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Beijing, China—Feb 13, 2012
IMAX Expands Relationship with China's Broadway Theatre Company with Four Theatre Deal
IMAX Corporation (NYSE:IMAX; TSX:IMX) and Broadway Theatre Company Ltd. (Broadway) today announced two agreements to install a total of four digital IMAX® theatre systems into new multiplexes across Greater China, bringing Broadway's total IMAX commitment to six theatres. With today's agreements, there are 217 IMAX® theatres open or contracted to open in Greater China.
Under the terms of the agreements, the first two systems are scheduled to open at Yoho Town, Hong Kong, and in Wenzhou, China in 2013. Broadway currently operates an IMAX theatre in Hangzhou with another set to open by the end of this year at iapm in Puxi, Shanghai.
"The success of our first IMAX theatre in Hangzhou has demonstrated the great enthusiasm our patrons have for The IMAX Experience, which is a key differentiator in our business," said Ms. Tessa Lau, Executive Director of Broadway. "We look forward to offering the world's most immersive movie experience to more of our customers with these four new locations."
"Broadway's Hangzhou IMAX theatre has generated approximately $2.4 million in box office since its opening in August 2010, underscoring the appetite among Chinese moviegoers for IMAX and the results we can deliver for our exhibition partners," said Jiande Chen, CEO of IMAX China. "We are pleased to build on our partnership with Broadway as we continue to expand our network in China."
"With today's announcement, we're not only expanding our network in China, but we are also reinforcing our commitment to presenting Chinese blockbuster movies in the IMAX format by forging stronger ties with an important creative force in the industry," said Don Savant, IMAX Senior Vice President and Managing Director, Asia Pacific. "Broadway is a strategic partner for IMAX that is led by Bill Kong, an executive producer of many blockbuster films such as Crouching Tiger Hidden Dragon."
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 IMAX (Shanghai) Multimedia Technology Co., Ltd.:
IMAX (Shanghai) Multimedia Technology Co., Ltd. (IMAX China) is a wholly-owned subsidiary of IMAX Corporation, and is formed under the laws of the People's Republic of China. IMAX China was established by IMAX Corporation specifically to oversee the expansion of IMAX's business throughout Greater China.
IMAX (Shanghai) Multimedia Technology Co., Ltd. Directory page
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