NEW YORK, June 24, 2013 /PRNewswire/ -- IMAX Corporation (NYSE: IMAX; TSX: IMX) and Cineworld Group PLC, the UK's number one cinema chain, today announced an expansion of the companies' revenue sharing agreement with the addition of three IMAX® theatre systems to be located in new construction projects including Telford and Broughton (near Chester). The deal will bring Cineworld's total IMAX footprint to 11 theatres.
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"IMAX continues to be a key competitive offering in our portfolio, providing a blockbuster film slate in the most immersive format – something that our customers love and for which they are willing to pay a premium," said Crispin Lilly, Vice President of Business Affairs, Cineworld Group PLC. "As a result, IMAX will continue to play an important role in our UK expansion strategy and serve as an anchor attraction in many of our new locations. We are delighted to build on our successful partnership and look forward to adding more IMAX theatres to our circuit."
"Cineworld is a valued partner and a true champion of the IMAX brand in the UK. Not only have they opened eight IMAX theatres in the span of 12 months, we've seen strong performances across these sites – including the Cineworld Sheffield IMAX theatre, which was ranked as the highest-grossing new IMAX site globally in 2012," said Andrew Cripps, President, IMAX EMEA. "We are pleased with the expansion of such a key strategic partnership, which underscores the increasing demand we continue to see for IMAX in Europe."
About Cineworld Group
Cineworld Group was founded in 1995 by Steve Wiener, the current Chief Executive, and is now the #1 UK cinema chain by both box office and admissions. The Group operates 80 cinemas across the UK & Ireland of which 77 are multiplex sites with five screens or more. In 2007 Cineworld successfully floated on the London Stock Exchange.
More information can be found at www.cineworld.co.uk
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 March 31, 2013, there were 738 IMAX theatres (606 commercial multiplexes, 19 commercial destinations and 113 institutions) in 53 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