IMAX Corporation (NYSE: IMAX) announced that in the six months following the launch of the IMAX Private Theatre "Palais™" (Palais), it has signed agreements for more than 80 committed systems. The agreements follow the June 15 launch of the first TCL-IMAX Palais showroom. Additional showrooms are scheduled to open in the coming months on the Chinese resort island of Hainan, Beijing, London, Los Angeles, New York and Dubai.
The majority of the total systems signed to date comprise agreements with high-end luxury property developers in China. The first installations are taking place now, with the current backlog scheduled to install over the next three years. In addition to these larger-volume deals, the TCL IMAX joint venture has also signed multiple additional Palais agreements, including iconic global installations in London and New York.
"We are very encouraged by the strong initial Palais signings to date and the interest that continues to build for IMAX in a home environment among key developers, dealers and high-net-worth individuals," said IMAX CEO Richard L. Gelfond. "We've invested in this new line of business over the past few years and will continue to do so, based on the significant interest shown to date. We are encouraged by our results so far and - together with our partner TCL - look forward to the launch of our upcoming showrooms and the broad roll-out of this impressive product."
"We are pleased to have exceeded our initial signings targets for this important new venture," added IMAX Chief Business Development Officer Robert D. Lister, who is also Chairman of the TCL-IMAX joint venture. "We are focused now on continuing to leverage the strong interest we are seeing in China, in particular, and on expanding our target markets, with an aggressive roll-out in the Middle East planned at the start of 2016."
The IMAX Private Theatre "Palais" delivers IMAX's best-in-class projection and sound technology as part of the very first completely integrated home theatre system from a single holistic IMAX design and source. Features include sound isolation, acoustics, wall treatments, flooring, lighting, seating, and specialized, high-quality and unique audio-visual content provided by IMAX.
About IMAX China Holding, Inc.
IMAX China (HKSE: 1970) is a leading cinematic technology provider, the exclusive licensee of the IMAX brand and technology and the sole commercial platform for the release of IMAX format films in Greater China. Standing for the highest quality and most immersive motion picture entertainment experience, the IMAX brand is one of the strongest entertainment brands in Greater China, having had a presence in the PRC for nearly 15 years. IMAX China is a subsidiary of IMAX Corporation, and is incorporated under the laws of Hong Kong. On October 8, 2015 shares of IMAX China began trading on the Hong Kong Stock Exchange under the stock code "HK.1970."
About TCL Corporation
TCL Corporation is a global manufacturer of smart products and provider of Internet application services. The wholly-listed TCL Corporation (000100. SZ) consists of TCL Multimedia (01070. HK), TCL Communication (02618. HK) and Tonly Electronics (01249. HK). Founded in 1981, TCL runs businesses with a workforce of 75,000 employees, with offices in over 80 countries and regions across Asia, America, Europe and Oceania, along with 23 R&D and 21 manufacturing facilities. In 2014, TCL reported operating revenue of 101 billion yuan (approx. US$16.6 billion) and the brand value equal to 66.9 billion yuan (approx. US$11.0 billion), ranking first among the TV brands in China.
TCL-IMAX is a joint venture formed by IMAX Corporation and TCL Multimedia Technology Holdings Limited in China to design, manufacture, market and provide content for premium in-home theater systems. IMAX Private Theatre aims to take the world's most immersive entertainment experience and completely customize it to create the most premium and exclusive in-home multimedia solution in the world.