P R E S S R E L E A S E
IMAX Corporation Purchases Digital Projection International
KENNESAW, Ga., September 7, 1999 - Digital Projection today announced Imax Corporation (Nasdaq:IMAX; TSE:IMX) has purchased all of the outstanding shares of Digital Projection International (DPI), the corporate holding company of Digital Projection, Ltd. Manchester, UK) and Digital Projection, Inc. (Kennesaw, GA) making Digital Projection a wholly owned subsidiary of Imax Corporation.
According to Brian Critchley, managing director of Digital Projection, the acquisition will empower both companies with a depth of engineering resources for addressing the large-venue staging and systems integration projection markets.
"Digital Projection will continue to develop, manufacture, distribute and support its POWER, LIGHTNING & HIGHLITE Display projectors for use in large-venue environments, such as live events, churches, casinos, campus lecture halls & theatres, government & military, boardrooms, broadcast sets, postproduction houses...every market we currently occupy. In fact, we believe we will be poised to expand our contributions to these markets with the strength of Imax," said Critchley.
With an immediate presence in the $4.6 billion electronic projection display marketplace, Imax Corporation will leverage its expertise in creating state-of-the-art visual experiences to complement Digital Projection's development of creating extended format digital displays.
"Imax Corporation's roots are in technology and we have always strived to be at the leading edge of entertainment technology," said Imax Corporation's co-Chief Executive Officers Bradley J. Wechsler and Richard L. Gelfond. "We believe that DPI's systems are the most advanced in the digital image delivery industry today. We are excited about integrating DPI into IMAX and exploring the synergies of brand leverage, shared research and joint product development."
According to Mike Levi, president of Digital Projection's North American operations, "from the genesis of Digital Projection's research and development, the company has been committed to the creation of premier electronic displays. With Imax's resources, industry renowned engineering and publicly acknowledged prowess at creating immersive experiences, Digital Projection will be empowered with even more tools for expanding its current markets and developing the products of the future. We are thrilled to be the newest part of Imax Corporation."
Mike Blackburn, Digital Projection's international sales and marketing director for territories outside North America, added, "This is an unparalleled fusion of Digital Projection's digital image delivery systems and Imax's world leading cinematic experience. Imax's worldwide presence and rapid penetration of the international markets, particularly Europe and the Far East offers Digital Projection greatly increased access and opportunities. We are very excited by the Imax vision of the cinematic experience which encompasses both image and sound technologies and the possibilities this presents for product enhancement." The confluence of these two powerful cinema and display technologies will certainly result in a "sharing of innovations" and advanced display tools.
About Imax Corporation
Founded in 1967, Imax Corporation has consistently delivered the world's premiere cinematic experiences. As of June 30, 1999, there were more than 195 permanent IMAX theatres in 25 countries, with a backlog of more than 80 theatre systems scheduled to open in 15 new countries during the next few years. Over 500 million people have seen an IMAX presentation since the medium premiered in 1970. In 1999, more than 70 million people worldwide are expected to attend an IMAX theatre. In 1997, Imax was awarded an Oscar* for Scientific and Technical Achievement by the Academy of Motion Picture Arts and Sciences.
About Digital Projection
The POWER & LIGHTNING Displays line of projectors is capable of projecting enormous digital images - well over 60-feet wide - from any video, computer or HDTV source.
In June 1998, POWER Displays was awarded an Emmy* Award for technical achievements in broadcast engineering by the Academy of Television Arts and Sciences, Los Angeles. POWER Displays are the first and only projector to win the coveted award.
Digital Projection's worldwide presence includes offices in North America, England, Europe and the Far East. Its North American headquarters, based in Atlanta, is a wholly owned subsidiary of Digital Projection, Limited, located in Manchester, England. The company's North American headquarters are located at 55 Chastain Road, Suite 115, Kennesaw, GA 30144. Phone (770) 420-1365; Fax (770) 420-1360 www.digitalprojection.com
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