IMAX Corporation (NYSE: IMAX; TSX: IMX) and Cinema 21, Indonesia's largest exhibitor, today announced an agreement to install two digital IMAX® theatres in Jakarta.
Press Release from IMAX Corporation
HONG KONG, Dec. 6, 2011 /PRNewswire/ -- IMAX Corporation (NYSE: IMAX; TSX: IMX) and Cinema 21, Indonesia's largest exhibitor, today announced an agreement to install two digital IMAX® theatres in Jakarta. Under the terms of the agreement, the first system is scheduled to be installed at Gandaria City, South Jakarta in May 2012, with the second IMAX system to be installed in Jakarta by 2013.
"The addition of IMAX theatres to our circuit reinforces our commitment to delivering the best cinematic experience possible to our patrons," said Mr. Suryo Suherman, President of Cinema 21. "The IMAX brand is widely recognized among Indonesian movie-goers and we are confident that today's agreement will be a tremendous success both for our business and the satisfaction of our guests."
"Today's agreement marks an important step in our international network expansion and we are pleased to partner with one of South East Asia's largest exhibitors to penetrate a region that is poised for tremendous growth," said Richard L. Gelfond, CEO, IMAX. "Recent reports indicate Indonesia has a population of approximately 240 million and it continues to grow. With 36 percent of that population being between the ages of 15 and 40, we believe there is a strong demand for Hollywood's largest blockbusters to be presented in our immersive format."
Commenting on the agreement, Don Savant, IMAX's Senior Vice President and Managing Director, Asia Pacific said, "Cinema 21 has set the standard for quality in the South East Asian exhibition industry and we are proud to partner with them to bring the first commercial IMAX theatres to Indonesia to head their flagship locations."
IMAX's digital projection system delivers The IMAX Experience® 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® 3D presentations.
About Cinema 21Cinema 21 is the largest cinema chain in Indonesia and South East Asia. Cinema 21 has 571 screens in 31 cities all over Indonesia. Cinema 21 operates under three brands: Cinema XXI, Cinema 21 and The Premiere.
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, Shanghai and Beijing. As of September 30, 2011, there were 583 IMAX theatres (441 commercial multiplex, 23 commercial destination and 119 institutional) operating in 48 countries.