IMAX Corporation (NYSE:IMAX) (TSX:IMX) and PVR Cinemas, India's leading cinema brand and operator of the country's top-performing multiplexes, today announced an agreement to install digital IMAX theatre systems in four key locations throughout India.
Press Release from IMAX Corp.
LAS VEGAS, Mar 30, 2011 (GlobeNewswire via COMTEX) -- IMAX Corporation (NYSE:IMAX) (TSX:IMX) and PVR Cinemas, India's leading cinema brand and operator of the country's top-performing multiplexes, today announced an agreement to install digital IMAX theatre systems in four key locations throughout India. Under the terms of the sales deal, which is subject to standard Indian regulatory approvals, the first two systems are scheduled to be installed within the next 12 months at two of India's top-performing multiplexes in the cities of Mumbai and Bangalore.
"There is a growing appetite for premium entertainment in India, and with the massive popularity of the IMAX brand worldwide, it has become very clear to us that now is the ideal time for us to enter into the IMAX business," said Ajay Bijli, Chairman of PVR. "IMAX is one of the world's most recognized premium entertainment brands and it fits perfectly with our mission to offer our guests the ultimate in movie-going experiences."
"India has a vibrant movie-going culture, and it is one of our most important and largely untapped growth markets," said IMAX CEO Richard L. Gelfond. "PVR Cinemas is a top-performing exhibitor with a very strong brand, and we believe our association with them will raise the visibility of our own brand with consumers and of our business model with other exhibitors in the market."
"PVR is considered a market-leading trend-setter throughout the Indian exhibition industry," added Larry T. O'Reilly, Executive Vice President, Theatre Development. "Its endorsement of the IMAX business is very encouraging as we focus on growth in the region, and we're very much looking forward to working with them to bring awe-inspiring entertainment to more moviegoers in India."
Mr. Bijli continued, "We are extremely delighted to announce our alliance with IMAX and introduce it in our four key locations. We at PVR have been progressively leveraging the synergies of our various brands to expand into the space of retail entertainment. Our innovations are driven by our customers' aspirations and I am sure that this new format will be well-received by our patrons. It will be the ultimate fun destination for the entire family."
Mr. Pramod Arora, Group President & CEO, PVR Ltd, said, "We are extremely ecstatic about our association with IMAX. India is an aggressively growing market for premium entertainment. We at PVR have always been committed to delivering the best of cinema to our patrons so our association with IMAX will further strengthen our foothold in the industry. PVR is revolutionizing the Indian entertainment space by bringing the best of technological innovations to provide our customers the ultimate movie-going experience. IMAX is one of the world's premium recognized entertainment brands and we are positive that our association with them will be well-received by our patrons."
IMAX's digital projection system delivers The IMAX Experience(R) and helps drive profitability for studios, exhibitors and IMAX theatres by eliminating the need for film prints, increasing program flexibility and ultimately increasing the number of movies shown on IMAX screens. The system can run both IMAX and IMAX(R) 3D presentations.
About PVRPVR is one of the largest and most premium film entertainment companies in India. The company pioneered the multiplex revolution in India by establishing the first multiplex cinema in 1997. Currently, PVR operates a cinema circuit consisting of 142 screens spread over 18 key cities in India. PVR's service offerings include low-cost multi-screen cinemas that offer superior ambience and high hygiene standards for consumers in Tier II cities; branded as 'PVR Talkies' at one end of spectrum. On the other hand, the company has launched the premium brand of multiplexes called "PVR Premiere" which includes Gold Class Cinemas that caters to the esteemed urban consumers with facilities like 180-degree leather upholstered reclining seats, personalized menu, lounge areas, and many such services. In addition, PVR forayed into retail entertainment format by entering into a partnership with Major Cineplex, Thailand for opening bowling alleys under PVR BluO as a subsidiary. The company also operates a film distribution and production business through its subsidiary, PVR Pictures, which is involved in production of films across genres and distribution of Indian and international films across India.
About IMAX CorporationIMAX 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 theaters 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 and Shanghai. As of December 31, 2010, there were 518 IMAX theatres (396 commercial, 122 institutional) operating in 46 countries.