SHANGHAI, July 18, 2017 /PRNewswire/ -- IMAX
Corporation (NYSE:IMAX), IMAX China Holding Inc. (HKSE:
1970) and Shanghai Bestar Cinemas Management Co. Ltd.,
(Shanghai Bestar) a subsidiary of Future Land Holdings Co. Ltd.
(HKSE: 1030) (SSE: 601155) a leading property developer in
China, today announced a sales
agreement for seven new IMAX® theatres to be located
throughout the P.R.C. The theatres will be added to new multiplexes
across Tier Two and Tier Three cities, with six of the theatres
slated to open in 2017 and the remaining theatre to open in 2019.
Today's agreement brings to 18 Shanghai Bestar's total IMAX
commitment, with seven theatres currently in operation.
"Future Land, one of China's
leading developers, entered the IMAX business a year ago with its
new exhibition business, Shanghai Bestar. Today's agreement
already marks the company's third theatre deal with IMAX during
this time, underscoring the confidence that Chinese developers and
exhibitors alike place in The IMAX Experience to serve as an
entertainment anchor that delivers results," said IMAX CEO
Richard L. Gelfond. "Our momentum in
China shows no signs of slowing as
exhibitors gear up for the strong film slate ahead. We look forward
to growing our partnership with Future Land as they continue to
expand their theatre circuit throughout China."
"In China, IMAX is synonymous with the best moviegoing
experience. The consumer appeal of the IMAX brand and the excellent
feedback we've received from moviegoers about their IMAX experience
has played a very important role in driving box office growth,"
said Mr. Wang Zheng, Chief Executive
Officer, Shanghai Bestar Cinemas Management Co., Ltd. "Bestar IMAX
theatres are performing quite well at the box office. The annual
single-seat income at our theaters including Haikou and Shanghai Bestar Theaters will be
more than 20,000 yuan at each site.
As we aggressively build our circuit's presence nationwide, we will
have 20 cinemas in operation by the end of the year, including 15
IMAX theatres. We look forward to further expanding our partnership
with IMAX."
Shanghai Bestar Cinemas Management Co.
Ltd.
Shanghai Bestar Cinemas Management Co. Ltd. is a
subsidiary of Future Land Holdings Co. Ltd., (HK Code: 01030.HK),
giving full play to abundant capital and project management
capability. Relying on a sophisticated theater management team, the
world's most cutting-edge film equipment, and working with the best
theater design team in Asia, it
targets to build dream cinemas combining film screening, dining,
entertainment and interactive experiences. Bestar plans to
construct and operate more than 50 cinemas installed with IMAX
theaters and other leading projection technologies by 2018 and over
100 cinemas by 2020. Bestar targets to become one of the top five
cinema companies in terms of profitability nationwide.
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, Dublin, Tokyo, Shanghai and Beijing. As of March
31, 2017, there were 1,226 IMAX theatres (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).
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
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