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Cairo, Egypt—Jan 25, 2011
IMAX Signs First Commercial Theatre Deal in Egypt with Misr International Films
Digital IMAX® Theatre System to be installed in Cairo; Country's leading
film company Enters IMAX Business
IMAX Corporation (NASDAQ:IMAX; TSX:IMX) and Misr International Films (Youssef Chahine), the leading film company in Egypt, today announced an agreement to install a digital IMAX® theatre in Cairo, Egypt. The deal marks the first commercial IMAX theatre system contract in Egypt, and brings the total number of IMAX theatres scheduled to be operating in Europe, Middle East and Africa (the EMEA region) to 115 by 2014.
Under the terms of the sale agreement, Misr International Films (MIF) will install a digital IMAX theatre system in a newly-built 18-screen multiplex in the City Stars Katamia, which is expected to be East Cairo's premier shopping and entertainment destination upon completion.
"IMAX theatres are performing very well in markets across the entire globe, indicating to us that the premium IMAX experience resonates with audiences everywhere. That unique characteristic, combined with the world's most advanced cinema technology and a growing list of Hollywood blockbuster releases, makes the IMAX business ideal for us," said Gabriel Khoury, Managing Director of Misr International Films. "We are committed to leading the exhibition business in Egypt with theatres that offer the best quality presentations, and as such, this IMAX location is what we hope to be one of several IMAX locations for us in Egypt."
"Misr International Films has a strong connection with moviegoers in Egypt, and we believe that connection, combined with their extensive knowledge of the market, is the perfect way to introduce The IMAX Experience® to new audiences in the country," said IMAX CEO Richard L. Gelfond. "This new relationship continues the momentum of our network expansion in the EMEA region, which remains an important part of our overall international growth strategy for 2011."
"Misr International Films has an outstanding reputation in the Egyptian film industry, and associating our brand with Misr increases the visibility of our digital theatre model within the network of exhibitors throughout the market," added Larry T. O'Reilly, IMAX's Executive Vice President, Theatre Development. "The City Stars Katamia IMAX theatre will serve as a starting point for our digital theatre system in this part of the EMEA region, and we're looking forward to working with Misr to offer a whole new, awe-inspiring entertainment experience to moviegoers in Cairo."
IMAX's digital projection system delivers The IMAX Experience 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® 3D presentations.
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 Dec. 31, 2012, there were 731 IMAX theatres (598 commercial multiplexes, 19 commercial destinations and 114 institutions) in 53 countries.
IMAX Corporation Directory page
About Misr International Films:
Misr International Films (MIF) which was created in 1972 by world renowned Egyptian filmmaker, Youssef Chahine is commonly acknowledged as the most prestigious film company in the region. Several of Youssef Chahine's films have received international acclaim. A major activity of MIF is its shareholding and management of movie theatres. MIF is a partner and manages Stars cinema, the first and most successful multiplex within a mall of this size in Egypt. Other movie theatres include Galaxy, Odeon and Cineplex. Between Cairo and Alexandria, MIF runs more than thirty cinema theatres. MIF is a partner in Allied Film Distribution (AFD) which distributes Columbia Pictures, Buena Vista (Walt Disney) and Italia Film.
Misr International Films Directory page
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