BEIJING, Sept. 22, 2015 /PRNewswire/ -- IMAX Corporation (NYSE: IMAX) today announced an agreement with Better Life Commercial Chain Share Co. Ltd., (Better Life) a multi-format retailer, for two new IMAX® theatres in China'sHunan province to be operated by its joint venture, Hunan Shengshi Entertainment Culture Investment Co. Ltd. One theatre will be located in the city of Xiangtan and another in the city of Changsha, Hunan's capital. This marks the Company's first agreement with Better Life Commercial Chain Share Co. Ltd., a leading commercial developer in China that operates supermarkets, department stores, convenience stores and commercial complexes.
"We have a robust growth plan to develop several shopping malls in China over the next few years, which will include approximately five to six multiplexes every year," said Wang Tian, Chairman, Better Life Commercial Chain Share Co. Ltd. "IMAX is a world-renowned brand embraced by moviegoers in China as the best way to experience movies. As such, we expect IMAX will serve as a key entertainment attraction for our new complexes in Xiangtan and Changsha and also look forward to making IMAX a part of our upcoming developments."
"Among commercial developers, IMAX is considered a premium anchor tenant, which from a project's inception to launch, can help secure other premier retailers and offer consumers a differentiated entertainment experience," said Richard L. Gelfond, CEO, IMAX. "Better Life is a top-notch commercial developer and we're delighted that they've joined our business and made IMAX a part of their growth strategy."
About Better Life Commercial Chain Share Co. Ltd.
Better Life Commercial Chain Share Co. Ltd. was established in 1995 and is committed to being the leading commercial and service business operator. The company was listed on the Shenzheng Stock Exchange on June 19, 2008 and to date, has expanded into different business areas, now owning subsidiaries such as Better Life Hypermarket, Better Life Mall, g.yunhou.com, Better Life Land, Better Life EMart, Chu restaurant, Homy-Store, etc. By the end of 2014, the company had entered into the markets of Hunan Province, Guangxi Province, Sichuan Province, Guizhou Province and Yunnan Province. Represented by the famous celebrity pianist Langlang, the company's star commercial real estate project "Better Life-New World" has been powered by a dozen multi-complexes, which are currently under construction. Part of the "Better Life-New World" development is the Changsha Meixi Lake New World project, which includes commercial properties spanning over 70 thousand square meters. This large commercial complex has already attracted famous brands including IMAX, Flight Experience Pavilion, Cool Car Park and Genting Amusement Park, etc.
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 June 30, 2015, there were 977 IMAX theatres (853 commercial multiplexes, 20 commercial destinations and 104 institutions) in 65 countries.
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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SOURCE IMAX Corporation