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Richard Gelfond, Chairman and CEO of Imax

This is a partial transcript from Your World with Neil Cavuto, June 5, 2003, that was edited for clarity. Click here for complete access to all of Neil Cavuto's CEO interviews.

Watch Your World w/Cavuto weekdays at 4 p.m. and 1 a.m. ET.

NEIL CAVUTO, HOST: And the big screen, Imax. We are talking a really big hit on a really, really big screen, The Matrix Reloaded (search) is now hitting IMAX theatres. How would you like to see this one on a screen that is up to eight stories high, 120 feet wide. Now that is big. And the stock has been making a big move in anticipation of all of this. It is up close to 160 percent in just the last four months. Here’s the guy getting all that done, Richard Gelfond, he is the chairman and the CEO of Imax.

Rich, good to have you back.

RICHARD GELFOND, CHMN. & CEO, IMAX (IMAX): Great to be here, Neil.

CAVUTO: This is the movie for that kind of theatre, isn’t it?

GELFOND: You know, we invented this process to turn Hollywood movies into IMAX films. And we conducted a poll, and we said, what film would you like to see in a number of our theatres in IMAX? And consistently, Matrix was either no. 1 or no. 2. And we got it. It was just, you know, a great thing for us.

CAVUTO: Now, this is the first time a current movie release has been out on your theatres, is it not?.

GELFOND: Yes, it is. We only invented the technology a year ago.  First we did Apollo 13. Then we did Star Wars, about six months after it came out. And the goal was really to do a day and date film. So we started negotiating with Warner Brothers about Matrix 3 for this November. And we did a test for them. The Wachowskis saw the test and they said, oh my God, we have got to get out there with 2. And it was a little late to get it out there day and date, so that is why it’s three weeks later. And we think it’s like a dress rehearsal. So 2 is out there three weeks later and Matrix Revolutions will open the same day in IMAX and in 35 millimeter.

CAVUTO: Now is this going to play in all your IMAX theatres, are you going to rotate it, how are going to do it?

GELFOND: It’s going to be eventually in about 60 theatres, about 40 theatres are opening today or tomorrow around the world. And the idea is really to create a premium product at a premium price. One of the problems with the movie business is the studios can’t charge more for blockbuster releases than for, you know, ordinary 35 millimeter releases. But by creating an IMAX version, you have created a premium product and you can charge $3, $5 more for it.

CAVUTO: Wow. Have you ever thought of, let’s say, like, doing business shows in your theatre any?

GELFOND: We thought about it, we weren’t sure the demand would be quite the same as for The Matrix.

CAVUTO: That’s fine, OK, all right, set you up for that. Rich Gelfond, good luck with this, Imax chairman and CEO.

And don’t forget, Your World is coming IMAX very soon - not!

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