IMAX Corporation (NYSE: IMAX; TSX: IMX) and Cinépolis, one of the world's largest exhibition circuits, today announced an agreement to install five IMAX® theatres in existing multiplexes across Mexico. The deal brings to 13 Cinépolis' total IMAX commitment, with seven IMAX theatres currently open in Mexico and one open in Brazil.
"Our vision is simple - offer the highest-quality entertainment experience possible and continually surpass our guests' expectations," said Alejandro Ramirez, CEO of Cinépolis. "IMAX helps us deliver on this promise and we're delighted to expand our partnership. We are also excited about IMAX's powerful line-up of blockbusters titles and the fact that more of Hollywood's leading directors are making IMAX a unique part of their films. We expect that this, together with IMAX's immersive format, will allow us to offer our guests a differentiated experience for which they're willing to pay a premium."
"Mexico is a leading movie-going market we've only begun to penetrate and today's agreement proves our momentum is building in Latin America - a key area of focus for IMAX," said Richard L. Gelfond, CEO of IMAX. "As a result of our partnership with Cinépolis, IMAX is in Mexico's four highest-grossing complexes of 2012. By leveraging these locations as reference sites and expanding our relationship with Cinépolis to bring IMAX to more high-growth areas in Mexico, we believe we are poised to take advantage of the
many opportunities that exist in this market."