SHANGHAI, Dec. 1, 2016 /PRNewswire/ -- IMAX Corp.
(NYSE:IMAX) and IMAX China Holding, Inc. (HKSE: 1970) today
announced an agreement with Shanghai Film Corporation (SFC) and
SFC-Bailian Cinema Management Co., Ltd. (SFC-Bailian) for three new
IMAX® theatres in China. An IMAX theatre will be added to a new
complex in the city of Anqing, Anhui
Province. Two additional IMAX theatres will be located in
the Pudong district of Shanghai,
with one added to a new development in Chuansha and another to an
existing complex at the First Yaohan shopping center that is slated
to open in December. Today's deal brings the SFC's IMAX commitment
to 32 theatres.
Shanghai Film Corporation is China's largest state-owned enterprise in the
exhibition industry, with the second-largest exhibition market
share in the country. SFC-Bailian is a joint venture between SFC
and Bailian Group, which was established to manage all Bailian
Group cinema exhibition developments in China.
"IMAX is a premium brand that has been embraced by Chinese
consumers as the gold standard in moviegoing," said Mr.
Zhang Feng, General Manager of SFC.
"While the film and exhibition industry in China continues to grow, it remains fiercely
competitive. As such, IMAX is a key differentiator that allows us
to capitalize on the many growth opportunities that exist and
strengthen our leadership position in the market."
"We are delighted that after 12 years in the IMAX business, our
valued partner SFC continues to expand its footprint and position
IMAX as the anchor attraction for their most important locations,"
said IMAX CEO Richard L. Gelfond.
"Today's agreement builds on a record-setting signings year for
IMAX globally and in China. In the
first nine months of this year, we signed 232 theatre agreements in
China compared to 74 in all of
2015, which has also driven installations to record levels. This
reflects the strength of our business in the China where we remain committed to delivering
the best in Hollywood and Chinese
movies in IMAX to more audiences across the country."
About Shanghai SFC-Bailian Cinema Management Co
Ltd.
Shanghai SFC-Bailian Cinema Management Co Ltd. is a
joint venture established in September
2015. It mainly focuses on cinema investment management, and
also offers technical development and consulting services as well
as technology transfer for TV and films. The company has two
shareholders, Shanghai Film Corporation (SFC) and Shanghai Bailian
Group (Bailian ). SFC is a film distribution and screening
enterprise, which owns Shanghai United Circuit, a leading cinema
line with 250 cinemas and 1,300 screens nationwide; Shanghai
Bailian Group is a large state-owned retail enterprise whose main
business includes department stores, supermarket, shopping malls
and outlet. The company also owns real estate covering the whole
industry chain. By leveraging both sides, Shanghai SFC-Bailian
Cinema Management Co. Ltd. aims to become a professional platform
operating 20 cinemas within three years.
About Shanghai Film Corporation
Shanghai Film
Corporation (SFC) is a holding subsidiary of Shanghai Film Group
Corporation. SFC operates in a few business areas including film
distribution, copyright content sales, cinema line management, and
the investment, development and management of cinemas. As one of
the few companies which cover a complete chain of film distribution
and exhibition, SFC perfectly combines a few roles as professional
distributor, comprehensive cinema line and high-end theater
operator. SFC is a leading company in both film distribution and
exhibition businesses.
Shanghai United Circuit Co. Ltd., (SUC) a wholly-owned
subsidiary of Shanghai Film Corporation, is one of the leading
cinema lines in China. Now
it has over 250 affiliate complexes in 23 provinces with 1,300
screens and 16 IMAX screens. In 2014, SUC had BO of RMB 2.274 billion with a 7.7% share of
China, making it runner-up in its
peers.
About IMAX China
IMAX China is a subsidiary of IMAX
Corporation, and is incorporated under the laws of Cayman Islands. IMAX China was established by
IMAX Corporation specifically to oversee the expansion of IMAX's
business throughout Greater China.
IMAX China trades on the Hong Kong Stock Exchange under the stock
code "HK.1970."
About IMAX Corporation
IMAX, an innovator in
entertainment technology, combines proprietary software,
architecture and equipment to create experiences that take you
beyond the edge of your seat to a world you've never imagined. Top
filmmakers and studios are utilizing IMAX theatres to connect with
audiences in extraordinary ways, and, as such, IMAX's network is
among the most important and successful theatrical distribution
platforms for major event films around the globe.
IMAX is headquartered in New
York, Toronto and
Los Angeles, with offices in
London, Tokyo, Shanghai and Beijing. As of Sep. 30,
2016, there were 1,145 IMAX theatres (1,037 commercial
multiplexes, 16 commercial destinations and 92 institutions) in 74
countries. On Oct. 8, 2015, shares of
IMAX China, a subsidiary of IMAX Corp., began trading on the Hong
Kong Stock Exchange under the stock code "HK.1970."
IMAX®, IMAX® 3D, IMAX DMR®, Experience It In IMAX®, An IMAX 3D
Experience®, The IMAX Experience®, IMAX Is Believing® and IMAX
nXos®are trademarks of IMAX Corporation. More information about the
Company can be found at www.imax.com. You may also connect with
IMAX on Facebook (www.facebook.com/imax), Twitter
(www.twitter.com/imax) and YouTube
(www.youtube.com/imaxmovies).
This press release contains forward looking statements that
are based on IMAX management's assumptions and existing information
and involve certain risks and uncertainties which could cause
actual results to differ materially from future results expressed
or implied by such forward looking statements. These risks and
uncertainties are discussed in IMAX's most recent Annual Report on
Form 10-K and most recent Quarterly Reports on Form 10-Q.
For additional information please contact:
Business
Media: IMAX
Corporation – New York Ann
Sommerlath 212-821-0155 asommerlath@imax.com
Sloane &
Company– New York Whit
Clay 212-446-1864 wclay@sloanepr.com
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Investors: IMAX Corporation – New York Jessica Kourakos 212-821-0110 jkourakos@imax.com
IMAX China -
Shanghai Kenneth
Ke 86.21.2315.7110 kke@imax.com
Entertainment
Media: Principal
Communications Group – Los Angeles Melissa Zuckerman/Paul Pflug 323-658-1555 melissa@pcommgroup.com
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SOURCE IMAX Corporation