Cineplex Odeon to undertake major expansion and renovation at Atwater Theatre in Montreal.
MONTREAL--(BUSINESS WIRE)--April 22, 1997--CINEPLEX ODEON CORP. (TSE See Tokyo Stock Exchange.
1. See Tokyo Stock Exchange (TSE).
2. See Toronto Stock Exchange (TSE). , NYSE NYSE
See: New York Stock Exchange CPX.) Cineplex Odeon Corp. announced Tuesday plans to undertake a major expansion at the Atwater Theatre in Montreal Quebec to convert the existing triplex triplex /tri·plex/ (tri´pleks) triple or threefold.
triple or threefold. into a state-of-the-art, nine-screen theatre, featuring all-stadium seating and curved screens.
Located at the busy intersection of Atwater St. and Ste. Catherine in Place Alexis Nihon Place Alexis Nihon is a 2.4 million square foot (222,967.3 m²) complex in downtown Montreal, Canada (on the border with Westmount), consisting of a shopping centre, two office towers, and a residential building. , the theatre's construction will begin in Spring, 1997.
Today's announcement is in keeping with the Company's North American growth and expansion plan to increase Cineplex Odeon's presence in all major and secondary markets in Canada and the United States The United States and Canada share a unique legal relationship. U.S. law looks northward with a mixture of optimism and cooperation, viewing Canada as an integral part of U.S. economic and environmental policy. .
In addition to the 18 theatres which Cineplex Odeon currently operates in the Montreal area, the Company announced last August the development of a 17-screen megaplex in Montreal's flourishing Latin Quarter. The Latin Quarter Cinema is currently under construction and will be open for business in November, 1997.
"We are committed to developing new, leading-edge theatres in the Montreal area, particularly in the thriving downtown market," said Allen Karp, President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Cineplex Odeon.
"While our Latin Quarter theatre will provide first-class entertainment facilities for the eastern side of Montreal's downtown, the expansion of the Atwater Theatre will provide superior facilities for the west side of the downtown core.
"That, in conjunction with our existing Faubourg and Egyptien Cinemas, puts us in a position to fully service the downtown market with our theatres."
Upon completion of the Atwater Theatre in December, 1997, it will be reconfigured into a leading-edge, 2,200-seat cinema which is geared to the modern preferences of today's moviegoers. Customers will enjoy comfortable stadium-style seats which ensure superior sightlines and state-of-the-art projection and sound. For customer convenience, cupholders will be installed on seatbacks.
The newly-designed theatre will be an integral part of Place Alexis Nihon, a multi-level, enclosed shopping centre and mixed office/residential complex. Place Alexis Nihon already houses a number of stores, restaurants and services and provides convenient customer parking for 1,200 vehicles.
All auditoriums will be accessible to handicapped patrons and will incorporate chairs with transfer arms, a swing-away design that allows wheelchair patrons to sit comfortably in aisle seats. Hearing impaired listening devices with wireless headsets will be supplied free, as required, in every auditorium.
Cineplex Odeon is an entertainment corporation which owns and operates motion picture cinemas and related food services concessions in six Canadian provinces, 12 American states, the District of Columbia District of Columbia, federal district (2000 pop. 572,059, a 5.7% decrease in population since the 1990 census), 69 sq mi (179 sq km), on the east bank of the Potomac River, coextensive with the city of Washington, D.C. (the capital of the United States). and one theatre in Budapest, Hungary.
With headquarters in Toronto, Cineplex Odeon is the largest exhibitor in Canada, and one of the largest in North America, with 1,551 screens in 313 locations. The corporation's shares are traded on the New York Stock Exchange New York Stock Exchange (NYSE)
World's largest marketplace for securities. The exchange began as an informal meeting of 24 men in 1792 on what is now Wall Street in New York City. and the Toronto Stock Exchange Toronto Stock Exchange (TSE)
Canada's largest stock exchange, trading approximately 1,200 company stocks and 33 options. .
CONTACT: Cineplex Odeon Corp.
Howard Lichtman, 416/323-6634
Cineplex Odeon Quebec Inc.
Claude Chabot, 514/374-5228 ext. 101