.com.au IMAX www.imax.com
