Deal Brings Exhibitor's IMAX Footprint to Eight with Two Locations Slated to Open in 2012
NEW YORK, July 16, 2012 /CNW/ - IMAX Corporation (NYSE: IMAX; TSX: IMX) and TGV Cinemas Sdn Bhd (TGV Cinemas), one of Malaysia's premier film exhibition companies, today announced an expansion of the parties' joint revenue sharing agreement announced in October 2011 to include the installation of seven additional IMAX® theatre systems. Today's deal brings to eight the exhibitor's total IMAX commitment and brings to 321 the total number of IMAX theatres open or contracted to open in the Asia Pacific region.
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Under the terms of the new agreement, the first IMAX theatre is scheduled to open in a new construction project in the city of Bandar Utama in the fall, with the second theatre opening in December 2012 in an existing multiplex in Johor Bahru. The third and fourth IMAX theatre systems will also be located in new construction projects in the cities of Penang and Kuala Lumpur, which are slated to open in December 2013 and December 2015, respectively. Locations for the remaining three theatres will be determined by the parties at a later date.
"IMAX's immersive experience makes our guests feel like they're a part of the blockbusters - something no other cinematic format or in-home entertainment option can replicate," said Kenny Wong, CEO of TGV Cinemas. "Our first IMAX theatre has been a tremendous success and we are keen to build on this momentum with today's agreement. We're confident that our new IMAX theatres will continue to strengthen our business and delight our guests."
"With a large population and growing middle-class fueling consumer demand for entertainment options, Malaysia is a key area of growth for IMAX in the Asia Pacific region," said IMAX CEO Richard L. Gelfond. "It is great to see TGV already realizing value from its first IMAX theatre in such a short period of time and together we look forward to bringing our unparalleled movie-going experience to more audiences throughout Malaysia."
"We are pleased to expand our relationship with TGV - a strategic partner that is committed to delivering the best cinematic experiences and developing IMAX as a premium brand in Malaysia," said Don Savant, Senior Vice President and Managing Director, Asia Pacific. "With today's agreement, TGV will bring IMAX theatres into high-growth areas further supporting our expansion efforts in this key part of Asia."
About TGV Cinemas
TGV Cinemas Sdn Bhd (TGV Cinemas) is a wholly-owned subsidiary of Tanjong Public Limited Company (www.tanjongplc.com). Tanjong is incorporated in England and is an investment holding company with interests in leisure and property investment. Since its inception in 1995, TGV Cinemas pioneered the multiplex cinema concept and has grown to become one of Malaysia's premier film exhibition companies with 141 screens homed in 18 multiplexes located at major cities. Today TGV continues to bring new frontiers to its cinema-goers by being the first to introduce the 'Beanieplex' movie hall which is Malaysia's first and only cinema hall featuring bean bag seats and TGV Club, a premier concept complete with exclusive club halls, a lounge area and superior services TGV Cinemas will soon expand nationwide with new cinema openings in One Utama, Cheras Sentral, Setia Walk and Station 18 by the end of 2012. More information about the Company can be found at www.tgv.com.my. You may also connect with TGV on Facebook (www.facebook.com/TGVCinemas) and Twitter (www.twitter.com/tgvcinemas).
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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