TORONTO, Sept. 10, 2009 (GLOBE NEWSWIRE) -- IMAX Corporation (Nasdaq:IMAX) (TSX:IMX) and Guangzhou Jinyi Film & Television Group, Co., Ltd., a leading entertainment developer and exhibitor in China, today announced an agreement to open four IMAX(R) theatres in China. The first three installations are scheduled to be completed during the second half of 2011 in the cities of Chongqing, Tianjin and Shenyang. A fourth installation is scheduled for 2012 in a yet-to-be determined location. Each IMAX theatre will be part of a newly constructed multiplex, and each will utilize IMAX's digital projection technology.
There are currently 81 IMAX theatres scheduled to be operating in Asia by 2014, including more than 40 scheduled to be open in China by 2012. To date, IMAX has signed contracts for more than 220 IMAX digital projection systems worldwide, with more than 100 currently in operation.
"Including IMAX theatres in these new locations will provide our customers with the most immersive premium movie-going experience on the planet, which is becoming increasingly important as the technologies in regular movie theatres and in the home continue to improve," said Ms. Shirely Ye, General Manager, Guangzhou Jinyi Film and Television Investment Group, Co. Ltd. "With mainstream Chinese films now being added to IMAX's usual slate of Hollywood blockbusters, the decision to enter the IMAX business was easy to make. We're very excited to enter the IMAX business during such a pivotal time."
"We believe our network growth in Asia is gaining momentum thanks to the appeal of our new digital projection system and our expanded film programming for the region," said IMAX CEO Richard L. Gelfond. "Entering into partnerships with well-known, experienced entertainment companies such as Guangzhou Jinyi Film & Television Group, helps us expand our audience base, strengthen the IMAX(R) brand and drive interest from other exhibitors in Asia who want to remain competitive in the market."
"China is the fastest growing exhibition market in the world, and Guangzhou Jinyi Film & Television Group's experience in the exhibition business with both Hollywood movies and mainstream Chinese films makes them an ideal partner as we continue to build our presence in the region," added Don Savant, IMAX's Senior Vice President and Managing Director, Asia Pacific.
The four-theatre deal is the second multi-theatre announcement between IMAX and a Greater China area exhibition company in three months, following the June agreement between IMAX and Chinese film studio Huayi Bros. to release mainstream Chinese films to IMAX theatres in China and other parts of Asia.
IMAX's revolutionary digital projection system delivers The IMAX Experience(R) and helps drive profitability for studios, exhibitors and IMAX theatres by eliminating the need for film prints, increasing program flexibility and ultimately increasing the number of movies shown on IMAX screens. The system can run both IMAX and IMAX(R) 3D presentations.
About Guangzhou Jinyi Film & Television Investment Group, Co. Ltd.
Established in 2004, Jinyi owns 19 multiplexes with 150 screens in Guangzhou, Beijing, Tianjin, Xiamen, Fuzhou, Wuhan, Suzhou, Shenzhen and Chongqing, in addition to other affiliated cinemas. The company has a backlog of over 20 cinemas contracted (not including affiliated cinemas), which are located in Shanghai, Shenyang, Jinan, Nanjing, Hangzhou and Xi'an. Jinyi's strategy is to develop the cinema business throughout China.
About IMAX Corporation
IMAX Corporation is one of the world's leading entertainment technology companies, specializing in immersive motion picture technologies. The worldwide IMAX network is among the most important and successful theatrical distribution platforms for major event Hollywood films around the globe, with IMAX theatres delivering the world's best cinematic presentations using proprietary IMAX, IMAX 3D, and IMAX DMR(R) technology. IMAX DMR is the Company's groundbreaking digital re-mastering technology that allows it to digitally transform virtually any conventional motion picture into the unparalleled image and sound quality of The IMAX Experience. The IMAX brand is recognized throughout the world for extraordinary and immersive entertainment experiences for consumers. As of June 30, 2009, there were 394 IMAX theatres (273 commercial, 121 institutional) operating in 44 countries.
IMAX(R), IMAX(R) 3D, IMAX(R) DMR, The IMAX 3D Experience(R) and The IMAX Experience(R) 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/imaxnews) and YouTube (www.youtube.com/imaxmovies).
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This press release contains forward looking statements that are based on 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. Important factors that could affect these statements include ongoing discussions with the SEC and OSC relating to their ongoing inquiries and the Company's accounting, the performance of films, the signing of theatre system agreements, the viability of new technologies, businesses and products, the timing of theatre system deliveries, the mix of theatre systems shipped, the timing of the recognition of revenues and expenses on film production and distribution agreements, risks arising from potential material weaknesses in internal control over financial reporting and fluctuations in foreign currency and in the large format, general commercial exhibition and out-of-home entertainment markets. These factors and other risks and uncertainties are discussed in the Company's most recent Annual Report on Form 10-K and most recent Quarterly Reports on Form 10-Q.