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New York, NY—Jan 4, 2011
IMAX Corporation and Cinemark Holdings, Inc. Sign Multi-Theatre Deal
Cinemark to Upgrade its Six IMAX Film Locations to Digital IMAX; Parties Settle and Resolve Litigation
IMAX Corporation (NASDAQ: IMAX; TSX: IMX) and Cinemark Holdings, Inc. (NYSE: CNK) today announced an agreement for Cinemark to acquire two new digital IMAX® theatre systems in Cinemark complexes located in Lancaster, CA and Corpus Christi, TX. Both theatres are expected to open by April of 2011. In addition to adding two new sites, Cinemark will upgrade all six of its film-based IMAX locations to IMAX digital theatres, also planned for completion by April of 2011.
"We are pleased to be expanding and upgrading our IMAX footprint," said Alan Stock, CEO of Cinemark Holdings, Inc. "Our IMAX theatres have always been strong performers. By adding two new locations in California and Texas, and by upgrading to digital, we believe our IMAX stable of theatres will become even more productive, more profitable and will showcase the biggest and best blockbuster titles that IMAX has to offer."
"Cinemark is one of the country's most successful exhibition operators and an important long-time partner of ours," said Richard L. Gelfond, CEO of IMAX Corporation. "This agreement builds upon what was a year of record theatre signings for IMAX and will contribute to our continued growth in 2011 and beyond. We are confident that the upgrading of Cinemark's existing IMAX theatres and the addition of new sites in Lancaster and Corpus Christi will excite audiences in these markets and will deliver significant box office and attendance for Cinemark."
The companies also announced that they have amicably resolved their respective litigation claims against each other. As a result, all claims and counterclaims in the patent litigation in Texas and contract litigation in New York are being dismissed with prejudice. Terms of the settlement were not disclosed.
About Cinemark Holdings, Inc.:
Cinemark is a leading domestic and international motion picture exhibitor, operating 522 theatres with 5,865 screens in 41 U.S. states, Brazil, Argentina and 13 other Latin American countries as of September 30, 2016.
Cinemark Holdings, Inc. Directory page
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
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