IMAX Corporation (NYSE:IMAX) (TSX:IMX) and Jiangsu Eudemonia Blue Ocean Cinema Development Co., Ltd. (Blue Ocean) today announced an agreement to install four new digital IMAX theatre systems in the People's Republic of China.
Press Release from IMAX Corporation
NEW YORK, Aug 25, 2011 (GlobeNewswire via COMTEX) -- IMAX Corporation (NYSE:IMAX) (TSX:IMX) and Jiangsu Eudemonia Blue Ocean Cinema Development Co., Ltd. (Blue Ocean) today announced an agreement to install four new digital IMAX theatre systems in the People's Republic of China. This agreement follows an earlier four-theatre deal between the two companies, announced in February 2011, and brings Blue Ocean's total commitment to eight IMAX theatres in operation by 2014.
Under terms of this agreement, Blue Ocean is scheduled to install a digital IMAX theatre system at the Eudemonia Blue Ocean International Cineplex at the Songlei Department Store, located in Daqing, Heilongjiang Province, in early 2012. The remaining three systems are scheduled to open by 2014 at new complexes: the Renhe Spring International Plaza in Chengdu, Sichuan Province; the Central International Shopping Plaza in Suqian, and the Yurun Central International Plaza in Huai'an, both in Jiangsu Province. This agreement brings the total number of IMAX theatres contracted to open in Greater China to 181, 48 of which are currently in operation.
"As more and more mainstream Chinese films and major Hollywood movies are being released in the immersive IMAX format, the brand is in increasingly high demand with audiences in China," said Mr. Jiang Wenbo, Managing Director of Jiangsu Eudemonia Blue Ocean. "Today's agreement will allow us to offer our audiences the best possible way to view event films."
"Greater China is our second-largest market globally, behind North America, with some of our network's highest-grossing IMAX theatres in the world," said IMAX CEO Richard L. Gelfond. "With leading exhibitors such as Blue Ocean, we are building on this success and expanding our network to meet the increasing demand for The IMAX Experience in China."
"Blue Ocean's commitment to the development of the country's exhibition industry with state-of-the-art technology makes it an important exhibition partner for IMAX and we are pleased to join forces with them," added Don Savant, IMAX's Senior Vice President and Managing Director, Asia Pacific.
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 Blue Ocean CinemaA unit under Eudemonia Blue Ocean TV & Movie Group Ltd, a wholly-owned subsidiary of Jiangsu Broadcasting Corporation (JSBC), Jiangsu Eudemonia Blue Ocean Cinema Development Co., Ltd.was founded especially to develop and operate cinemas. Eudemonia Blue Ocean TV & Movie Group Ltd owns several either wholly-owned or share-holding subsidiaries, covering a wide range of businesses including film production, film research, film presentation, movie and television bases, etc.
About IMAX ChinaIMAX 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 Greater China.
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(R), IMAX 3D(R), 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 June 30, 2011, there were 560 IMAX theatres (417 commercial multiplex, 25 commercial destination and 118 institutional) operating in 46 countries.