Agreement with Leading Middle East Exhibitor to Mark Launch of IMAX's New Laser Projection in the UAE and First IMAX® Theatre in Lebanon
NEW YORK, April 28, 2015 /PRNewswire/ -- IMAX Corporation (NYSE: IMAX) and VOX Cinemas, a leading exhibitor in the Middle East, today announced an agreement for three IMAX® theatres to be added to VOX locations throughout the region. IMAX theatres will be added to existing complexes in Abu Dhabi, UAE, and in Beirut, Lebanon, marking IMAX's entry into that country. In addition, IMAX's next-generation digital laser projection system will be launched as part of a completely new development of their flagship VOX Cinema, located within the landmark Mall of the Emirates in Dubai, UAE.
"Moviegoers in the Middle East want only the best cinema technology and movie watching experiences when visiting our cinemas and IMAX is a brand that is regarded as the best among our guests in the region," said Cameron Mitchell, CEO of VOX Cinemas. "Our commitment to delivering a customer-focused cinema experience is a perfect fit with IMAX's cutting-edge technology and blockbuster film slate. As we continue to expand our circuit throughout the Middle East, IMAX will serve as an anchor attraction that we are confident will be embraced by our guests."
"Since 2001, we have grown from two IMAX theatres in the Middle East to 15 theatres today and we expect our network growth to accelerate over the next few years," said Andrew Cripps, President, IMAX EMEA. "Today's agreement builds on this momentum and is strategic on many fronts. Not only are we welcoming a new, world-class exhibitor to our business in the Middle East, entering a new market and signing our first laser commitment in the UAE, we are doing so with a partner whose growth plans in the region mirror our own. I believe our collective strengths will expand the reach of The IMAX Experience® throughout the Middle East and support our mutual growth efforts."
IMAX has undertaken a significant R&D investment to develop its next-generation projection and sound system, featuring ground-breaking laser technology. IMAX with laser represents a quantum leap forward in cinema technology — providing audiences with the sharpest, brightest, clearest and most vivid digital images ever, combined with a whole new level of immersive audio.
About Majid Al Futtaim Cinemas
VOX Cinemas is the Middle East's most innovative and customer-focused cinema experience. VOX Cinemas is owned and operated by Majid Al Futtaim Cinemas, which is the cinema arm of Majid Al Futtaim, the leading shopping mall, retail and leisure pioneer across the Middle East and North Africa. With 97 screens currently across nine locations in the UAE, 15 screens in Lebanon and 17 screens in Oman, VOX Cinemas is now the Middle East's largest and most rapidly growing cinema exhibitor. In 2013, the company announced a 750 million dirham investment in cinemas that will see the company expand to operate over 400 screens in 8 countries by 2018. VOX Cinemas has concepts to suit all moviegoer preferences - a luxury VOX GOLD concept, an immersive 4DX concept, a big screen concept called VOX MAX, a myVOX private cinema concept, 2D , 3D and VIP seating options. www.voxcinemas.com
About Majid Al Futtaim
Founded in 1992, Majid Al Futtaim is the leading shopping mall, retail and leisure pioneer across the Middle East and North Africa (MENA).
A remarkable business success story, Majid Al Futtaim started from one man's vision to transform the face of shopping, entertainment and leisure to 'create great moments for everyone, every day'. It has since grown into one of the United Arab Emirates' most respected and successful businesses spanning 13 international markets, employing 27,000 people, and achieving the highest credit rating (BBB) among privately-held corporates in the Middle East.
Majid Al Futtaim owns and operates 17 shopping malls, 11 hotels and three mixed-use communities in MENA, with further developments underway in the region. The shopping malls portfolio includes Mall of the Emirates, City Centre malls, and also four community malls which are in joint venture with the Government of Sharjah. It holds exclusive rights to the Carrefour franchise in 38 markets across Middle East, Africa and Central Asia, operating a portfolio of over 60 hypermarkets and over 70 supermarkets in 13 countries.
Majid Al Futtaim operates 129 VOX Cinema screens and 17 Magic Planets across the region, in addition to iconic leisure and entertainment facilities such as Ski Dubai and iFly Dubai, among others. Majid Al Futtaim launched the first LEGO-certified store in the Middle East and is parent to the consumer finance company issuing 'Najm' credit cards, a fashion retail business representing international brands such as Abercrombie & Fitch, Juicy Couture and Halston Heritage, and a healthcare business. In addition, it also has a joint venture with Veolia and has recently expanded into food and beverage in partnership with Gourmet Gulf. www.majidalfuttaim.com
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, 2014, there were 934 IMAX theaters (809 commercial multiplexes, 19 commercial destinations and 106 institutions) in 62 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.