NEW DELHI, April 26, 2017 /PRNewswire/ -- IMAX
Corporation (NYSE: IMAX) and PVR Ltd. (PVR), the largest exhibition
chain in India, announced a sales
agreement for five IMAX® theatres to be located in
Delhi and other major metropolitan
markets in India. The theatres
will be in a combination of new and existing complexes that are
slated to begin opening this year, with all theatres expected to
launch by the end of 2019. The agreement brings to 10 PVR's total
IMAX commitment and positions the exhibitor as the Company's
largest partner in India.
PVR Cinemas currently operates a cinema circuit of 579 screens
at 126 properties in 50 cities with four IMAX screens in
Mumbai, Bengaluru and Noida. Since
April 2016, IMAX has signed 10
theatre agreements in India,
marking the Company's highest number of signings in India in a single year. Today's agreement,
which is tied as the largest single theatre signing for IMAX in the
country, brings the total number of IMAX theatres in India to 26, with 11 currently open and 15
contracted to open.
"We are really pleased to continue to develop the IMAX footprint
in India – the fifth-largest film
market in the world – with PVR," said IMAX CEO Richard L. Gelfond. "We've been trying to
develop the Indian market for 15 years, and now finally have the
momentum to build out our brand nationwide and release Bollywood
films. Our 26 theatres in India,
signed or open, and our 10 signings in the last year show that
India is becoming a very important
market for us."
"The tremendous success of our existing four IMAX theatres,
along with the upcoming slate of differentiated and exclusive IMAX
content, provided us the confidence to double our commitment and
continue to leverage IMAX as a strategic part of our business,"
said Mr. Ajay Bijli, Chairman &
Managing Director, PVR Limited. "With IMAX anchoring our most
important locations, we look forward to further strengthening our
presence in India by offering our
patrons the most technologically advanced moviegoing experience
available."
IMAX recently announced that Arka Mediaworks' much-anticipated
fantasy film—Baahubali 2: The Conclusion—will be released in
IMAX® theatres April 28 in
India as well as in select IMAX
theatres in other global territories such as North America, the Middle East, Australia and Africa.
About PVR Limited
PVR is the largest and most premium film exhibition company in
India. Since its inception in
1997, the brand has redefined the way entertainment is consumed in
India. PVR currently operates a
cinema circuit comprising of 579 screens at 126 properties in 50
cities (18 states and 1 Union Territory), serving approx. 75
million patrons annually.
For further information, please refer to the PVR website:
https://www.pvrcinemas.com/aboutus.
Share your feedback at feedback@pvrcinemas.com
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 March
31, 2017, there were 1,226 IMAX theaters (1,121 commercial
multiplexes, 14 commercial destinations and 91 institutions) in 75
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).
www.imax.com
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
|
Investors: IMAX Corporation – New York
Jessica Kourakos 212-821-0110 jkourakos@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