SHANGHAI, May 2, 2016 /PRNewswire/ -- IMAX Corporation (NYSE: IMAX), IMAX China Holding Inc. (HKSE: 1970) and Shanghai Bestar Cinemas Management Co. Ltd., a subsidiary of Future Land Holdings Co. Ltd. (HKSE: 1030), (SSE: 601155) a leading property developer in China, today announced an agreement at the Shanghai headquarters of Future Land Holdings Co. Ltd. for 10 new IMAX® theatres to be located throughout the P.R.C. The theatres will be added to multiplexes located within Injoy Plazas – Future Land's commercial shopping center brand, and are expected to be installed in 2016 and 2017.
"Shanghai Bestar Cinemas was established in response to the growing Chinese film and exhibition industry and the vital role that entertainment plays in the success of our commercial property developments," said Mr. Wang Zheng, Chief Executive Officer, Shanghai Bestar Cinemas Management Co., Ltd. "In China, IMAX is synonymous with the best moviegoing experience, which is why we are delighted to launch our exhibition business with IMAX. As we strongly build our circuit's presence nationwide, we plan to open over 50 cinemas in three years and over 100 cinemas in five years, half of which will be installed with IMAX theatres. We look forward to expanding our partnership with IMAX."
"We are delighted to partner with Future Land, one of the top developers in China, and are honored to be a part of its new exhibition business - Shanghai Bestar Cinemas," said IMAX Corp. CEO Richard L. Gelfond. "We have relationships with virtually every major exhibitor and studio in China and continue to see increased interest among property developers in the country that have IMAX in mind at the inception of their projects - further solidifying our position in the Chinese entertainment ecosystem."
Shanghai Bestar Cinemas Management Co. Ltd.
Shanghai Bestar Cinemas Management Co. Ltd. is a subsidiary of Future Land Holdings Co. Ltd., (HK Code: 01030.HK), giving full play to abundant capital and project management capability. Relying on a sophisticated theater management team, the world's most cutting-edge film equipment, and working with the best theater design team in Asia, it will construct and operate more than 50 high-end, innovative studios within three years. With an investment of 3 billion RMB within five years, it will construct and operate 100 high-end, innovative cinemas. More than half of its cinemas will be installed with IMAX theaters, building a cinema culture kingdom combining film projection, interactive entertainment and leisure experience. In this way, it leads customers into the world of fantasy.
About IMAX China
IMAX China is a subsidiary of IMAX Corporation, and is incorporated under the laws of Cayman Islands. IMAX China was established by IMAX Corporation specifically to oversee the expansion of IMAX's business throughout Greater China. IMAX China trades 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 Mar. 31, 2016, there were 1,066 IMAX theatres (952 commercial multiplexes, 17 commercial destinations and 97 institutions) in 68 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