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Tuesday October 5, 7:30 am Eastern Time
Company Press Release
SOURCE: Imax Corporation
TORONTO -- Imax Corporation today announced the acquisition of the remaining 49% interest in its sound subsidiary Sonics Associates, Inc., making Sonics a wholly owned subsidiary of Imax. Sonics is the exclusive provider of sound systems for giant-screen IMAX® theatres around the world and is a worldwide leader in super-fidelity audio.
"Sound has always been an integral part of The IMAX Experience® as a result of the state-of-the-art Sonics sound systems," said Imax co-Chairmen and co-CEOs Bradley J. Wechsler and Richard L. Gelfond. "This acquisition will allow us to better integrate Sonics with Imax and will provide efficiencies to the manufacturing, installation and maintenance of IMAX projection and sound systems. Additionally, there may be significant synergies between Sonics' sound systems and our recently acquired subsidiary Digital Projection International's projection systems. We are very excited to further our relationship with Sonics and its employees, and to capture a greater share of the value of our sound systems."
"Sonics and Imax have always enjoyed a great working relationship and we are excited to become better integrated with Imax," said Lynn McCroskey, President and CEO of Sonics. "With the full resources of Imax behind us, we intend to improve our product offerings and customer service and look for new opportunities in more areas than ever before."
The remaining 49% of Sonics shares (and the remaining 4% of the shares of Oxmoor Corporation, Sonics' sound subsidiary) were purchased from Sonics' management, which will remain senior management of Sonics. Imax purchased its original 51% stake in Sonics in 1988. Terms of the agreement were not disclosed.
Sonics has developed and holds rights in a number of proprietary technologies including the Digital Theater Audio Controller (DTAC) and Personal Sound Environment® available today in PowerTour(TM) museum exhibit systems and select IMAX 3D theatres. Sonics plays a key role in the development and installation of the specialized digital sound systems for IMAX theatres, an integral part of The IMAX Experience.
Sonics has developed, manufactured and installed sound systems for giant-screen IMAX theatres worldwide since 1982. Sonics systems are employed in facilities throughout the world including: theme park rides such as Jaws® and Back to the Future® -- The Ride at Universal Studios and the amazing Race for Atlantis at Caesars Forum Shops in Las Vegas. Sonics systems have been installed at world exhibitions in the United States, Spain, South Korea and Japan, and provided to governments and some of the largest corporations in the world. Sonics has developed proprietary technology and holds patents in the areas of positional audio, compact discs and data synchronization. In addition to its Birmingham, Alabama headquarters and the Denver operations, Sonics maintains offices in Ft. Worth, Texas, Tokyo, Paris and Singapore with a worldwide staff of more than 125 employees. Sonics' subsidiary Oxmoor Corporation manufactures electronic products for the commercial sound and entertainment industry.
Founded in 1967, Imax Corporation has consistently delivered the world's premier cinematic experiences. There were more than 195 IMAX theatres in 25 countries as of June 30, 1999, with a backlog of more than 80 theatre systems scheduled to open in 15 new countries during the next few years. More than 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 visit an IMAX theatre. Imax has forged strategic alliances and relationships with some of the most prominent corporations in the world including The Walt Disney Company, Famous Players Inc. (a subsidiary of Viacom Inc.) and Loews Cineplex Corp. In 1997, Imax was awarded an Oscar® for Scientific and Technical Achievement by the Academy of Motion Picture Arts and Sciences.
SOURCE: Imax Corporation |
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