Deal More than Doubles Exhibitor's IMAX Footprint
BEIJING, June 14, 2016 /PRNewswire/ -- IMAX Corporation (NYSE: IMAX), IMAX China Holding Inc. (HKSE: 1970) and Sichuan Lumiere Pavilions Company Ltd. (Lumiere), a leading exhibitor in China, announced a full revenue share agreement for 10 new IMAX® theatres. The theatres will be added to new projects located in Tier One and Tier Two cities throughout China and are slated to be installed by the end of 2019. The deal brings Lumiere's IMAX total to 19 theatres.
"We consider IMAX a key competitive advantage for our business and today's agreement is a direct result of the success we've experienced to date with IMAX, which generates incremental box office for our complexes," said Jimmy Wu, Founder, Chairman and CEO of Sichuan Lumiere Pavilions Company Ltd. "IMAX has become a part of the moviegoing mindset of people in China and we look forward to offering our patrons more of the best films around worldwide in the premium, state-of-the-art IMAX format."
"We are delighted to expand our relationship with Lumiere -- a valued partner that will bring new IMAX theatres to popular shopping malls in excellent locations across the country," said IMAX Corp. CEO Richard L. Gelfond. "In the first quarter of this year, our signings growth in China was up 171% from last year. Today's agreement, along with our recently announced 40-theatre deal in China, signals that this momentum continues. With our end-to-end technology, high brand awareness in China, and the steady rapid expansion of the cinema business, we believe there is a sizable opportunity for us to continue expanding in China well beyond our current footprint."
About Lumiere Pavilions
Lumiere Pavilions is a cinema investment company specializing in the construction and operation of high-end cinemas in China. Since its establishment, the company has positioned itself as the trendsetter in the industry by way of its global vision, innovative designs, and early adoption of advanced technology. Its introduction of the best practices in design, construction, technology, content, and service in compliance with international standards has not only garnered acclamations from the general audience but also elevated the company to emerge as a leading global brand amongst the competition. The company currently operates over 30 fully-owned multiplex cinemas with 230+ screens in over 20 major cities across China. In the field of movie theatre development, operation and distribution, Lumiere possesses its own unique methodology that has been proven and applauded by the industry.
About IMAX China
IMAX China is a subsidiary of IMAX Corporation, and is incorporated under the laws of Cayman Islands. IMAX China was established by IMAX Corporation specifically to oversee the expansion of IMAX's business throughout Greater China. IMAX China trades on the Hong Kong Stock Exchange under the stock code "HK.1970."
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).