NEW YORK, Jan. 9, 2018 /PRNewswire/ -- IMAX Corporation (NYSE:IMAX), and CJ CGV today announced a sales agreement for four new IMAX® theatres to be added to existing and new multiplexes in Turkey. The theatres will be operated by CJ CGV subsidiary, Mars Entertainment Group, operator of the largest cinema circuit in Turkey. The agreement brings to 133 the exhibitor's total IMAX commitment with theatres in South Korea, China, Vietnam and Turkey.
IMAX first entered Turkey in 2011 with the opening of a theatre in Istanbul and one in Ankara. There are currently seven IMAX theatres in operation in the country with another four in backlog, inclusive of the agreement announced today. In 2016, two of the nation's IMAX theatres were among the top 10 highest-grossing IMAX sites in Eastern Europe.
"We're delighted to build on our success in Turkey and expand our presence in this underpenetrated region," said
Richard L. Gelfond, IMAX CEO. "CJ CGV is a valued partner that has helped us to establish the IMAX network and brand across many international markets. With the strength of this partnership and of our existing sites in Turkey, we believe we are well-positioned for expansion in this emerging market."
"There is enormous potential in the Turkish cinema industry," said
Seo Jung, CJ CGV CEO. "We're delighted to further expand The IMAX Experience® with more moviegoers through this opportunity and look forward to IMAX's contribution to the deepening of Turkish cinema industry."
About CJ CGV
CJ CGV is one of the largest multiplex theatre chains in the world with in South Korea, China, Vietnam, Indonesia, Myanmar, the United States and Turkey. As of December 2017, CJ CGV operates 3,346 screens at 445 locations, including 840 screens at 96 locations in Turkey.
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 additional offices in London, Dublin, Tokyo, and Shanghai. As of September 30, 2017, there were 1,302 IMAX theaters (1,203 commercial multiplexes, 11 commercial destinations and 86 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.,