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Toronto—Jul 27, 2009
Imax and Vieshow Cinemas Sign Multi-Theatre Deal
Country's Largest Exhibitor Adds Six Digital IMAX® Theatres Following Success of First Location
IMAX Corporation (NASDAQ: IMAX; TSX: IMX) and VieShow Cinemas, the leading exhibitor in Taiwan, today announced an agreement to open six additional IMAX® theatres in Taiwan, following the strong results at its first IMAX location at the Sun VieShow Cinemas multiplex in the city of Taipei. The installations are scheduled to be completed by June 2014, and all locations will utilize IMAX's digital projection technology. The exhibitor's first IMAX location opened with the launch of DreamWorks Animation's Monsters v.s. Aliens: An IMAX 3D Experience, followed by Paramount Pictures' Transformers: Revenge of the Fallen: The IMAX Experience, which ranked the theatre as the highest grossing screen in the country, generating $125,469 on its opening weekend.
The six-theatre deal was signed following the recently announced agreement between IMAX and Chinese film studio Huayi Bros. to release mainstream Chinese films to IMAX theatres in China and other parts of Asia. There are currently 77 IMAX theatres scheduled to be operating in Asia by 2012. To date, IMAX has signed contracts for more than 220 IMAX digital projection systems worldwide, with more than 100 currently in operation.
"Moviegoers in Taipei clearly love The IMAX Experience®," said Charles Wang, Chairman of VieShow Cinemas. "The incredible performance of our first location has exceeded our expectations. We believe that adding more locations will boost our brand and bottom line, especially given that IMAX's film slate has expanded to include mainstream Chinese films, and the performance of our first location has proven the compelling economics of IMAX's digital projection system."
"VieShow is doing an exceptional job of marketing The IMAX Experience to its customers in Taipei and we're delighted to see such strong results from its first location," said IMAX CEO Richard L. Gelfond. "VieShow's decision to add six more locations and their enthusiasm towards IMAX helps us continue to generate momentum in Asia."
"Our digital projection technology has enabled VieShow to capitalize on the premium IMAX offering very quickly and we're very excited to expand the network with them so soon after their initial launch," added Larry O'Reilly, IMAX's Executive Vice president, Theatre Development. "The expansion of our film slate opens up new opportunities for us in Asia and we're happy to see that it is helping to motivate well-known exhibitors to secure locations."
IMAX's revolutionary 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, 2016, there were 1,215 IMAX theatres (1,107 commercial multiplexes, 16 commercial destinations and 92 institutions) in 75 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
About VieShow Cinemas:
VieShow Cinemas was established in 1997, having brought the era of multiplex cinemas into Taiwan. VieShow Cinemas is the current market leader in Taiwan's exhibition industry, with 7 locations island-wide, accounting for 35% of Taiwan's total box office market share. Further to continuing market expansions and development of innovative services, VieShow Cinemas established the distribution company VieVision Pictures in 2006 with the mission to provide more variety of films into Taiwan.
VieShow Cinemas Directory page
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More VieShow Cinemas Press Releases:
Jan 22, 2009
IMAX Signs Theatre Deal in Taiwan
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