China's Largest Privately-Owned Media Film Distributor Expands IMAX Relationship; Deal Builds on Success of Parties' Film and Exhibition Partnership
SHANGHAI, Nov. 12, 2014 /PRNewswire/ -- IMAX Corporation (NYSE: IMAX; TSX: IMX) and Beijing Bona International Cineplex Investment and Management Co. Ltd., a wholly-owned subsidiary of Bona Film Group, (Nasdaq: BONA), a leading film distributor and vertically integrated film company in China, today announced an agreement for three new IMAX® theatres in China. The deal brings the exhibitor's total IMAX commitment to four theatres.
In 2012, Bona opened its first IMAX theatre in Tianjin. Under today's agreement, the Company will open an IMAX theatre in a new complex in Wuhan and another in the multiplex located at Bona Film Group's headquarters in Beijing. A third IMAX theatre will be added to a new multiplex in Taiyuan.
Bona Film Group first partnered with IMAX on the release of Bona's martial arts epic Flying Swords of Dragon Gate in 2011. The film went on to become the second highest-grossing IMAX Chinese-language title to date. The film White Haired Witch, which opened strongly in China in August, marked the second Bona Film Group title to be released in IMAX.
"The booming film industry in China presents strong growth prospects for our film and exhibition business and IMAX is a tremendous partner that has supported our success on both fronts," said Bona Founder, Chairman and CEO Yu Dong. "As we expand our theatre footprint, IMAX is a key differentiator that will help us capitalize on the growth opportunities that exist in this highly competitive market."
"We are focused on our global expansion as the international box office continues to grow - particularly in China where we have been successful playing both the Hollywood and Chinese films," said IMAX CEO Richard L. Gelfond. "From film production, distribution, to exhibition, Bona - like IMAX - is a diversified company that is an important part of China's film ecosystem. We are delighted that Bona continues to invest in IMAX and look forward to future film and theatre collaborations with this strategic partner."
About Bona Film Group Limited
Bona Film Group Limited (Nasdaq: BONA) is a leading film distributor in China, with an integrated business model encompassing film distribution, film production, film exhibition and talent representation. Bona distributes films to Greater China, Korea, Southeast Asia, the United States and Europe, invests and produces movies in a variety of genres, owns and operates twenty-two movie theaters and manages a range of talented and popular Chinese artists.
For more information about Bona, please visit http://www.bonafilm.cn.
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 theaters 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, 2014, there were 880 IMAX theaters (751 commercial multiplexes, 19 commercial destinations and 110 institutions) in 60 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.