Deal Boosts Cinepolis' IMAX Footprint and Marks Exhibitor's First IMAX Screens in U.S.
NEW YORK, Aug. 13, 2014 /PRNewswire/ -- IMAX Corporation (NYSE: IMAX; TSX: IMX) and Cinépolis, the world's fourth-largest cinema exhibition company, announced an agreement for three IMAX® theatres to be located throughout the United States. The first theatre will be added to the Cinépolis Posner Park complex in Kissimmee, Fla., with locations for the second and third theatres yet to be determined. The deal brings Cinépolis' IMAX commitment to 25 theatres and marks the exhibitor's first IMAX theatres in the United States.
"Fueled by our success in other countries, the U.S. is now among the most important markets we've targeted for expansion. IMAX - with whom we have a relationship in eight countries - offers a complete end-to-end solution, works closely with filmmakers and has a brand that is widely recognized as the best way to experience event films," said Alejandro Ramirez, CEO of Cinépolis Worldwide. "Based on these factors and our success to date, we are confident IMAX will continue to strengthen our competitive position as we develop our U.S. circuit and other potential new markets."
"Today's agreement with Cinépolis makes it a true global partner that shares our international perspective on the growth of the film and exhibition industry," said IMAX CEO Richard L. Gelfond. "With our extensive network, IMAX is well-positioned to continue helping exhibitors and studios alike capture and grow the premium entertainment market globally. We are pleased to once again partner with Cinépolis to bring its first IMAX theatres to the U.S."
Cinépolis is the world's 4th largest movie theater circuit, operating more than 3,425 screens in 11 countries and serving close to 200 million patrons annually. As a company that is committed to innovation, Cinépolis was the first to pioneer the concept of luxury movie theaters. The company aspires to provide its patrons the best overall experience in filmed entertainment and employs a global workforce of 27,029 people to support its mission. Founded in 1971, Cinépolis 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 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 June 30, 2014, there were 868 IMAX theaters (735 commercial multiplexes, 19 commercial destinations and 114 institutions) in 59 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.