IMAX Corporation (NYSE: IMAX; TSX: IMX) and Jiangsu Eudemonia Blue Ocean Cinema Development Co., Ltd. (Blue Ocean) today announced an agreement to install four new digital IMAX® theatre systems in the People's Republic of China. This agreement follows an earlier four-theatre deal between the two companies, announced in February 2011, and brings Blue Ocean's total commitment to eight IMAX theatres in operation by 2014.
Under terms of this agreement, Blue Ocean is scheduled to install a digital IMAX theatre system at the Eudemonia Blue Ocean International Cineplex at the Songlei Department Store, located in Daqing, Heilongjiang Province, in early 2012. The remaining three systems are scheduled to open by 2014 at new complexes: the Renhe Spring International Plaza in Chengdu, Sichuan Province; the Central International Shopping Plaza in Suqian, and the Yurun Central International Plaza in Huai'an, both in Jiangsu Province. This agreement brings the total number of IMAX theatres contracted to open in Greater China to 181, 48 of which are currently in operation.
"As more and more mainstream Chinese films and major Hollywood movies are being released in the immersive IMAX format, the brand is in increasingly high demand with audiences in China," said Mr. Jiang Wenbo, Managing Director of Jiangsu Eudemonia Blue Ocean. "Today's agreement will allow us to offer our audiences the best possible way to view event films."
"Greater China is our second-largest market globally, behind North America, with some of our network's highest-grossing IMAX theatres in the world," said IMAX CEO Richard L. Gelfond. "With leading exhibitors such as Blue Ocean, we are building on this success and expanding our network to meet the increasing demand for The IMAX Experience in China."
"Blue Ocean's commitment to the development of the country's exhibition industry with state-of-the-art technology makes it an important exhibition partner for IMAX and we are pleased to join forces with them," added Don Savant, IMAX's Senior Vice President and Managing Director, Asia Pacific.
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 Blue Ocean Cinema
A unit under Eudemonia Blue Ocean TV & Movie Group Ltd, a wholly-owned subsidiary of Jiangsu Broadcasting Corporation (JSBC), Jiangsu Eudemonia Blue Ocean Cinema Development Co., Ltd. was founded especially to develop and operate cinemas. Eudemonia Blue Ocean TV & Movie Group Ltd owns several either wholly-owned or share-holding subsidiaries, covering a wide range of businesses including film production, film research, film presentation, movie and television bases, etc.
About IMAX China
IMAX China is a wholly-owned subsidiary of IMAX Corporation, and is incorporated under the laws of Hong Kong. IMAX China was established by IMAX Corporation specifically to oversee the expansion of IMAX's business throughout Greater China.