SHANGHAI, Dec. 7, 2015 /PRNewswire/ -- IMAX Corporation (NYSE: IMAX), IMAX China Holding Inc. (HKSE: 1970) and CJ CGV today announced an expansion of the companies' partnership with the addition of 25 new IMAX® theatres across China. The theatres will be installed in new construction projects, most of which are located in first- or second-tier cities in China. With this deal IMAX has surpassed 500 theatre signings in Greater China, which will bring its network total in the region to 520 theatres, with 275 open and 245 contracted to open.
"Our 500th theatre signing in China represents another milestone in what has been a watershed year for IMAX in the country, and follows our IPO - which demonstrates our commitment to the region and our continued efforts to grow alongside our theatre partners," said IMAX Corp. CEO and IMAX China Chairman Richard L. Gelfond. "We are truly honored to reach this milestone with CJ CGV, our valued partner and one of Asia's leading exhibitors, and to continue to solidify our position at the epicenter of China's burgeoning entertainment ecosystem."
The deal brings CJ CGV'sIMAX commitment to 122 theatres, with two in Vietnam, 20 in South Korea and 100 in China, further strengthening its position as IMAX's second-largest exhibitor partner in Asia and third-largest globally.
"China's exhibition industry is very competitive, and delivering the best entertainment experience possible is critical to our ongoing success. As we aggressively expand our circuit across China, IMAX will continue to serve as an anchor attraction in our new locations – providing the differentiated and immersive experience that Chinese moviegoers have come to embrace," said Mr. Seo Jung, CEO of CJ CGV. "IMAX is an important part of the local exhibition and film industry and we are proud to be a part of its landmark 500th theatre signing and offer them our best wishes for continued success."
About CJ CGV
CJ CGV operates South Korea's largest multiplex cinema chain, with its headquarters in Seoul. It is a subsidiary of CJ Group and was established in 1996. CGV opened its first multiplex cinema in Korea in April 1998. Since the opening of its first cinema in eastern Seoul, CGV has expanded and currently operates 986 screens over 130 sites nationwide. CGV opened its first overseas branch in Shanghai, China in late 2006, opened its first North American branch in Los Angeles, California in June 2010 and acquired Megastar, Vietnam's largest multiplex cinema chain in July 2011. CGV now has 50% of the market share in South Korea.
About IMAX China Holding, Inc.
IMAX China (HKSE: 1970) is a leading cinematic technology provider, the exclusive licensee of the IMAX brand and technology and the sole commercial platform for the release of IMAX format films in Greater China. Standing for the highest quality and most immersive motion picture entertainment experience, the IMAX brand is one of the strongest entertainment brands in Greater China, having had a presence in the PRC for nearly 15 years. IMAX China is a subsidiary of IMAX Corporation, and is incorporated under the laws of Hong Kong. On October 8, 2015 shares of IMAX China began trading on the Hong Kong Stock Exchange under the stock code "HK.1970."
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 September 30, 2015, there were 1,008 IMAX theatres (887 commercial multiplexes, 19 commercial destinations and 102 institutions) in 66 countries. On Oct. 8, 2015, shares of IMAX China, a subsidiary of IMAX Corp., began trading on the Hong Kong Stock Exchange under the stock code "HK.1970."
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