SHANGHAI, Nov. 23, 2015 /PRNewswire/ -- IMAX Corporation (NYSE: IMAX), IMAX China Holding Inc. (HKSE: 1970) and Hengdian Entertainment Co. Ltd., a subsidiary of the Chinese conglomerate Hengdian Group, today announced an agreement for five new IMAX® theatres across China. The theatres will be installed in new construction projects, including one in a new complex in Fengxian, marking the first IMAX theatre in this suburban district of Shanghai.
"Over the next few years, we expect to build 500 cinemas with 3,500 screens as a part of our strategy to increase our dominance in China's cinematic and cultural industries," Mr. Xu Tianfu, Chairman, Hengdian Entertainment Co. "With its powerful film slate of the biggest Hollywood and Chinese blockbusters coupled with its unsurpassed immersive format, we consider IMAX a competitive advantage that is beloved by Chinese moviegoers. Today's partnership marks an exciting new chapter in our evolution as a leader in delivering the best cinematic experiences."
"More and more, we are seeing our new and existing partners in China leverage IMAX as a strategic part of their growth and expansion plans. This is a testament to the power of the IMAX brand in China, which we've carefully cultivated throughout our 15 years in the market," said Don Savant, Executive Vice President, Managing Director, Asia Pacific, IMAX Corporation. "In China, we've built our strong foundation by forging relationships with influencers and leaders in the Chinese entertainment industry and the tradition continues with today's agreement. I'm delighted to welcome Hengdian Entertainment, an important player in the nation's cinema industry, as our newest exhibition partner in China."
About Hengdian Entertainment Co., Ltd.
Formerly known as Hengdian Cinema Chain Co., Ltd., Hengdian Entertainment Co., Ltd. has currently acquired 213 cinemas, totaling more than 1,300 screens, among which 172 cinemas and 1,125 screens are subsidiary over the years since January 2009. During the period from January to October 2015, Hengdian Entertainment generated revenue as much as over 1.8 billion RMB, making itself the 5th biggest among all cinema investment companies as well as the top 8th among all cinema chains in nationwide. Hengdian Entertainment has become a highly competitive and reputable force in the Chinese film industry.
By making good use of Hengdian Entertainment's national status and influence, complemented by the full support from its Hengdian Group, Hengdian Entertainment sets out to build as many as 500 cinemas and 3,500 screens over the next few years. Hengdian's goal is to be ranked as the top 5th or even the 3rd among cinema chains nationwide, assuring its leading status in the Chinese cinematic and cultural industries. Hengdian Entertainment also aspires to become an influential multi-national company by managing its capital operation and expanding its business overseas.
About IMAX China Holding, Inc.
IMAX China (HKSE: 1970) is a leading cinematic technology provider, the exclusive licensee of the IMAX brand and technology and the sole commercial platform for the release of IMAX format films in Greater China. Standing for the highest quality and most immersive motion picture entertainment experience, the IMAX brand is one of the strongest entertainment brands in Greater China, having had a presence in the PRC for nearly 15 years. IMAX China is a subsidiary of IMAX Corporation, and is incorporated under the laws of Hong Kong. On October 8, 2015 shares of IMAX China began trading 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 September 30, 2015, there were 1,008 IMAX theatres (887 commercial multiplexes, 19 commercial destinations and 102 institutions) in 66 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.