SHANGHAI, Sept. 22, 2015 /PRNewswire/ -- IMAX Corporation (NYSE:IMAX) and SMI Holding Group Limited, a leading Chinese entertainment and media company that operates theatres under the name Stellar Cinemas, today announced an expansion of the parties' revenue sharing arrangement with the addition of five new IMAX® theatres in China. The theatres will be installed in new construction projects located in the cities of Chengdu, Ningbo, Zhongshan, Kunming and Wanzhou and will bring the exhibitor's total IMAX commitment to 16 theatres, of which nine are currently open.
"We have been very impressed by the success of our existing IMAX theatres and today's agreement is a reflection of this," said Mr. Zheng Jichong, CEO of SMI Holdings Group Limited . "We believe that the IMAX brand, immersive format and slate of the best Chinese and Hollywood films will attract more guests and set our complexes' apart from competitors."
"We continue to be pleased by the progress of our business in China," said IMAX CEO, Richard L. Gelfond. "As Stellar Cinemas builds on the success of its existing IMAX locations, we take great pride in the confidence that China's leading exhibitors have in IMAX to deliver results with our unrivaled cinematic experience."
SMI Holdings Group Limited is a leading Chinese entertainment and media company that is committed to breaking new ground in the Chinese film industry. Stellar operates a fully-integrated production chain that ranges from studio and soundstage facilities, to film distribution and exhibition. On the exhibition side of the business, Stellar operates a network of 150 cinemas in major cities such as Beijing, Shanghai, Guangzhou, Tianjin, Chongqing, Chengdu, Shenyang and Lanzhou. With its broad range of film businesses, Stellar is uniquely positioned in the burgeoning Chinese film and exhibition industry. Double digit growth per year and a galloping capital market offers a prime environment for Stellar to grow exponentially, bringing together historic opportunities, horizontal development and broad participation in the Company's ongoing push to bringing domestic and global audiences the very best in entertainment.
About IMAX China
IMAX China is a subsidiary of IMAX Corporation, and is incorporated under the laws of Hong Kong. IMAX China was established by IMAX Corporation specifically to oversee the expansion of IMAX's business throughout Greater China.
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 June 30, 2015, there were 977 IMAX theatres (853 commercial multiplexes, 20 commercial destinations and 104 institutions) in 65 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.
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SOURCE IMAX Corporation