IMAX Corporation (NYSE: IMAX; TSX: IMX) and PVR Cinemas, India's leading cinema brand and operator of the country's top-performing multiplexes, today announced an agreement to install digital IMAX® theatre systems in four key locations throughout India.
Under the terms of the sales deal, which is subject to standard Indian regulatory approvals, the first two systems are scheduled to be installed within the next 12 months at two of India's top-performing multiplexes in the cities of Mumbai and Bangalore.
"There is a growing appetite for premium entertainment in India, and with the massive popularity of the IMAX brand worldwide, it has become very clear to us that now is the ideal time for us to enter into the IMAX business," said Ajay Bijli, Chairman of PVR. "IMAX is one of the world's most recognized premium entertainment brands and it fits perfectly with our mission to offer our guests the ultimate in movie-going experiences."
"India has a vibrant movie-going culture, and it is one of our most important and largely untapped growth markets," said IMAX CEO Richard L. Gelfond. "PVR Cinemas is a top-performing exhibitor with a very strong brand, and we believe our association with them will raise the visibility of our own brand with consumers and of our business model with other exhibitors in the market."
"PVR is considered a market-leading trend-setter throughout the Indian exhibition industry," added Larry T. O'Reilly, Executive Vice President, Theatre Development. "Its endorsement of the IMAX business is very encouraging as we focus on growth in the region, and we're very much looking forward to working with them to bring awe-inspiring entertainment to more moviegoers in India."
Mr. Bijli continued, "We are extremely delighted to announce our alliance with IMAX and introduce it in our four key locations. We at PVR have been progressively leveraging the synergies of our various brands to expand into the space of retail entertainment. Our innovations are driven by our customers' aspirations and I am sure that this new format will be well-received by our patrons. It will be the ultimate fun destination for the entire family."
Mr. Pramod Arora, Group President & CEO, PVR Ltd, said, "We are extremely ecstatic about our association with IMAX. India is an aggressively growing market for premium entertainment. We at PVR have always been committed to delivering the best of cinema to our patrons so our association with IMAX will further strengthen our foothold in the industry. PVR is revolutionizing the Indian entertainment space by bringing the best of technological innovations to provide our customers the ultimate movie-going experience. IMAX is one of the world's premium recognized entertainment brands and we are positive that our association with them will be well-received by our patrons."
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.