Two-Theatre Deal Signals IMAX's Continued Worldwide Expansion; IMAX Now in 58 Countries
NEW YORK, March 21, 2014 /PRNewswire/ -- IMAX Corporation (NYSE: IMAX; TSX: IMX) and New Tour Safaris Co., Ltd., operator of Urgoo Cinemas, the largest theatrical exhibition and entertainment company in Mongolia, today announced an agreement to install two IMAX® theatres in new construction projects in the city of Ulan Bator, the nation's capital and largest city. With today's agreement, IMAX will now have a presence in 58 countries worldwide.
"We are delighted to join forces with the nation's top exhibitor to bring IMAX to moviegoers in Mongolia – one of the world's fastest-growing economies and a market which we believe holds tremendous potential," said Andrew Cripps, President of IMAX EMEA. "With the rapid expansion of our international theatre network and an increased number of local-language films, we are now more globally diversified than ever and today's agreement underscores our continued focus on globalization."
"We are committed to delivering premium entertainment experiences and IMAX will serve as an extension of this strategy, which we are confident will both strengthen our business and set the stage for a new era in moviegoing in Mongolia," said Mr. Anandbazar Tsogt-Ochir, Chairman & CEO of SOD Mongol Group the parent company of New Tour Safaris. "With the world's biggest blockbuster titles in the world's most immersive format, we are proud to be the first to introduce The IMAX Experience® to the country and look forward to expanding our partnership in the future."
About Urgoo Cinemas
Urgoo Cinema is the leading and largest theatrical exhibition and entertainment company with interest in Ulaanbaatar, Mongolia. We opened our newly modern designed cinema with the design standards consultation of Warner Bros International Cinemas in April of 2009. We are committed to providing a premium entertainment experience by offering a menu of entertainment alternatives inside our facilities. Our mission is to provide our customers with the best possible out-of-home entertainment experience. We have seven world standard screens, total 1120 standard and 56 VIP seats. Our expansion and development plans will bring seven to ten new multiplex cinemas to Mongolia over the next three to five years with an IMAX theatre designed in most.
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.