Agreement follows Company's launch of ultra-high-end IMAX® Private Theatre and partnership with PRIMA to deliver current theatrical releases enhanced by IMAX
HONG KONG and LOS ANGELES, Oct. 29, 2013 /CNW/ - IMAX Corporation (NYSE: IMAX,TSX: IMX) and TCL Multimedia Technology Holdings Limited (HKSE stock code: 01070), one of the world's leading consumer electronics companies, today announced a joint venture agreement to design, develop and manufacture a premium home theatre system that will deliver a best-in-class home entertainment experience. The companies expect to launch the new system in China and select other global markets in 2015.
The new 4K fully integrated home theatre system will provide a more accessible and versatile solution that complements the IMAX Private Theatre, IMAX's recent entry into the ultra-high-end market. The new system will incorporate components of IMAX's best-in-class projection and sound technology adapted for a broader home environment. Customers will also be able to access current theatrical releases that have been digitally re-mastered into the IMAX format, and will receive unrivaled maintenance and service.
"Our recent introduction of the cinema-grade IMAX Private Theatre, the partnership with PRIMA and, now, our joint venture with TCL, are all part of our carefully designed effort to expand the IMAX brand to additional platforms. While we are very excited about these opportunities, we remain firmly committed to our critical, long-term relationships with our commercial exhibition and studio partners, and to the success of the cinema industry in general," said IMAX CEO Richard L. Gelfond. "As one of the fastest-growing and most innovative players in the global entertainment technology marketplace, with a strong expertise in display and manufacturing, TCL is an ideal partner to help us change the way people around the world experience their favorite content in the home environment."
"As content viewing in the home is constantly improving, we wanted to stake out an entirely new position in the premium home theatre market," said TCL Chairman Mr. Li Dongsheng, "There is no company better-equipped and more knowledgeable than IMAX to deliver that premium experience. Together, we plan to leverage the complementary assets of our companies to create a high-quality, end-to-end home theatre solution."
The parties' 50/50 joint venture will initially operate in Hong Kong and Mainland China and include research and development, sales, marketing and manufacturing, and feature IMAX-enhanced, current theatrical content delivered to the home through PRIMA Cinemas' secure transmission system. The parties are also in discussions with local content providers regarding a variety of options in and around Greater China. The joint venture's board will consist of representatives from both companies, with IMAX Chief Business Development Officer Robert D. Lister serving as chairman.
About TCL & TCL Multimedia
TCL Corporation (TCL) is one of the largest consumer electronics groups in the world. The Group's global production and sales network spans over 80 countries and regions, selling TCL TVs, mobile phones and household appliances, along with Thomson TVs in Europe and Alcatel mobile phones.
With 40 sales offices around the world and around 70,000 employees, TCL operates 18 R&D centers, with more than ten centers in Asia, North America and Europe, and owns 20 manufacturing bases in Asia, Europe and Latin America.
In 2012, TCL Corporation achieved global sales of US$11.2 billion with 10.9 million LCD TV sets and 43.6 million handsets sold globally. The TCL brand was worth US$10.5 billion as of September 2013, and according to DisplaySearch, the Group's global LCD TV market share increased from 5.8% in Q4 2012 to 6.7% in H1 2013, ranking among the world's top 3.
The Group has four listed companies – TCL Corporation (SZ.000100), TCL Multimedia (HK.01070) and TCL Communication (HK.02618) and Tonly Electronics (HK.01249) – and four business units: TCL Multimedia Holdings, TCL Communication Holdings, China Star Optoelectronics, and TCL Home Appliances.
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 Sept. 30, 2013, there were 785 IMAX theatres (653 commercial multiplexes, 19 commercial destinations and 113 institutions) in 55 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.
For additional information, contact:
IMAX Corporation – New York
Sloane & Company – New York
SOURCE: IMAX Corporation
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