SHANGHAI, Feb. 26, 2017 /PRNewswire/ -- IMAX Corp. (NYSE:IMAX) and IMAX China Holding, Inc. (HKSE: 1970) today announced an agreement with Bona Film Group, a leading film distributor and vertically integrated film production company in China, for 30 new IMAX® theatres to be located in new complexes throughout China. The Companies plan to open five theatres annually beginning this year through 2022. Today's agreement significantly increases Bona Film Group'sIMAX footprint to 35 from five and positions the Company among the top five IMAX exhibitor partners in China.
"As one of the most influential film studios in China and a growing force in the nation's exhibition market, today's substantial sales agreement with Bona Film Group underscores the confidence China's leading industry players have in IMAX to deliver long-term strategic value," said IMAX CEO
Richard L. Gelfond. "Our partnership with Bona reflects our diverse and multifaceted approach to our business in China, which, following our record signings activity in 2016, has recently surpassed the U.S. as our largest market."
In 2012, Bona opened its first IMAX theatre in Tianjin followed by installations in Beijing, Taiyuan and Wuhan with a fifth theatre slated to open in Dalian. Bona Film Group first partnered with IMAX on the release of the martial arts epic Flying Swords of Dragon Gate in 2011, which marked the first IMAX® 3D presentation of a Chinese-language movie. The film became second-highest grossing IMAX film of 2011 in China. Released in 2014, White-Haired Witch was the second Bona Film Group title presented in IMAX.
"Today's agreement is a direct result of the tremendous success of our existing IMAX theatres and IMAX film releases," said
Yu Dong, Founder and Chairman of Bona Film Group. "As we aggressively expand our cinema circuit, IMAX will serve as a key entertainment attraction in our new locations that we believe will strengthen their overall performance. IMAX has become one of the strongest entertainment brands in China and we are proud to associate ourselves with the premium IMAX brand and the superior cinematic experience it offers."
About Bona Film Group Limited
Bona Film Group Limited was the first Chinese film company listed in Nasdaq and now has completed the privatization and raised series A funding, which makes the company's evaluation at 15 billion yuan. As a leading private film company in China, Bona Film Group has "large-scale production, forward-looking layout, deep-plowing business" as its business model and boasts outstanding performance in the Chinese film market in the past 17 years. Bona's business includes film & television production and distribution, cinema investment and management, advertising and marketing, talent representation, location-based entertainment and showcase city investment, construction and operation. As of January 2017, Bona has 41 theaters in operation with 336 screens.
For more information about Bona, please visit http://www.bonafilm.cn.
About IMAX China
IMAX China is a subsidiary of IMAX Corporation, and is incorporated under the laws of Cayman Islands. IMAX China was established by IMAX Corporation specifically to oversee the expansion of IMAX's business throughout Greater China. IMAX China trades on the Hong Kong Stock Exchange under the stock code "HK.1970."
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 theatres 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 Dec. 31, 2016, there were 1,215 IMAX theatres (1,107 commercial multiplexes, 16 commercial destinations and 92 institutions) in 75 countries. On Oct. 8, 2015, shares of IMAX China, a subsidiary of IMAX Corp., began trading on the Hong Kong Stock Exchange under the stock code "HK.1970."
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.
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