One of China's Largest Privately-Owned Entertainment Companies Signs Agreement for Three IMAX® Theatres
SHANGHAI, May 11, 2015 /PRNewswire/ -- IMAX Corporation (NYSE: IMAX) and Huayi Brothers Cinema Investment Co. Ltd., a subsidiary company of Huayi Brothers Media Corporation Ltd., today announced an agreement for three IMAX® theatres in China. Two theatres will be added to existing multiplexes in Beijing and Wuhan and a third will be added to a new construction project in Hefei.
IMAX and Huayi Brothers first partnered on the 2010 film Aftershock, which marked the first-ever IMAX local-language DMR title. The film went on to become one of China's highest-grossing films of 2010, generating more than $102 million. In 2012, the parties expanded their film partnership to a total of eight Huayi Brothers titles that included Tai Chi 0, Tai Chi Hero, Back to 1942 and Chinese Zodiac in 2012, Journey to the West and Young Detective Dee in 2013 and the recent Chinese box office success, Dragon Blade in 2015. To date, Huayi Brothers has become IMAX's largest film partner in China, producing eight of the 20 Chinese IMAX® DMR titles the Company has released.
"We are involved in a spectrum of entertainment-related businesses and a key element of our success has been our focus on innovation to deliver the best entertainment experience possible. Our partnership with IMAX is an investment in innovation," said Mr. James Wang, President, Huayi Brothers Media Corporation Limited. "In China, the IMAX brand is synonymous with the best way to experience movies. The immersive IMAX Experience® takes the moviegoers beyond the edge of their seat to a world they have never imagined. Today, we are pleased to extend our partnership to our exhibition business."
"As the first Chinese and international studio to re-master a blockbuster film to the IMAX format, Huayi Brothers has played an important role in our evolution and success in China. Today's agreement builds on this success and marks a new chapter in our strategic relationship," said Don Savant, IMAX Managing Director, Asia Pacific. "We are delighted with the confidence Huayi Brothers continues to have in IMAX and together we look forward to delivering unforgettable movie-going experiences to audiences in China."
About Huayi Brothers Media Corporation
Founded in 1994 by Chairman & CEO Wang Zhongjun and President Wang Zhonglei, Huayi Brothers Media Corporate is one of the most famous entertainment groups in China. In 2009, Huayi Brothers Media Corporation landed on ChiNext and became the first listed company in film and TV industry. Today, the market value of Huayi Brothers Media is more than RMB 40 billion.
Leveraging the opportunity of leap development in capital market, the company is building a big entertainment industry chain driven by IP content with the focus of providing high quality entertainment content, maximizing the value and flow of IP content. Currently Huayi Brothers Media is investing and operating in three major business units: film, TV and entertainment unit including film, TV, talent agency and theaters; branding authorization and virtual entertainment unit including culture tourism, location based entertainment and theme park; internet entertainment unit including game, digital media, fans community and online distribution etc. Huayi Brothers Media targets at building itself as a "complete entertainment factory".
In year 2010, Huayi Brothers Media Corporation Ltd further extended its film business into film exhibition business by fully leveraging its abundant experiences and success in film investment, production and distribution area, to accomplish its ambitious strategy of creating a full film industry chain. The Huayi Brothers Cinema Investment Co. Ltd has become the important component of the whole strategic business chain and it has become the important fronts for premieres and movie star meetings for many movies. Movie goers therefore got chances to participate into the colorful film related activities. Up to now, Huayi Brothers Cinema Investment Co. Ltd has successfully opened 15 cinemas in 11 cities including Chongqing, Beijing, Shanghai, Wuhan, Shenzhen etc. throughout China mainland. In the future, Huayi Brothers will continue to invest in premium theaters nationwide.
About IMAX China
IMAX China is a subsidiary of IMAX Corporation, and is incorporated under the laws of Hong Kong. IMAX China was established by IMAX Corporation specifically to oversee the expansion of IMAX's business throughout Greater China.
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 March 31, 2015, there were 943 IMAX theatres (820 commercial multiplexes, 18 commercial destinations and 105 institutions) in 63 countries.
IMAX®, IMAX® 3D, IMAX DMR®, Experience It In IMAX®, An IMAX 3D Experience®, The IMAX Experience® and IMAX Is Believing® 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.