Company Signs Agreements for Two Theatres with an Existing and New Exhibitor Partner
NEW YORK, June 25, 2013 /CNW/ - IMAX Corporation (NYSE: IMAX; TSX: IMX) today announced it has signed agreements to open two IMAX® theatre systems in new construction projects across Russia. Existing IMAX partner Formula Kino will add an IMAX theatre to its upcoming multiplex in St. Petersburg, bringing the exhibitor's total IMAX commitment to five theatres. In addition, new IMAX partner Kinomir will add an IMAX theatre to its new complex in the city of Barnaul.
Since IMAX entered the region in 2003 with its first theatre in Moscow, Russia has become the Company's third-largest market and one of its fastest-growing markets globally. At the end of 2009, IMAX had four theatres in operation and one theatre in backlog in Russia and the CIS. As of March 31, 2013, there are 34 theatres open (28 in Russia and 6 in the CIS) with 22 theatres in backlog. The region is also home to some of IMAX's highest-grossing theatres in the world, with a 2012 per-screen average of approximately $1.8 million. Two of the 10 highest-grossing IMAX theatres of 2012 were located in Russia: the IMAX Kinosfera theatre in Moscow and the Seven Stars Mall IMAX theatre in Krasnodar. The Company anticipates that over time there could be approximately 105 IMAX theatres throughout Russia and the CIS.
"We believe there are tremendous opportunities for growth in Russia and we're pleased to expand our existing partnership with Formula Kino and welcome new partner Kinomir to help us further penetrate the market," said Andrew Cripps, President, IMAX EMEA. "Our success to date in the region underscores Russian audiences' deep appreciation for the superior quality IMAX delivers. We will continue to work with Russia's best exhibitors and tailor our film slate with both Hollywood and Russian blockbusters to thrill more Russian moviegoers with The IMAX Experience®."
About IMAX Corporation
IMAX, an innovator in entertainment technology, combines proprietary software, architecture and equipment to create experiences that take you beyond the edge of your seat to a world you've never imagined. Top filmmakers and studios are utilizing IMAX theatres to connect with audiences in extraordinary ways, and, as such, IMAX's network is among the most important and successful theatrical distribution platforms for major event films around the globe.
IMAX is headquartered in New York, Toronto and Los Angeles, with offices in London, Tokyo, Shanghai and Beijing. As of March 31, 2013, there were 738 IMAX theatres (606 commercial multiplexes, 19 commercial destinations and 113 institutions) in 53 countries.
IMAX®, IMAX® 3D, IMAX DMR®, Experience It In IMAX®, An IMAX 3D Experience®, The IMAX Experience® and IMAX Is Believing® 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. These 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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SOURCE: IMAX Corporation
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