NEW YORK, April 3, 2014 /PRNewswire/ -- IMAX Corporation (NYSE: IMAX; TSX: IMX) today announced an expansion of its partnership with Cineworld Group PLC (the "Group") for an additional 11 IMAX® theatres. Under the terms of the agreement, the Group will add eight new IMAX® theatres to be installed in existing and new Cineworld multiplexes in the UK and will add three IMAX theatres to its Cinema City circuit in Central Europe and Israel.
Cineworld Group PLC operates under the brands of Cineworld, Picturehouse, Cinema City, and Yes Planet. The combination of Cineworld and Cinema City International was completed in February 2014. The resulting Group is now the second-largest cinema chain in Europe. With a total of 35 IMAX theatres following this agreement, the Group will become IMAX's largest partner in Europe.
"Today's announcement further demonstrates our momentum in Europe, where business activity has picked up dramatically in the last few years," said IMAX CEO Richard L. Gelfond. "This agreement is particularly gratifying as we have been in business with members of the management team for 20 years."
"We put our customers at the heart of everything we do and our IMAX expansion is a direct result of giving our customers more of what they want – the biggest blockbusters in the world's most immersive format," said Mooky Greidinger, CEO of Cineworld Group PLC. "As we enter a new chapter of our evolution, we are excited to grow our partnership with IMAX and continue to leverage the power of The IMAX Experience® as the premium offering in our combined portfolio and a key differentiator that will help us seize the growth opportunities that we see throughout Europe."
"We look forward to building on our successful partnerships with Cineworld and Cinema City – both of which are world-class exhibitors and tremendous IMAX brand advocates," said Andrew Cripps, President, IMAX EMEA. "We believe that the collective strengths from their combination, which has formed our largest exhibitor partner in Europe, will further support our continued expansion efforts."
Since January 2012, IMAX has signed 66 theatre agreements in Europe.
About Cineworld Group PLC
The Group is the second largest operator of cinemas in Europe, operating in nine countries. The enlarged Group was formed by the combination of Cineworld and Cinema City in February 2014. Cineworld is the number one operator by market share in the UK & Ireland with 81 cinemas under the Cineworld brand and 21 Picturehouse cinemas. Cinema City operates 99 cinemas in seven countries under the Cinema City and Yes Planet Brands. Cineworld Group PLC is a public company listed on the London Stock Exchange.
More information can be found at www.cineworldplc.com
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 Dec. 31, 2013, there were 837 IMAX theatres (701 commercial multiplexes, 19 commercial destinations and 117 institutions) in 57 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