Deal Brings Exhibitor's IMAX Commitment to 11 Theatres and Capitalizes on Strong Consumer Interest for The IMAX Experience® in China
SHANGHAI, Sept. 17, 2014 /PRNewswire/ -- IMAX Corporation (NYSE: IMAX; TSX: IMX) and SMI Corporation 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 four new IMAX® theatres in China. The deal brings the exhibitor's total IMAX commitment to 11 theatres.
"IMAX has become a part of the moviegoing culture in China, where audiences have embraced IMAX as the best way to experience the biggest Hollywood and Chinese blockbusters," said Mr. Zheng Jichong, Executive Managing Director, SMI Corporation Limited. "IMAX shares our commitment to quality and innovation and we are delighted to build on our IMAX success with today's agreement."
"Our network in Greater China has more than doubled since 2011 and with the continued growth of the middle-class, coupled with the strengthening of the IMAX brand, we believe China will be our largest market in the world within the next five years," said Don Savant, IMAX Managing Director, Asia Pacific. "We're pleased to expand our partnership with Stellar Cinemas – a strategic partner that will help to support the future growth of The IMAX Experience® in this important market."
SMI Corporation 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 80 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 theaters 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, 2014, there were 868 IMAX theaters (735 commercial multiplexes, 19 commercial destinations and 114 institutions) in 59 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