South America's Largest Exhibitor Expands IMAX Footprint as Demand for The IMAX Experience® Grows
NEW YORK, April 15, 2013 /CNW/ - IMAX Corporation (NYSE: IMAX;TSX: IMX) and Cinepolis, one of the world's largest exhibition circuits, today announced an agreement to install five IMAX® theatres in existing multiplexes across Mexico. The deal brings to 13 Cinepolis' total IMAX commitment, with seven IMAX theatres currently open in Mexico and one open in Brazil.
"Our vision is simple – offer the highest-quality entertainment experience possible and continually surpass our guests' expectations," said Alejandro Ramirez, CEO of Cinepolis. "IMAX helps us deliver on this promise and we're delighted to expand our partnership. We are also excited about IMAX's powerful line-up of blockbusters titles and the fact that more of Hollywood's leading directors are making IMAX a unique part of their films. We expect that this, together with IMAX's immersive format, will allow us to offer our guests a differentiated experience for which they're willing to pay a premium."
"Mexico is a leading movie-going market we've only begun to penetrate and today's agreement proves our momentum is building in Latin America - a key area of focus for IMAX," said Richard L. Gelfond, CEO of IMAX. "As a result of our partnership with Cinepolis, IMAX is in Mexico's four highest-grossing complexes of 2012. By leveraging these locations as reference sites and expanding our relationship with Cinepolis to bring IMAX to more high-growth areas in Mexico, we believe we are poised to take advantage of the many opportunities that exist in this market."
Cinepolis is the world's 5th largest movie theater circuit, operating more than 2,000 screens in 6 countries and serving more than 100 million patrons annually. The company operates its screens under four different brands that span across the ultra-premium to the extreme value segments. As a company that is committed to innovation, Cinepolis was the first to pioneer the concept of premium movie theaters via its Cinepolis VIP brand. The company aspires to provide its patrons the best overall experience in filmed entertainment and employs a global workforce of 13,000 people to support its mission. Founded in 1971, Cinepolis is privately held and is headquartered in Morelia, Mexico.
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 Dec. 31, 2012, there were 731 IMAX theatres (598 commercial multiplexes, 19 commercial destinations and 114 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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