NEW DELHI, April 19, 2018 /PRNewswire/ -- IMAX
Corporation (NYSE: IMAX) and Cinépolis India, a subsidiary of Cinépolis, the world's
fourth-largest cinema exhibition company, announced an
agreement for four new IMAX® theatres in
India. The IMAX theatres will be
located in new complexes in the cities of Bangalore, Kolkata as well as Navi Mumbai and
Thiruvananthapuram, marking the first-ever IMAX theatres in these
latter two markets. The agreement was announced concurrently with
another five-theatre India deal
today that brings IMAX's total theatre count in the country to 40,
with 15 currently open and 25 contracted to open.
"We continue to make significant progress in India where IMAX's 2017 box office increased
78% over the previous year and we have signed 14 new theatres in
the span of weeks. I am optimistic that our strong box office
performance, which we believe is being driven by a greater audience
appetite for Hollywood content as
well as IMAX's programming of more
Indian films, coupled with the increased pace of multiplex
development in the market will provide continued momentum as we
look to build out the IMAX brand nationwide," said IMAX CEO
Richard L. Gelfond. "Cinépolis is a
valued strategic partner that has successfully brought IMAX into
new markets for over 14 years. We look forward to working with them
once again to introduce new audiences in India to The IMAX Experience®."
Cinépolis opened its first IMAX theatre in 2004 in Mexico City and today, the exhibitor has
contracted for a total of 31 IMAX theatres, with 23 in operation
across eight countries. In India,
Cinépolis has six contracted IMAX theatres, with a theatre open in
the city of Pune, which is
typically among the highest-grossing IMAX sites in the country, as
well as a successful theatre open in the city of Mumbai.
"We are thrilled to announce four more IMAX screens in
India, a market that values and
appreciates The IMAX Experience," said Managing Director at
Cinépolis Asia, Javier Sotomayor. "At Cinépolis, we've always
placed a special emphasis on offering the best service in the
industry to all our customers worldwide. Cinépolis' decades of
client-focus are a perfect match with the decades of technological
research IMAX has developed to create a film-going experience
that's both unique and awe-inspiring. The Cinépolis-IMAX global
strategic alliance has evolved in its scope, working together
shoulder to shoulder to surpass every challenge, and has set new
and exciting objectives to revolutionize the cinematic experience
through our great synergy of strategies. With over 14 years of a
successful bilateral partnership, we look forward to our bright
future with IMAX."
About Cinépolis India
Cinépolis India is a wholly owned subsidiary of
Cinépolis and is the first international exhibitor in India. The company currently operates 340
screens under the brand names of Cinépolis, Cinépolis VIP and Fun
Cinemas. Cinépolis operates India's biggest Megaplex – 15 Screen Multiplex
in Pune and has brought innovative
concepts to exhibition Industry in India. Cinépolis also offers multi- benefit
loyalty program- 'Club Cinépolis', to enhance customer experience
and increase loyalty. Club Cinépolis offers free registration,
earning and burning of points, invite to pre-screening of movies
and star visits. Cinépolis India
has been awarded with "Most Admired Retail Launch" in 2010, "Most
Admired Retailer – Innovation" in 2011, "Fastest Growing Multiplex
Chain" in 2015, "IMAGES Most Admired Retailer – Entertainment" in
2015, "DLP CineAsia Marketing Achievement Award" in 2015, 'Best
Marketing Campaign of the Year' award at the Making of Developed
India awards 2017 and 'Fastest Growing National Chain', 'Best
Multiplex – West' and 'Best Programming' at the Indywood Film
Carnival in 2017. In 2018 Cinépolis has been awarded with
'Best Multiplex – West', 'Best Multiplex – South' and 'Fastest
Growing Chain' at the Global awards for Retail Excellence. Also,
Cinépolis IT was declared a Winner at BIG CIO Awards for IT
Leadership 2018.
About Cinépolis
Cinépolis was founded in
Mexico in the city of Morelia, Michoacán in 1971. Today it has
positioned itself as the world's 4th largest movie theater circuit,
operating 652 cinema complexes, 5,334 screens and over 1,120,245
seats across 14 countries worldwide. It was the first cinema
exhibitor in the world to pioneer the concept of luxury movie
theaters, establishing the first luxury theater experience in 1999
in Mexico City. Cinépolis aspires
to provide its guests with the best overall experience in film
entertainment and employs a global workforce of more than 37,600
people to support its mission. Cinépolis plans to continue to
revolutionize the industry for years to come.
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 additional
offices in London, Dublin, Tokyo, and Shanghai. As of December 31, 2017, there were 1,370 IMAX theater
systems (1,272 commercial multiplexes, 12 commercial destinations,
86 institutional) operating 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).
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:
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Business
Media: IMAX
Corporation – New York Adam Davis 212-821-0116 adavis@imax.com
Sloane &
Company– New York Whit
Clay 212-446-1864 wclay@sloanepr.com
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Investors:
IMAX Corporation – New
York Michael K.
Mougias 212-821-0187 mmougias@imax.com
Entertainment
Media: Principal Communications Group – Los
Angeles Melissa
Zukerman/Paul Pflug 323-658-1555 melissa@pcommgroup.com
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SOURCE IMAX Corporation