RealD Inc. (NYSE: RLD) and Cinemark Holdings, Inc. (NYSE: CNK) announced today the expansion of their 3D cinema relationship with a commitment for up to 1,500 additional RealD 3D-enabled screens to be installed across the Cinemark circuit in North America and Latin America.
This agreement doubles the companies’ previous arrangement for a total of up to 3,000 RealD 3D-enabled screens, ultimately accounting for RealD 3D capability in approximately 50% of Cinemark auditoriums. Installation of the additional 1,500 RealD 3D-enabled screens has already begun with a total of approximately 2,000 RealD 3D-enabled screens currently installed across Cinemark locations.
“Expanding our relationship with RealD to equip approximately 50% of our screens with their technology will allow us to better support multiple 3D films at the same time and fully capitalize on 3D’s box office potential,” said Alan Stock, Cinemark’s Chief Executive Officer. “The studio 3D film slate in the coming years is extremely strong and the added RealD 3D capability gives us the flexibility to accommodate the moviegoer demand for the RealD 3D experience. We believe that the combination of RealD 3D technology and Barco Projectors provides Cinemark customers with the best and brightest 3D experience in the marketplace.”
“Cinemark’s doubling their RealD 3D screen count shows a steadfast commitment to 3D and the premium RealD 3D entertainment experience,” said Michael V. Lewis, Chairman and CEO of RealD. “We continue to see high profile 3D films compete for available 3D screens but with a broader installation base of RealD technology, Cinemark will be able to easily program their circuit to offer more moviegoers available RealD 3D showtimes.”
[RealD is a global leader in 3D technology for movie theaters with the largest motion picture exhibition groups in the world featuring RealD 3D-enabled screens. As of June 6, 2011, RealD deploys its 3D technology on over 16,700 theatre screens worldwide.][NOTE: move to "About RealD" below?]