Message #94 From:
NewsBot Date: February 23, 2008 06:40:50 AM
Ballantyne's Cinema Screen Subsidiary Enters Long-Term Supply Agreement with IMAX for Large Scale Cinema Screens
Ballantyne of Omaha, Inc. (Amex: BTN), a motion picture projection,
digital cinema and specialty lighting equipment and services provider,
announced today that its Marcel Desrochers Inc. (MDI) subsidiary, doing
business as Strong Screen Systems, has entered into a long-term supply
agreement with IMAX Corp. (NASDAQ: IMAX). Under the agreement Strong
Screen Systems/MDI will provide coated cinema screen sheets and
structural screen frames (the key components of a cinema screen system)
for use with IMAX’s proprietary large format
digital, analog and 3-D projection systems. The agreement expands upon
the two companies’ long-standing
collaboration. Financial terms of the agreement were not disclosed.
MDI is a respected Canada-based manufacturer of cinema projection
screens that was acquired by Ballantyne in October 2007. MDI is a
market-leader in the North American screen manufacturing industry with
an excellent reputation for quality, innovative products and service,
strong customer relationships and an experienced technical staff.
Brian Bonnick, EVP of Technology, IMAX Corp., stated, “We
have enjoyed a long term relationship with MDI/Strong Screen Systems and
are pleased that they are now part of the Ballantyne/Strong family. We
look to Strong Screen Systems to support our efforts to expand the reach
of IMAX’s unique and compelling large format
installations and are confident that they will continue to deliver the
technology and quality required by our systems. It’s
a win-win partnership on both sides.”
John P. Wilmers, President and Chief Executive Officer of Ballantyne,
commented, “We are gratified that IMAX
continues to recognize the value, service and unique technologies that
Strong Screen Systems provides in fulfilling their cinematic needs. IMAX
systems deliver a unique, high quality, large format cinematic
experience that necessitates state-of-the art screen technology and
performance.
“Ballantyne is committed to supporting the
exhibition community with the highest quality products to deliver state
of the art theater experiences, be it digital, analog, 3-D or large
format. We are confident that our screen technology will continue to
meet the challenges of delivering a cutting edge entertainment
experience, and look to build upon our position as a key partner for
IMAX.”
IMAX Corporation is one of the world's leading digital entertainment and
technology companies. The worldwide IMAX network is among the most
important and successful theatrical distribution platforms for major
event Hollywood films around the globe, with IMAX theatres delivering
the world's best cinematic presentations using proprietary IMAX, IMAX®
3D, and IMAX DMR® technology. IMAX DMR is the
Company's groundbreaking digital remastering technology that allows it
to digitally transform virtually any conventional motion picture into
the unparalleled image and sound quality of The IMAX Experience®.
IMAX's renowned projectors and new digital systems display crystal-clear
images on the world's biggest screens. The digital system being
developed by IMAX is configured for an IMAXMPX-style auditorium, which
is designed specifically to enable multiplex operators to more cost
effectively enter into the IMAX theatre business. The IMAX brand is
recognized throughout the world for extraordinary and immersive
entertainment experiences for consumers. As of September 30, 2007, there
were 296 IMAX theatres operating in 40 countries. IMAX®,
IMAX® 3D, IMAX DMR®,
IMAXMPX®, and The IMAX Experience®
are trademarks of IMAX Corporation. More information on the Company can
be found at www.imax.com.
Ballantyne is a provider of motion picture projection, specialty
lighting, specialty projection equipment and digital cinema equipment
and services. The Company supplies major theater chains, top arenas,
television and motion picture production studios, theme parks and
architectural sites around the world. For more information visit www.ballantyne-omaha.com.
Except for the historical information in this press release, it includes
forward-looking statements that involve risks and uncertainties,
including but not limited to, quarterly fluctuations in results;
customer demand for the Company’s products;
the development of new technology for alternate means of motion picture
presentation; domestic and international economic conditions; the
management of growth; and other risks detailed from time to time in the
Company’s Securities and Exchange Commission
filings. Actual results may differ materially from management’s
expectations. Ballantyne assumes no obligation to publicly update or
revise any forward-looking statements.
Ballantyne of Omaha Kevin Herrmann, 402-453-4444 or Jaffoni
& Collins Incorporated David Collins, Ratula Roy 212-835-8500 btn@jcir.com
