IMAX Corporation (NYSE: IMAX; TSX: IMX) today announced that Shaw Theatres Pte Ltd, a leading exhibitor in Singapore, has signed an agreement to install a digital IMAX® theatre system in the new JCube entertainment complex in Singapore, which is scheduled to be completed by 2012. This will mark the opening of Shaw Theatres' second IMAX theatre.
In May, Shaw Theatres opened the first commercial IMAX theatre in Singapore, which to date has generated over $1.4 million of gross box office within its first few months of operation.
"Our Shaw Theatres Lido IMAX has been a resounding success, with our patrons willing to pay a premium to enjoy their favorite Hollywood films in the superior IMAX platform," said Mark Shaw, Executive Vice President of Shaw Theatres. "We are building on this momentum with a second IMAX theatre in our new Shaw Theatres JCube multiplex to offer even more patrons the best movie-going experience possible."
"The success of Shaw's IMAX Theatre in Lido, coupled with today's agreement, underscores the growth potential for IMAX in Singapore," said IMAX CEO Richard L. Gelfond. "Southeast Asia is an important market for us and we are pleased to leverage the region's increasing appetite for The IMAX Experience® with this latest network addition."
"Our expanded relationship with Shaw Theatres highlights the value of the IMAX brand and the continued business momentum IMAX is experiencing in Southeast Asia," added Don Savant, IMAX's Senior Vice President and Managing Director, Asia Pacific. "We are excited to partner with Shaw Theatres and offer a wider audience in Singapore the premium cinematic experience that only IMAX can deliver."
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.