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IMAX to Form Strategic Partnership With Laser Light Engines
Through Equity Investment
July 21, 2010
Source: IMAX
Laser Light Engines
to Develop High Brightness Laser Light Technology Systems
Exclusively for IMAX Digital Theatre Systems and Provide Additional
Outsourced Research & Development for IMAX
IMAX announced that it has signed
a memorandum of understanding with Laser Light Engines, a
leading developer and manufacturer of ultra-high brightness,
laser-driven light sources. Under the terms of the agreement,
IMAX plans to make an equity investment in Laser Light Engines,
and Laser Light Engines would develop a custom version of
its laser light technology for exclusive use in IMAX digital
projection systems.
Laser Light Engines would additionally provide outsourced
research and development for new features designed to further
enhance and distinguish The IMAX Experience(R) for IMAX(R)
theatre operators, film studios and moviegoers.
As part of the parties' contemplated partnership, Laser Light
Engines would offer its technology exclusively to IMAX for
a period of two years and would not offer its technology to
any other large format theatre systems for a period of three
years. The memorandum of understanding signed by IMAX and
Laser Light Engines gives the parties an exclusive period
of time within which to reach final agreement on these and
other terms.
"IMAX has always been at the cutting edge in terms of
developing the most advanced theatre projection systems in
the world as part of our focus on providing the best movie
going experience anywhere," said Richard Gelfond, CEO
of IMAX. "Subject to finalizing our diligence, we see
Laser Light Engines as an ideal partner for IMAX, with a team
of experienced executives and engineers who understand not
only how to develop laser technology, but how to apply it
and implement it to create a meaningful product and profitable
business."
Gelfond continued, "As contemplated, this equity investment
provides us with exclusive rights to the products and research
and development pipeline in a period of significant growth
in our industry, while enabling Laser Light Engines to further
develop their technology and attract additional investors.
" We believe our business model is positioning us to
generate significant cash over the next several years, and
this strategic investment is an example of how we are looking
to put our cash to work to enhance our market leading reputation
for quality presentation, further expand our competitive differentiation
and capitalize on the growth in our industry."
"We are thrilled to be tapped by IMAX Corporation which
is strong validation of Laser Light Engines' technology in
the most demanding application of digital cinema and large
format film presentations," said Doug Darrow, chief executive
officer of Laser Light Engines. "Laser Light Engines
looks forward to designing and developing systems and products
that will best harness our high brightness, solid-state illumination
laser engines including but not limited to d-cinema, large
venue and others."
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