China's Second-Largest Exhibitor Expands IMAX Commitment to 25 Theatres
BEIJING, April 23, 2015 /PRNewswire/-- IMAX Corporation (NYSE: IMAX) today announced an agreement with Shanghai Film Corporation (SFC) for two IMAX® theatres to be located in China. The theatres will be added to new construction projects in the cities of Shanghai and Beijing. The deal builds on the parties' November 2014 agreement for 19 IMAX theatres in China and brings to 25 theatres the exhibitor's total IMAX commitment. SFC is the Company's third-largest partner in China.
"Among moviegoers in China, the IMAX brand is synonymous with the best way to experience movies but it is also recognized among leading Chinese developers as a valuable anchor attraction. We believe these complexes at premium sites in top-tier cities will win the favor of moviegoers and stabilize our leading position in China's exhibition industry," said Madam Yang Wenhong, Vice Chairman of SFC. "We view IMAX as a strategic partner and we are delighted to build on our relationship."
"Less than a year after its significant 19-theatre commitment, we are pleased that SFC is once again adding more IMAX theatres to its circuit, underscoring the confidence exhibitors have in IMAX to deliver the differentiated experience that moviegoers seek," said IMAX CEO, Richard L. Gelfond. "In 2014, our Chinese box office grew by approximately 40% compared to 2013. We attribute much of our success to the strength of strategic relationships, such our partnership with SFC that has supported our brand and growth in China for over a decade."
About Shanghai Film Corporation
Shanghai Film Corporation (SFC) is a holding subsidiary of Shanghai Film Group Corporation. SFC operates in a few business areas including film distribution, copyright content sales, cinema line management, and the investment, development and management of cinemas. As one of the few companies which cover a complete chain of film distribution and exhibition, SFC perfectly combines a few roles as professional distributor, comprehensive cinema line and high-end theater operator. SFC is a leading company in both film distribution and exhibition businesses.
Shanghai United Circuit Co. Ltd., (SUC) a wholly-owned subsidiary of Shanghai Film Corporation, is one of the leading cinema lines in China. Now it has over 220 affiliate complexes in 23 provinces with over 1200 screens and 16 IMAX screens. In 2014, SUC had BO of RMB 2.274 billion with 7.7% share of China.
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 Dec. 31, 2014, there were 934 IMAX theaters (809 commercial multiplexes, 19 commercial destinations and 106 institutions) in 62 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.