Two-theatre Agreement Marks IMAX's Entry into Vietnam and Commemorates Decade-Long Partnership with its Second-Largest International Partner
SHANGHAI, Feb. 11, 2015 /PRNewswire/ -- IMAX Corporation (NYSE: IMAX) and CJ CGV Holdings, Ltd., (CJ CGV) today announced an expansion of the companies' partnership with the addition of two IMAX® theatres in Vietnam, to be operated by CGV Vietnam, a wholly-owned subsidiary of CJ CGV. The deal marks IMAX's entry into the country, with the first theatre to be added to a new construction project in Ho Chi Minh City, the largest metropolitan area in Vietnam, and the second location still to be determined. With this deal, CJ CGV – IMAX's second-largest partner internationally - will have 97 theatres open or contracted to open, including two theatres in Vietnam, 20 theatres in South Korea and 75 theatres in China.
"We were the first to introduce The IMAX Experience® to audiences in South Korea and today we are proud to be the first to bring the world's most immersive experience to moviegoers in Vietnam," said Dong-Won Kwak, CEO, CGV Vietnam. "IMAX delivers a unique cinematic experience that sets us apart from our competitors. With global expansion as a top priority, we look forward to continuing this successful relationship and integrating IMAX as a key element to our growth efforts."
"CJ CGV is a world-class exhibitor and powerful force in the Asia Pacific entertainment market that has helped strengthen the IMAX brand throughout the region," said Don Savant, IMAX Managing Director, Asia Pacific. "I can't think of a better way to commemorate our decade-long relationship than by introducing IMAX to the moviegoers of Vietnam with our valued partner and the country's largest exhibitor."
About CJ CGV HOLDINGS, LTD.
CJ CGV HOLDINGS is a wholly-owned subsidiary of CJ CGV, and is incorporated under the laws of Hong Kong. CJ CGV HOLDINGS was established by CJ CGV specifically to oversee the expansion of theater business outside of Korea.
About CJ CGV
CJ CGV operates South Korea's largest multiplex cinema chain, with its headquarters in Seoul. It is a subsidiary of CJ Group and was established in 1996. CGV opened its first multiplex cinema in Korea in April 1998. Since the opening of its first cinema in eastern Seoul, CGV has expanded and currently operates 952 screens over 125 sites nationwide. CGV opened its first overseas branch in Shanghai, China in late 2006, opened its first North American branch in Los Angeles, California in June 2010 and acquired Megastar, Vietnam's largest multiplex cinema chain in July 2011. CGV now has 50% of the market share in South Korea.
About IMAX Corporation
IMAX, an innovator in entertainment technology, combines proprietary software, architecture and equipment to create experiences that take you beyond the edge of your seat to a world you've never imagined. Top filmmakers and studios are utilizing IMAX theaters to connect with audiences in extraordinary ways, and, as such, IMAX's network is among the most important and successful theatrical distribution platforms for major event films around the globe.
IMAX is headquartered in New York, Toronto and Los Angeles, with offices in London, Tokyo, Shanghai and Beijing. As of September 30, 2014, there were 880 IMAX theatres (751 commercial multiplexes, 19 commercial destinations and 110 institutions) in 60 countries.
IMAX®, IMAX® 3D, IMAX DMR®, Experience It In IMAX®, An IMAX 3D Experience®, The IMAX Experience®, IMAX Is Believing® and IMAX nXos® are trademarks of IMAX Corporation. More information about the Company can be found at www.imax.com. You may also connect with IMAX on Facebook (www.facebook.com/imax), Twitter (www.twitter.com/imax) and YouTube (www.youtube.com/imaxmovies).
This press release contains forward looking statements that are based on IMAX management's assumptions and existing information and involve certain risks and uncertainties which could cause actual results to differ materially from future results expressed or implied by such forward looking statements. These risks and uncertainties are discussed in IMAX's most recent Annual Report on Form 10-K and most recent Quarterly Reports on Form 10-Q.