Company Signs Agreements with One Existing, Two New Exhibitor Partners
Agreements Bring to 229 Total IMAX Network in China
NEW YORK, July 11, 2012 /CNW/ - IMAX Corporation (NYSE: IMAX; TSX: IMX) announced it has signed agreements to open a total of three IMAX® theatre systems in new construction projects across China. The Company will install one system each with existing partner Omnijoi Cinema Development Co., Ltd. (Omnijoi Cinemas), as well as new partners Guangzhou Fanbo Investment Consulting Co., Ltd. (Guangzhou Fanbo) and Zhejiang Wandi International Cineplex Co., Ltd. (Zhejiang Wandi). With today's agreements, IMAX has 229 theatres open or contracted to open throughout Greater China.
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Omnijoi Cinemas will install an IMAX theatre system in the city of Changzhou that is slated to open in November 2012. The deal follows a recent five-theatre agreement, and brings to 14 Omnijoi Cinemas' total IMAX commitment. Zhejiang Wandi will add an IMAX theatre system to the Zhejiang Wandi International Cineplex in January 2013, which upon its completion will mark the first large-scale, modern multiplex in Lishui – a largely untapped area for IMAX. Guangzhou Fanbo will install an IMAX theatre system in the Panyu district of Guangzhou, China's third largest city, which is scheduled to open in September 2013.
"We've worked alongside our partners for more than a decade to bring the most immersive movie-going experience to more audiences across China. As the Chinese cinema market continues to experience rapid growth, both existing and new exhibitor partners are increasingly leveraging IMAX as a competitive advantage for their complexes," said Richard L. Gelfond, CEO, IMAX Corporation. "We're delighted that Omnijoi Cinemas has added another IMAX theatre so soon after their recent commitment and pleased to welcome Guangzhou Fanbo and Zhejiang Wandi as new partners."
About IMAX China
IMAX China is a wholly-owned subsidiary of IMAX Corporation, and is incorporated under the laws of Hong Kong. IMAX China was established by IMAX Corporation specifically to oversee the expansion of IMAX's business throughout Greater China.
About IMAX Corporation
IMAX Corporation is one of the world's leading entertainment and technology companies, specializing in the creation and delivery of premium, awe-inspiring entertainment experiences. With a growing suite of cutting-edge motion picture and sound technologies, and a globally recognized entertainment brand, IMAX is singularly situated at the convergence of the entertainment industry, innovation and the digital media world. The industry's top filmmakers and studios are utilizing IMAX theatres to connect with audiences in extraordinary ways, and as such, the IMAX network is among the most important and successful theatrical distribution platforms for major event films around the globe. The Company's new digital projection and sound systems - combined with a growing blockbuster film slate - are fueling the rapid expansion of the IMAX network in established markets such as North America, Western Europe, and Japan, as well as emerging markets such as China and Russia. IMAX deliver the world's best cinematic presentations using proprietary IMAX®, IMAX 3D®, and IMAX DMR® (Digital Re-Mastering) technologies. IMAX DMR enables virtually any motion picture to be transformed into the unparalleled image and sound quality of The IMAX Experience®.
IMAX is headquartered in New York, Toronto and Los Angeles, with offices in London, Tokyo, Shanghai and Beijing. As of March 31, 2012, there were 643 IMAX theatres (510 commercial multiplex, 20 commercial destination and 113 institutional) in 52 countries.
IMAX®, IMAX® 3D, IMAX DMR®, Experience It In IMAX®, An IMAX 3D Experience® and The IMAX Experience® 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. Important factors that could affect these statements include, but are not limited to, general economic, market or business conditions, including the length and severity of the current economic downturn, the performance of IMAX DMR films, the opportunities that may be presented to and pursued by IMAX, competitive actions by other companies, conditions in the in-home and out-of home entertainment industries, the signing of theatre system agreements, changes in law or regulations, conditions, changes and developments in the commercial exhibition industry, the failure to respond to changes and advancements in digital technology, the failure to convert theatre system backlog into revenue, new business initiatives, investments and operations in foreign jurisdictions and any future international expansion, the inability to protect IMAX's intellectual property foreign currency fluctuations and IMAX's prior restatements and the related litigation. These factors and other 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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