NEW YORK, March 26, 2013 /PRNewswire/ -- IMAX Corporation (NYSE: IMAX; TSX: IMX) and Cinema 21, Indonesia's largest exhibitor, today announced an agreement to install eight IMAX® theatres throughout Indonesia, bringing to 10 the exhibitor's total IMAX commitment. Cinema 21 currently has an IMAX theatre open in Gandaria City, South Jakarta, and another slated to open in Kelapa Gading, North Jakarta.
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"Due to the success, superior quality and performance of our IMAX theatre in South Jakarta, we have exercised our option to expand our relationship with IMAX to further penetrate the Indonesia market," said Mr. Suryo Suherman, President of Cinema 21. "We believe that IMAX provides a unique and differentiated premium experience that our guests appreciate and will continue to seek out, further strengthening our business."
"Today's agreement marks an important step in expanding our presence in the Indonesian market - the most populous country in Southeast Asia, with one of the more robust economies in the region," said Richard L. Gelfond, CEO of IMAX. "Cinema 21 is a strategic partner that will help IMAX seize the growth opportunities that exist in Indonesia, where consumer spending and investment remain strong and the demand for IMAX continues to build."
Commenting on the agreement, IMAX Senior Vice President and Managing Director, Asia Pacific Don Savant said, "When the nation's largest exhibitor expands their IMAX business, it is truly an endorsement of the results IMAX delivers to its partners and underscores the level of enthusiasm we're seeing for The IMAX Experience® in Indonesia. We are delighted to strengthen our relationship with Cinema 21 and bring more audiences across the region the biggest blockbusters in the world's most immersive format."
About Cinema 21
Cinema 21 is the largest cinema chain in Indonesia and South East Asia. Cinema 21 has 631 screens in 31 cities all over Indonesia. Cinema 21 operates under three brands: Cinema XXI, Cinema 21 and The Premiere.
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, 2012, there were 731 IMAX theatres (598 commercial multiplexes, 19 commercial destinations and 114 institutions) in 53 countries.
IMAX®, IMAX® 3D, IMAX DMR®, Experience It In IMAX®, An IMAX 3D Experience®, The IMAX Experience® and IMAX Is Believing® 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