New Agreement Builds on Success of One of Russia's Fastest-Growing Exhibitors' Existing IMAX® Theatre
NEW YORK, March 4, 2014 /PRNewswire/ -- IMAX Corporation (NYSE: IMAX; TSX: IMX) and MORI CINEMA, one of Russia's fastest-growing exhibitors, today announced an agreement to install five IMAX® theatres across Russia. Under the terms of the agreement, four of the IMAX theatres will be installed in new construction projects in the cities of Irkutsk, Murmansk, Archangelsk and Moscow, with one retrofitted theatre to be installed in Togliatti. This agreement brings to six theatres MORI's total IMAX® commitment.
"We are delighted with the performance of our first IMAX theatre over the past year and look forward to the next chapter of our relationship with IMAX," said Pavel Mori, General Director, MORI CINEMA. "IMAX's immersive experience and premium brand are very popular with our patrons and we expect IMAX to play a key part in our growth strategy by serving as an anchor attraction at our upcoming locations."
"As a new exhibitor in the cinema space and the IMAX business, MORI CINEMA has forged its path to becoming a leading Russian exhibitor," said Andrew Cripps, President, IMAX EMEA. "Russia has become one of IMAX's fastest-growing markets globally and our continued growth can be attributed to working with partners such as MORI CINEMA, which has experienced rapid growth since the opening of its first theatre in 2007 and remains committed to bringing best-in-class cinema to Russian audiences."
About MORI CINEMA
MORI CINEMA, founded in 2007, is a relatively young but dynamic Moscow-based exhibitor. The Company opened its first multiplex in St. Petersburg and since that time has expanded to Moscow and other regional markets as far east as Krasnoyarsk. It currently operates 48 screens across seven theatre complexes including one IMAX theatre and expects to open six additional cinemas in 2014 to bring its total screen count to 96.
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.