BARCELONA, Spain, June 22, 2016 /PRNewswire/ -- Today at the 2016 CineEurope Conference in Barcelona, Spain, IMAX Corporation (NYSE: IMAX) announced an expansion of its partnership with Cineworld Group PLC (the "Group") for an additional five IMAX® theatres. Under the terms of the agreement, the theatres will be installed in new multiplexes in the UK and across other European markets. The parties also announced, under a previous agreement, that an IMAX theatre will be added at Cineworld's new, flagship complex located in Plymouth, England – a new area for IMAX. Today's five-theatre deal brings the Group's total IMAX commitment to 40 theatres, reinforcing the exhibitor's position as the largest IMAX exhibitor in Europe.
"Cineworld Group is a long-time partner with a true commitment to the IMAX brand. Since 2012, the Group has nearly tripled its IMAX footprint and we're delighted that they continue to expand with us," said Andrew Cripps, President of International and EVP, IMAX Corporation. "With an IMAX presence that spans eight countries, both in developed markets such as the UK and emerging markets such as Romania under the Group's Cinema City brand, Cineworld'sIMAX success is a testament to the fact that cinemagoers across diverse economic and geographic boundaries are willing to pay a premium for the best-quality experience."
"Our strategy is simple – to deliver a great experience for all cinemagoers, every time. IMAX is a key enabler of this strategy, offering the most immersive cinema experience that cannot be replicated at home," said Mooky Greidinger, CEO of Cineworld Group PLC. "We are proud to deepen our IMAX partnership with today's agreement. With a tremendous film slate ahead, we look forward bringing The IMAX Experience® to more guests across our circuit."
About Cineworld Group PLC
The Group is the second largest operator of cinemas in Europe, operating in nine countries. The enlarged Group was formed by the combination of Cineworld and Cinema City in February 2014. Cineworld is the number one operator by market share in the UK & Ireland with 81 cinemas under the Cineworld brand and 21 Picturehouse cinemas. Cinema City operates 99 cinemas in seven countries under the Cinema City and Yes Planet Brands. Cineworld Group PLC is a public company listed on the London Stock Exchange.
More information can be found at www.cineworldplc.com
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 Mar. 31, 2016, there were 1,066 IMAX theatres (952 commercial multiplexes, 17 commercial destinations and 97 institutions) in 68 countries. On Oct. 8, 2015, shares of IMAX China, a subsidiary of IMAX Corp., began trading on the Hong Kong Stock Exchange under the stock code "HK.1970."
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