SHANGHAI, April 13, 2016 /PRNewswire/ -- IMAX Corporation (NYSE: IMAX), IMAX China Holding Inc. (HKSE: 1970) and Shanghai Aurora Movie Co., Ltd. today announced an agreement for 10 new IMAX® theatres in China. Under the deal terms, eight of the theatres will be added to the company's new construction projects to be located throughout the People's Republic of China. The locations of the remaining two theatres are yet to be determined.
"IMAX is one of the most recognized entertainment brands in China that is beloved by moviegoers across the country," said Mr. Lu Jiantong, Vice President of Shanghai Aurora Movie Co., Ltd. "Our investment in IMAX is a major part of our commitment to quality and innovation. As we expand our cinema circuit, we will leverage The IMAX Experience to strengthen our business and delight our guests with the biggest and best blockbusters."
"Shanghai Aurora shares our passion for delivering premium entertainment experiences and we are pleased to launch our relationship with today's significant IMAX commitment," said IMAX Corp. CEO Richard L. Gelfond. "In China, our business is stronger than ever and this agreement is indicative of that demand. Interest in IMAX continues to build among our existing partners and new exhibitors as they seek to differentiate their theatres with the ultra-immersive IMAX format."
Shanghai Aurora Movie Co., Ltd.
Shanghai Aurora Movie Group is a modern enterprise engaged in film and TV investment management with a strong financing ability and an experienced international management team. The company is now promoting the reform of shareholding system to become a going-concern and sustained profitable listed company with high efficiency, a good reputation and fast development. The company gives priority to develop the film terminals, using the brand "AMG" namely "Aurora Movie Group" to build modern multiplex cinemas. At present it has already built 10 cinemas in China. The company plans to invest in 30 international standard cinemas in the next two years and at least 100 cinemas within five years. The company is committed to develop the whole industry chain of film and TV, including production, distribution, e-commerce and advertising etc.
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 Dec. 31, 2015, there were 1,061 IMAX theatres (943 commercial multiplexes, 19 commercial destinations and 99 institutions) in 67 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