Google And IMAX Partner To Develop Groundbreaking Virtual Reality Camera

SAN FRANCISCO, May 19, 2016 /PRNewswire/ -- Google (NASDAQ: GOOG) and IMAX Corporation (NYSE: IMAX) today announced at Google's annual developer conference, Google I/O, that the companies are working to develop a cinema-grade virtual reality (VR) camera – the IMAX® VR camera – to enable today's leading filmmakers and content creators to deliver the highest-quality 3D 360-degree content experiences to audiences worldwide.

IMAX's team of engineers and camera specialists will work with Google to design the new high-resolution cameras from the ground up, leveraging IMAX's best-in-class capture technology that has become an integral tool for today's biggest and most visionary filmmakers including Christopher Nolan, J.J. Abrams, Michael Bay, Anthony and Joe Russo, and Zack Snyder, among others. The camera, which will be built to utilize Jump, a platform for creating and viewing 3D 360 video, will deliver the highest-quality, most-immersive virtual reality content to consumers.

"For nearly 50 years, IMAX has pioneered moving image capture to allow filmmakers to produce the highest resolution images across 2D, 3D, film and digital formats, said IMAX Corp. CEO, Richard L. Gelfond.  "Today's partnership with Google takes us into the next frontier of immersive experiences – virtual reality – and we look forward to working with them to provide our filmmaker partners and other content creators with a level of VR capture quality not yet seen in this space. VR marks an exciting area of opportunity for IMAX and we believe this agreement, which enables us to participate in image capture and content creation, is an important first step in our broader VR strategy."

IMAX developed its first 2D 15perf / 65mm film camera in 1976. To this day, it remains the highest-resolution camera in the world – providing approximately 10x more resolution than 35mm film. IMAX has built out a suite of high-end capture devices – including recent developments of a lightweight 3D digital camera as well as a new cutting-edge 2D digital camera developed in partnership with ARRI.

"IMAX is known everywhere for their incredible immersive cinematography and sound, and we're delighted to have them contribute their decades of experience in cameras and content to the Jump platform," said Clay Bavor, VP, Virtual Reality at Google.

IMAX will also provide Google with exclusive access to pre-existing IMAX documentary content for conversion and use with Google's VR technology.

About IMAX Corporation

IMAX, an innovator in entertainment technology, combines proprietary software, architecture and equipment to create experiences that take you beyond the edge of your seat to a world you've never imagined. Top filmmakers and studios are utilizing IMAX theatres to connect with audiences in extraordinary ways, and, as such, IMAX's network is among the most important and successful theatrical distribution platforms for major event films around the globe.

IMAX is headquartered in New York, Toronto and Los Angeles, with offices in London, Tokyo, Shanghai and Beijing. As of Mar. 31, 2016, there were 1,066 IMAX theatres (952 commercial multiplexes, 17 commercial destinations and 97 institutions) in 68 countries. On Oct. 8, 2015, shares of IMAX China, a subsidiary of IMAX Corp., began trading on the Hong Kong Stock Exchange under the stock code "HK.1970."

IMAX®, IMAX® 3D, IMAX DMR®, Experience It In IMAX®, An IMAX 3D Experience®, The IMAX Experience®, IMAX Is Believing® and IMAX nXos® are trademarks of IMAX Corporation. More information about the Company can be found at www.imax.com. You may also connect with IMAX on Facebook (www.facebook.com/imax), Twitter (www.twitter.com/imax) and YouTube (www.youtube.com/imaxmovies).

This press release contains forward looking statements that are based on IMAX management's assumptions and existing information and involve certain risks and uncertainties which could cause actual results to differ materially from future results expressed or implied by such forward looking statements. These risks and uncertainties are discussed in IMAX's most recent Annual Report on Form 10-K and most recent Quarterly Reports on Form 10-Q.

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SOURCE IMAX Corporation