IMAX Signs Theatre Deal in China
Created 04/22/2009 - 23:00
Press Release from IMAX Corporation
BEIJING, April 23 -- IMAX Corporation (NASDAQ: IMAX; TSX: IMX) and China Film Group Corporation today announced an agreement to open an IMAX(R) theatre in a new multiplex development in the city of Tianjin, China. The installation is scheduled to be completed in October, 2009. The deal continues IMAX's commitment to growing its network in China, IMAX's largest international growth market, with 41 IMAX theatres scheduled to be operating in the country by 2012. IMAX has signed contracts for more than 200 IMAX digital projection systems worldwide, with 76 currently in operation and approximately 60 additional locations scheduled to be in operation by year end.
"IMAX is a well-respected brand that represents the advanced movie experience and we strongly believe that working with IMAX will give us a competitive advantage in our marketing development. We will have better prospective cooperation with IMAX," said Mr. Han Sanping, Chairman of China Film Group Corporations.
"Entering into a partnership with China Film Group, the leading player in film production, distribution and exhibition, is an important element of our growth strategy and underscores our commitment to building the IMAX brand in the country," said IMAX CEO Richard L. Gelfond. "Our digital projection system continues to open up new international growth opportunities, by making it more economical to display a range of films in our theatres. We're delighted to have this endorsement from the largest and most prominent media company in China which has substantial expansion plans for its exhibition business."
IMAX's revolutionary 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.