Imax, Cinemark Settle Lawsuits and Resume Theatre Deals
TORONTO – Imax and Cinemark Holdings have resolved all outstanding litigation claims against each other.
To mark the occasion, Imax said Tuesday it has sold another two digital theatres to Cinemark, with the U.S. exhibitor also on contract to upgrade its six film-based Imax locations to digital theatres.
Imax and Cinemark in 2009 launched lawsuits against each other over the U.S. cinema chain’s XD digital theaters. Terms of the settlement in a Texas district court and the New York Supreme Court were not disclosed.
“As a result, all claims and counterclaims in the patent litigation in Texas and contract litigation in New York are being dismissed with prejudice,” Imax said in a statement.
Cinemark’s latest Imax digital theatres will be installed in Lancaster, California and Corpus Christi, Texas, and will open by April, Toronto-based Imax said Tuesday. The other six Imax theatre upgrades by Cinemark are also expected to be completed by April 2011.
“Our Imax theatres have always been strong performers. By adding two new locations in California and Texas, and by upgrading to digital, we believe our Imax stable of theatres will become even more productive, more profitable and will showcase the biggest and best blockbuster titles that Imax has to offer,” Alan Stock, CEO of Cinemark Holdings, said in a statement.