IMAX Corporation (NYSE: IMAX) and Omnijoi Cinema Development Co., Ltd. (Omnijoi Cinemas), formerly known as Jiangsu Eudemonia Blue Ocean Cinema Development Co., Ltd., today announced an expansion of the parties' revenue sharing arrangement with the addition of 15 new IMAX® theatre systems in China. This agreement brings Omnijoi Cinemas' total IMAX commitment to 31 theatres and positions the exhibitor as the third-largest IMAX exhibitor partner in China and fifth-largest globally.
"Today's agreement will see Omnijoi Cinemas nearly double its IMAX footprint - a significant commitment that underscores the success of the IMAX business model and the continued demand for The IMAX Experience® among Chinese moviegoers," said IMAX CEO Richard L. Gelfond. "Omnijoi is a valued partner that shares our passion for innovation and quality and together we look forward to continuing to change the way audiences in China experience today's biggest blockbusters."
"This partnership is a direct result of the success of our existing IMAX theatres that have delighted our guests with the best Chinese and Hollywood films in the world's most immersive cinematic format," said
said Mr. Yang Shu, Vice President, Omnijoi Media Group. "As we continue to expand our network of cinemas, IMAX will be a flagship attraction at our upcoming complexes - one we are confident will continue to support our business."
About Omnijoi Cinema Development Co., Ltd.
Omnijoi Cinema Development Co., Ltd. is a unit under Omnijoi Media Corporation, a stated-owned company which owns several either wholly-owned or share-holding subsidiaries. Omnijoi Media Corporation covers a wide range of businesses including production, distribution, presentation, of film and television drama and etc. Omnijoi Cinema Development Co., Ltd. was founded especially to develop and operate cinemas. It has over 15 locations of five star Cineplex as of May 31, 2015. The company will invest billions RMB to build 150 Cineplex with 1200 screens and become a leading exhibitor in China.