IMAX Corporation (NYSE:IMAX) (TSX:IMX) and Cinema Park, an exhibition chain owned by Russia's largest media holding company, Profmedia, today announced a sale agreement to install eight digital IMAX® theatre systems. Slated for installation in 2012 and 2013, the IMAX theatres will be located in multiplexes in Kaliningrad, Ulyanovsk, Omsk, Krasnoyarsk, Tula, Penza, Stavropol and Irkutsk.
The eight systems announced today are in addition to the 10-system deal between IMAX and Cinema Park announced in July 2010, and bring the total number of IMAX theatres scheduled to be operating in Russia and the Commonwealth of Independent States (CIS) to 46 by 2014. Russia and the CIS comprise IMAX's third-largest market, behind the United States and China.
IMAX theatres in Russia and the CIS continue to produce exceptional box office results. During the past year, the 17 IMAX theatres in the region have produced some of the highest per-screen box office averages in the world.
"The appetite for premium entertainment continues to grow in Russia, and we're very happy to be able to satisfy that appetite with The IMAX Experience®. The remarkable success of our first four IMAX theatres has demonstrated that the IMAX brand resonates very well with Russian moviegoers," said Sergei Kitin, General Director of Cinema Park. "We are pleased to add more locations, and we look forward to bringing the world's most immersive cinema experience to even more moviegoers throughout Russia and the CIS."
"It is very encouraging to see the success of existing IMAX theatres with prominent exhibitors translate into additional locations, particularly in parts of the world where we see significant growth potential," said IMAX CEO Richard L. Gelfond. "Cinema Park has a strong, highly recognized brand throughout the Russian market, making it an ideal partner as we continue to focus on network expansion in the region."
Larry O'Reilly, IMAX Executive Vice President, Theatre Development added, "Today's announcement is a significant step for IMAX in the Russia and CIS market and we're looking forward to working with Cinema Park to carry the momentum of its initial IMAX success into the years ahead with these additional locations."
IMAX's 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.