NEW YORK, Oct. 21, 2013 /PRNewswire/ -- IMAX Corporation (NYSE: IMAX; TSX: IMX) and Cinepolis, one of the world's largest exhibition circuits, today announced an agreement to install eight new IMAX® theatres in existing Cinepolis multiplexes throughout Latin America. Four of the IMAX theatres will be located in Colombia, with a single theatre each in Brazil, Guatemala, Panama and Peru.
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Today's announcement follows recent agreements between the companies in September for an IMAX theatre in India and in April for five IMAX theatres in Mexico, bringing to 22 the exhibitor's total IMAX commercial footprint. Cinepolis currently has six IMAX theatres open in Mexico and one in Brazil.
"We've been more aggressive recently in the Latin American market with 17 theatre signings to date in 2013 – more than triple the number of deals signed in the region in 2012," said IMAX CEO Richard L. Gelfond. "We're pleased to see our efforts coming to fruition in our relationship with Cinepolis and we expect the region to provide further growth for us as the appetite for The IMAX Experience® continues to increase among developers, exhibitors and consumers."
"One of our main success factors has been our focus on innovation and IMAX is an integral part of how we're delivering on this front," said Alejandro Ramirez, CEO of Cinepolis Worldwide. "IMAX provides us with a strategic and competitive advantage that drives stronger performance at our multiplexes and we look forward to bringing the world's most immersive cinematic experience to more theatres across our network."
Cinepolis is the world's 4th largest movie theater circuit, operating more than 3,000 screens in 11 countries and serving close to 200 million patrons annually. The company operates its screens under four different brands that span across the ultra-premium to the extreme value segments. As a company that is committed to innovation, Cinepolis was the first to pioneer the concept of premium movie theaters via its Cinepolis VIP brand. The company aspires to provide its patrons the best overall experience in filmed entertainment and employs a global workforce of 22,000 people to support its mission. Founded in 1971, Cinepolis is privately held and is headquartered in Morelia, Mexico.
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, 2013, there were 767 IMAX theatres (634 commercial multiplexes, 19 commercial destinations and 114 institutions) in 54 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.
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SOURCE IMAX Corporation