IMAX Corporation (NYSE:IMAX) (TSX:IMX) today announced a joint revenue sharing agreement with TGV Cinemas Sdn Bhd (TGV Cinemas) to install a new digital IMAX theatre system at the Sunway Pyramid Shopping Centre, TGV's highest-grossing multiplex.
Press Release from IMAX Corporation
NEW YORK, Oct 13, 2011 (GlobeNewswire via COMTEX) -- IMAX Corporation (NYSE:IMAX) (TSX:IMX) today announced a joint revenue sharing agreement with TGV Cinemas Sdn Bhd (TGV Cinemas) to install a new digital IMAX theatre system at the Sunway Pyramid Shopping Centre, TGV's highest-grossing multiplex. The theatre is expected to open by Dec. 15, 2011, in time for the release of Mission: Impossible -- Ghost Protocol The IMAX Experience, which opens globally Dec. 21, 2011. This agreement brings to 294 the total number of IMAX theatres contracted to open in the Asia region, 95 of which are currently in operation.
"TGV Cinemas revolutionised the movie-going experience by being the first to introduce the multiplex concept offering Malaysians a wide array of movies within one location," said Kenny Wong, CEO of TGV Cinemas. "We are delighted to be the first to introduce the digital IMAX theatre system in Malaysia. This introduction is in line with our commitment and ongoing initiatives to provide the ultimate cinematic experience for our patrons."
"TGV Sunway Pyramid is the top-performing site within TGV's network of 15 multiplexes in Malaysia, and the installation of an IMAX theatre at this flagship complex is an endorsement of the bottom line benefits that IMAX delivers," said IMAX CEO Richard L. Gelfond. "With an unsurpassed cinematic platform, a globally recognized brand and a powerful film slate, IMAX provides a competitive advantage for exhibitors worldwide."
"Today's announcement underscores that the demand for The IMAX Experience continues to grow across Asia," said Don Savant, Senior Vice President and Managing Director, Asia Pacific. "TGV Cinemas is committed to developing IMAX as a premium brand in Malaysia and we are very proud of our relationship with this strategic partner."
IMAX's digital projection system delivers The IMAX Experience and will continue to deliver high-quality picture and sound even after multiple screenings. Furthermore, when combined with Hollywood and Chinese blockbusters, digitally remastered and on occasion filmed using IMAX cameras, it eliminates the need for film prints, increasing program flexibility and ultimately increasing the number of movies shown on IMAX screens. This has allowed IMAX to increase its digital titles to 16 to 20 per year from six to eight previously. The system can run both IMAX and IMAX 3D presentations, providing an immersive experience and bringing cinema goers a visual and audio experience unlike any other digital systems, regardless of which seat the customer is in.
About TGV Cinemas
TGV Cinemas Sdn Bhd (TGV Cinemas) is a wholly-owned subsidiary of Tanjong Public Limited Company (www.tanjongplc.com). Tanjong is a UK incorporated holding company of a group of geographically diversified subsidiaries involved in power generation, leisure and property investment. Since its inception in 1995, TGV Cinemas pioneered the multiplex cinema concept and has grown to become one of Malaysia's premier film exhibition companies with 117 screens homed in 15 multiplexes located at major cities. . Today TGV continues to bring new frontiers to its cinema-goers by being the first to introduce the 'Beanieplex' movie hall which is Malaysia's first and only cinema hall featuring bean bag seats.
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, Beijing 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.