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New York, NY—Mar 15, 2012
IMAX Signs Agreement with Cine Star Cinema to Open First Commercial IMAX® Theatres in Pakistan
IMAX Corporation (NYSE:IMAX; TSX:IMX) and Cine Star Cinema Pakistan today announced a sale agreement to install three digital IMAX® theatre systems into new construction projects in Lahore, Islamabad and Karachi, Pakistan, beginning in 2013. The deal marks IMAX's first commercial theatres to open in Pakistan and brings the total number of IMAX® theatres open or contracted to open in the Asia Pacific region to 303.
"One of the key reasons for our strategic investment in IMAX is the company's success in developing markets globally, such as Russia, India and China. We believe IMAX represents an exciting and profitable business opportunity that will set our multiplexes apart from our competition," said Faraz Chaudhry, CEO Cine Star Pakistan. "With the most immersive cinematic platform available, coupled with the best in Hollywood and local-language content, we look forward to offering our patrons a movie-going experience unlike anything they've had before."
"Cine Star, one of the top cinema chains in Pakistan with numerous real estate and film industry assets, is a strategic partner that shares our vision of delivering the ultimate cinematic experience to movie-goers," said Richard L. Gelfond, CEO of IMAX. "We look forward to expanding into Pakistan, a market we believe provides exciting opportunities for growth."
"Helping Cine Star to bring IMAX to the Pakistan market has been a rewarding experience for Harrods Group because this premier entertainment experience will soon be enjoyed by the masses," said Ali Sheikh, CEO Harrods Group.
Members of the media are invited to join the official announcement on Friday, Mar. 16, 2012, at 10:30am Eastern Time at IMAX Corporation, 2525 Speakman Drive in Mississauga, ON.
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.
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 Cine Star Pakistan:
Cine Star was established in Lahore as the first premium cinema house in 2008. The theatre is located in the entertainment capital of Pakistan equipped with the latest in modern equipment, boasts the largest screen in Lahore, and provides the most comfortable movie going experience in the country. Cine Star is committed to offering its customers a very broad range of films including Hollywood and Bollywood blockbusters.
Cine Star Pakistan Directory page
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