This agreement follows the earlier eight-theatre cooperation and brings Omnijoi Cinemas' total IMAX commitment to 13 theatres, which includes a theatre currently open in the city of Suzhou and another that is slated to open in the city of Nanjing, Zhejiang Province in July. Today's deal brings the total number of IMAX theatres open or contracted to open in Greater China to 225, 92 of which are currently open.
Under terms of the new agreement, Omnijoi Cinemas will install five IMAX theatre systems in the cities of Qingdao, Nantong, Suzhou and other cities, all of which are slated to open in 2014 and 2015.
"Chinese audiences appreciate the quality and immersive nature of The IMAX Experience, and today we are delighted to add additional IMAX theatres to our circuit," said Mr. Wang Zhen, Managing Director of Omnijoi Cinema Development Co., Ltd. "Also, based on the success of Flying Swords of Dragon Gate at our IMAX theatre in Suzhou, we are pleased with IMAX's increasing efforts to present local Chinese films alongside the Hollywood blockbusters, which we are confident will continue to thrill our patrons."
"Since entering China over 10 years ago, IMAX has grown with the Chinese film and exhibition industry, becoming an inherent part of the Chinese movie-going experience," said IMAX CEO Richard L. Gelfond. "We're pleased that the appetite for The IMAX Experience in China remains strong as do the opportunities for growth, thanks to the support of leading exhibitors like Omnijoi Cinemas."
"Omnijoi Cinemas is a strategic partner that supports our network expansion by bringing IMAX into two high-growth areas in China," added Don Savant, IMAX President, Theatre Development and Film Distribution and Managing Director, Asia Pacific. "As one of the strongest exhibition brands in the country, we are pleased to continue working with them and bring more audiences the ultimate movie-going experience."
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 Omnijoi Cinema Development Co., Ltd.A unit of Omnijoi Media Corporation, Omnijoi Cinema Development Co., Ltd. was founded especially to develop and operate cinemas. Omnijoi Media Corporation owns several wholly-owned or share-holding subsidiaries, which have covered a wide range of businesses including the production, distribution and presentation of film and television dramas. In its business of theatre development and operation, Omnijoi Cinema Development Co., Ltd. has over 15 locations of five-star cineplexes until May 31, 2012. The company will invest billions RMB to build 150 cineplexes with 1200 screens and become a leading exhibitor in China.
About IMAX China IMAX China is a wholly-owned subsidiary of IMAX Corporation, and is incorporated under the laws of Hong Kong. IMAX China was established by IMAX Corporation specifically to oversee the expansion of IMAX's business throughout Greater China.
