IMAX Corporation (NYSE:IMAX; TSX:IMX) today
announced an agreement with Caspian Capital Limited to open an IMAX® theatre
in Azerbaijan, marking IMAX's entry into the country. The theatre will be
installed in the capital city of Baku into a new construction project slated
to open in October 2012.
Today's agreement brings to 50 the total number of
IMAX theatres open or contracted to open in Russia and the CIS.
Since entering Russia and the CIS in 2003, the region has become the
Company's third-largest market and one of its fastest-growing globally.
Today, there are 24 theatres open (20 in Russia and four in the CIS) with 26
in backlog. This region is also home to some of IMAX's highest-grossing
theatres in the world, with a 2011 per-screen average of approximately $1.7
"We are proud to be the first to bring IMAX to audiences in Azerbaijan,"
said General Director of Caspian Capital Emin Mammadov. "IMAX's slate of
Hollywood blockbusters coupled with its immersive format is sure to thrill
fans and revolutionize the movie-going experience for audiences across the
"We are pleased to partner with Caspian Capital to introduce IMAX to
audiences in Azerbaijan," said IMAX CEO Richard L. Gelfond. "Our entry into
the country reflects the growing international appeal of the IMAX brand and
we anticipate that today's announcement will set the stage for even greater
opportunities for IMAX in the CIS."