Find Companies:
A B C D E F G H I J K L M N O P Q R S T U V W X Y Z
Digital Cinema Technology Dec. 07, 2016
Please Login
Login/Signup
Sponsors

RSS News
RSS Info About RSS

Member
logo
logo
logo
logo
logo

# 1936 Scophony

Skip Navigation LinksStart / Menu > Find Press Releases > Full Press Release
Moscow, Russia—Jul 27, 2010

IMAX Signs Deal with Russian Exhibitor Cinema Park for Up to 14 Imax® Theatres

Agreement Marks IMAX's Largest European Theatre Deal In Company's History; Three Theatres to be Installed in 2010
IMAX Corporation (NASDAQ:IMAX; TSX:IMX) and Cinema Park, the exhibition chain owned by Russia's largest media holding company, Profmedia, today announced an agreement to install up to 14 IMAX® theatre systems throughout Russia, beginning in 2010. 

The agreement, which marks the single largest European theatre deal in IMAX's 45-year history, was signed as IMAX theatres in Russia and The Commonwealth of Independent States (CIS) continue to produce tremendous box office results. During the past nine months, the seven IMAX theatres in the region have produced some of the highest per screen box office averages in the world.

Under the terms of the agreement, the first three Cinema Park IMAX locations will open prior to the end of 2010, followed by another seven by the end of 2012. The exhibitor has the option to add another four IMAX systems in addition to the ten that are committed. Most of the locations will be in regional markets throughout Russia, expanding the IMAX network beyond the areas of greater Moscow and St. Petersburg.  Today's announcement brings the total number of IMAX theatres scheduled to be operating in Russia and the CIS by 2012 to 27, making that region IMAX's third largest market behind the United States and China. The Company's announced number of theatre systems signings year-to-date has increased to 114 worldwide, which compares to 35 system signings in all of 2009.

"The incredible success of the current IMAX theatres in Russia and the attractive economics of IMAX's proven business model gave us more than enough incentive to start rolling out our own IMAX locations across our wide and expanding circuit," said Sergei Kitin, General Director of Cinema Park. "We're very excited to link the famous IMAX brand with our powerful Cinema Park name and to offer our customers across Russia the world's most immersive cinema experience.  We look forward to opening the first three locations before the end of this year."

"Signing this large deal in Russia demonstrates how IMAX box office success translates into growth in our worldwide theatre network," said IMAX CEO Richard L. Gelfond. "This new relationship significantly accelerates the growth of the IMAX network in one of our key international markets, and it builds on the momentum of theatre systems signings activity that we have experienced year to date."

Mr. Gelfond continued, "So far this year we have more than tripled the total number of systems signings as compared to 2009, with many of these new locations scheduled to open in 2010 and 2011. We believe this network expansion will have a positive impact on IMAX's future revenues and EBITDA given the upfront revenues from the sales of the systems and recurring revenues from IMAX DMR® releases, theatre maintenance and potential box
office royalties."

 "We see tremendous potential for growth in Russia and the CIS, where we continue to see great exhibitor and consumer enthusiasm for The IMAX Experience®," added Larry T. O'Reilly, IMAX's Executive Vice President,
Theatre Development. "Cinema Park's expertise in the regional markets throughout Russia, combined with their well established exhibition brand,  makes them an ideal partner to have as we expand our own brand and business
in the region."
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 September 30, 2015, there were 1,008 IMAX theatres (887 commercial multiplexes, 19 commercial destinations and 102 institutions) in 66 countries. On Oct. 8, 2015, shares of IMAX China, a subsidiary of IMAX Corp., began trading on the Hong Kong Stock Exchange under the stock code "HK.1970."
IMAX Corporation Directory page
Similar Press Releases
More PR About: Premium Large Format More
Learn More About:
Mentioned: Cinema Star () More
Countries: Russia More
More IMAX Press Releases: Dec 1, 2016 Shanghai Film Corporation Adds Three New IMAX® Theatres to Circuit in China Nov 10, 2016 IMAX Completes First Phase of $50 Million Virtual Reality Fund That Will Finance New High-Quality, Immersive VR Content Oct 13, 2016 IMAX Signs Largest Agreement in France with Five-Theatre Deal with Les Cinémas Gaumont Pathé Oct 11, 2016 IMAX and Odeon & UCI Cinemas to Launch First IMAX VR™ Centre in Europe Aug 2, 2016 Wanda to Add 150 IMAX® Theatres in Landmark Deal; Largest Agreement in IMAX History Jul 12, 2016 Ster-Kinekor Expands Imax Footprint with Three-Theatre Agreement in South Africa Jun 22, 2016 IMAX and AMC Theatres® Sign 25-Theatre Deal Jun 22, 2016 IMAX and Cineworld Group Plc Sign Five-Theatre Agreement Jun 13, 2016 IMAX and Sichuan Lumière Pavilions Company Ltd. Sign 10-Theatre Full Revenue Share Agreement in China May 19, 2016 Google and IMAX Partner to Develop Groundbreaking Virtual Reality Camera May 12, 2016 IMAX Signs 40-Theatre Full Revenue Share Agreement with Guangzhou Jinyi Media Corporation in China Apr 13, 2016 IMAX Signs 10-Theatre Deal in China with Shanghai Aurora Movie Co., Ltd. Apr 5, 2016 IMAX Signs Largest Deal in India: Five-Theatre Agreement with Inox Leisure Ltd. Feb 22, 2016 Pathé and IMAX® Sign Five-Theatre Agreement in France and Switzerland Feb 11, 2016 T-Joy Co. Ltd. Enters IMAX Business in Japan with Two-Theatre Agreement Feb 4, 2016 IMAX's Middle East Signings Momentum Continues with Two-Theatre Agreement in UAE Dec 10, 2015 IMAX Launches Private Theatre Business with More Than 80 Initial Signings Nov 30, 2015 IMAX Signs 10-Theatre Agreement with Toho Cinemas Ltd.; Marks its Largest Deal in Japan Nov 24, 2015 Hengdian Entertainment Co. Ltd. Enters IMAX Business with 5-Theatre Agreement in China Oct 8, 2015 IMAX and Omnijoi Cinemas Expand Revenue Share Partnership in China with 15-Theatre Agreement More
©Copyright 2003 - 2016 WHMCC, LLC. All rights reserved.   | Contact | Terms of Use | Privacy Statement
Advertisement
Advertisement
Advertisement
Advertisement
Advertisement
Advertisement
Advertisement
Advertisement
Advertisement
Advertisement
Advertisement
Advertisement
banner