BEIJING, Aug. 20, 2015 /PRNewswire/ -- IMAX Corporation (NYSE: IMAX) today announced an agreement with Shanghai Film Corporation (SFC) and its subsidiary, Shanghai United Circuit Co. Ltd. (SUC), for five additional IMAX® theatres in China. Four of the theatres will be located in existing multiplexes in Hangzhou, Qingdao, Shenzhen and Chengdu, with another to be added to a new development in Changzhou. Over the past year, the parties have signed agreements for 26 theatres. Today's announcement brings to 30 the exhibitor's total IMAX commitment, of which 16 are currently in operation. SFC is the Company's third-largest partner in China and fifth-largest partner worldwide.
Shanghai Film Corporation is China's largest state-owned enterprise in the exhibition industry, with the leading exhibition market share in the country. Shanghai Film Group, SFC's parent company, and SUC opened their first IMAX theatre in 2004, which was the first commercial IMAX theatre in China.
"We are dedicated to delivering premium entertainment experiences and our commitment to IMAX is an extension of this strategy, which strengthens our business and delights our guests," said Zhang Feng, General Manager of SFC. "With the most immersive cinematic platform available, coupled with the best in Hollywood and Chinese-language content, we look forward to offering more of our patrons a movie-going experience unlike anything they've had before."
"Moviegoers in China continue to embrace IMAX as the best way to experience blockbuster films, as our experience this year has shown, with Furious 7, which is now the highest-grossing IMAX title in China of all time as well as the recently released Monster Hunt, which is the highest-grossing Chinese IMAX title to date," said IMAX CEO, Richard L. Gelfond. "We've worked hard to build a business model in China that creates win/win scenarios for IMAX and our partners. SFC's commitment to 26 IMAX theatres in a year is a testament to the success of this model."
About Shanghai Film Corporation
Shanghai Film Corporation (SFC) is a holding subsidiary of Shanghai Film Group Corporation. SFC operates in a few business areas including film distribution, copyright content sales, cinema line management, and the investment, development and management of cinemas. As one of the few companies which cover a complete chain of film distribution and exhibition, SFC perfectly combines a few roles as professional distributor, comprehensive cinema line and high-end theater operator. SFC is a leading company in both film distribution and exhibition businesses.
Shanghai United Circuit Co. Ltd., (SUC) a wholly-owned subsidiary of Shanghai Film Corporation, is one of the leading cinema lines in China. Now it has over 230 affiliate complexes in 23 provinces with over 1200 screens and 16 IMAX screens. In 2014, SUC had BO of RMB 2.274 billion with an 7.7% share of China, making it runner-up in its peers.
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 976 IMAX theatres (852 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