IMAX Corporation (NYSE:IMAX) (TSX:IMX) today announced the appointment of Jiande Chen as Chief Executive Officer of IMAX China, a wholly-owned subsidiary of IMAX Corporation.
Press Release from IMAX Corporation
BEIJING and NEW YORK, Sep 8, 2011 (GlobeNewswire via COMTEX) -- IMAX Corporation (NYSE:IMAX) (TSX:IMX) today announced the appointment of Jiande Chen as Chief Executive Officer of IMAX China, a wholly-owned subsidiary of IMAX Corporation.
Reporting directly to China's Board of Directors and its Chairman, IMAX CEO Richard Gelfond, Mr. Chen will direct the Company's rapid expansion in the greater China region, as well as develop and execute strategies that will enable IMAX to extend its leadership position and involvement in the continuing development of China's entertainment industry.
IMAX China's leadership team will report to Mr. Chen. IMAX veteran Don Savant has been promoted to President, Theatre Development & Film Distribution and remains Managing Director, Asia Pacific. Mr. Savant has been an integral part of the IMAX team since April 2000 and has laid the groundwork for a vibrant and viable theatre network and distribution channel for Hollywood's most popular and successful movies on IMAX screens throughout the Asia Pacific region. IMAX also appointed Jim Athanasopolous Chief Financial Officer of IMAX China. Mr. Athanasopolous previously served as Senior Vice President, Joint Venture Theatre Development at IMAX Corp. in Mississauga, Canada. Jessie Chou, Vice President, Theatre Operations and Marketing and Karl Yuan, Vice President, Theatre Development remain key members of the IMAX China management team. Together Mr. Chen, Mr. Savant, Mr. Athanasopolous, Ms. Chou and Mr. Yuan will ensure that The IMAX Experience(R) and the IMAX brand continue to grow in popularity in China.
"Mr. Chen brings more than 15 years of senior leadership and business acumen to IMAX, including the last 12 years at Sony Pictures Entertainment in Beijing where he was responsible for distribution, production and licensing," said Mr. Gelfond. "The synergy between his experience at Sony and our efforts to develop the IMAX brand makes him a perfect fit to build market share and lead IMAX China in this region's rapidly developing motion picture industry."
"IMAX is uniquely positioned to participate in the rapidly expanding cinema industry in China. Consumers have already demonstrated a strong appetite for the awe-inspiring entertainment experience of IMAX films, which makes this an even more exciting time to be part of the IMAX team," said Mr. Chen. "I am thrilled by this opportunity to witness firsthand the dramatic change in China's entertainment industry and to be part of IMAX's dynamic team as we continue to build The IMAX Experience in China."
IMAX China, a wholly-owned subsidiary of IMAX Corporation with two offices in China -- one in Shanghai and one in Beijing -- was established to provide a foundation upon which to expand the IMAX business throughout Greater China. China is IMAX's second-largest and fastest-growing market in the world, with 48 IMAX theatres (30 commercial and 18 institutional) open today, and 181 IMAX theatres contracted to be open throughout the region by 2015. In March 2011, IMAX Corporation signed a joint revenue sharing arrangement in China with Wanda Cinema Line Corporation for 75 theatres.
IMAX theatres in Greater China are among the Company's highest grossing in the world. Through the first eight months of 2011, IMAX theatres in Greater China have grossed more than $40 million in box office from Hollywood and local-language DMR titles, generating a per screen average of approximately $1.5 million. IMAX has partnered with several leading Chinese film production companies on the release of local-language films beginning with the 2010 release of Aftershock: The IMAX Experience.
The IMAX DMR titles slated for potential release in China for the remainder of 2011 and 2012 include Sector 7, Real Steel, The Adventures of Tintin: The Secret of the Unicorn, Happy Feet 2, Puss In Boots, Flying Swords of Dragon Gate, Mission: Impossible Ghost Protocol, John Carter, Dark Shadows, The Amazing Spider-Man, The Dark Knight Rises, Gravity, and The Hobbit: An Unexpected Journey.
About IMAX China
IMAX China is a wholly-owned subsidiary of IMAX Corporation, and is incorporated under the laws of Hong Kong. IMAX China was established by IMAX Corporation specifically to oversee the expansion of IMAX's business throughout China.
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 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, Shanghai and Beijing. As of June 30, 2011, there were 560 IMAX theatres (417 commercial multiplex, 25 commercial destination and 118 institutional) operating in 46 countries.