Omnijoi Cinemas to Operate 13 IMAX® Theatres; Poised to be Third-Largest IMAX Operator in Greater China
NEW YORK, June 7, 2012 /PRNewswire/ — IMAX Corporation (NYSE: IMAX; TSX: IMX) and Omnijoi Cinema Development Co., Ltd. (Omnijoi Cinemas), formerly known as Jiangsu Eudemonia Blue Ocean Cinema Development Co., Ltd., today announced an agreement to install five IMAX® theatre systems into new construction projects throughout China. This agreement follows the earlier eight-theatre cooperation and brings Omnijoi Cinemas’ total IMAX commitment to 13 theatres, which includes a theatre currently open in the city of Suzhou and another that is slated to open in the city of Nanjing, Zhejiang Province in July. Today’s deal brings the total number of IMAX theatres open or contracted to open in Greater China to 225, 92 of which are currently open.
Under terms of the new agreement, Omnijoi Cinemas will install five IMAX theatre systems in the cities of Qingdao, Nantong, Suzhou and other cities, all of which are slated to open in 2014 and 2015.
“Chinese audiences appreciate the quality and immersive nature of The IMAX Experience, and today we are delighted to add additional IMAX theatres to our circuit,” said Mr. Wang Zhen, Managing Director of Omnijoi Cinema Development Co., Ltd. “Also, based on the success of Flying Swords of Dragon Gate at our IMAX theatre in Suzhou, we are pleased with IMAX’s increasing efforts to present local Chinese films alongside the Hollywood blockbusters, which we are confident will continue to thrill our patrons.”
“Since entering China over 10 years ago, IMAX has grown with the Chinese film and exhibition industry, becoming an inherent part of the Chinese movie-going experience,” said IMAX CEO Richard L. Gelfond. “We’re pleased that the appetite for The IMAX Experience in China remains strong as do the opportunities for growth, thanks to the support of leading exhibitors like Omnijoi Cinemas.”
“Omnijoi Cinemas is a strategic partner that supports our network expansion by bringing IMAX into two high-growth areas in China,” added Don Savant, IMAX President, Theatre Development and Film Distribution and Managing Director, Asia Pacific. “As one of the strongest exhibition brands in the country, we are pleased to continue working with them and bring more audiences the ultimate movie-going experience.”
IMAX’s digital projection system delivers The IMAX Experience® and helps drive profitability for studios, exhibitors and IMAX theatres by eliminating the need for film prints, increasing program flexibility and ultimately increasing the number of movies shown on IMAX screens. The system can run both IMAX and IMAX® 3D presentations.
About Omnijoi Cinema Development Co., Ltd.
A unit of Omnijoi Media Corporation, Omnijoi Cinema Development Co., Ltd. was founded especially to develop and operate cinemas. Omnijoi Media Corporation owns several wholly-owned or share-holding subsidiaries, which have covered a wide range of businesses including the production, distribution and presentation of film and television dramas. In its business of theatre development and operation, Omnijoi Cinema Development Co., Ltd. has over 15 locations of five-star cineplexes until May 31, 2012. The company will invest billions RMB to build 150 cineplexes with 1200 screens and become a leading exhibitor in China.
About IMAX China
IMAX China is a wholly-owned subsidiary of IMAX Corporation, and is incorporated under the laws of Hong Kong. IMAX China was established by IMAX Corporation specifically to oversee the expansion of IMAX’s business throughout Greater China.
About IMAX Corporation
IMAX Corporation is one of the world’s leading entertainment and technology companies, specializing in the creation and delivery of premium, awe-inspiring entertainment experiences. With a growing suite of cutting-edge motion picture and sound technologies, and a globally recognized entertainment brand, IMAX is singularly situated at the convergence of the entertainment industry, innovation and the digital media world. The industry’s top filmmakers and studios are utilizing IMAX theatres to connect with audiences in extraordinary ways, and as such, the IMAX network is among the most important and successful theatrical distribution platforms for major event films around the globe. The Company’s new digital projection and sound systems – combined with a growing blockbuster film slate – are fueling the rapid expansion of the IMAX network in established markets such as North America, Western Europe, and Japan, as well as emerging markets such as China and Russia. IMAX deliver the world’s best cinematic presentations using proprietary IMAX®, IMAX 3D®, and IMAX DMR® (Digital Re-Mastering) technologies. IMAX DMR enables virtually any motion picture to be transformed into the unparalleled image and sound quality of The IMAX Experience®.
IMAX is headquartered in New York, Toronto and Los Angeles, with offices in London, Tokyo, Shanghai and Beijing. As of March 31, 2012, there were 643 IMAX theatres (510 commercial multiplex, 20 commercial destination and 113 institutional) in 52 countries.
IMAX®, IMAX® 3D, IMAX DMR®, Experience It In IMAX®, An IMAX 3D Experience® and The IMAX Experience® 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. Important factors that could affect these statements include, but are not limited to, general economic, market or business conditions, including the length and severity of the current economic downturn, the performance of IMAX DMR films, the opportunities that may be presented to and pursued by IMAX, competitive actions by other companies, conditions in the in-home and out-of home entertainment industries, the signing of theatre system agreements, changes in law or regulations, conditions, changes and developments in the commercial exhibition industry, the failure to respond to changes and advancements in digital technology, the failure to convert theatre system backlog into revenue, new business initiatives, investments and operations in foreign jurisdictions and any future international expansion, the inability to protect IMAX’s intellectual property foreign currency fluctuations and IMAX’s prior restatements and the related litigation. These factors and other 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.
UPDATE: Additional news items on IMAX China theaters:
The Hollywood Reporter: Imax Unveils Latest Multi-Theater Deal in China
The Canadian Press: Imax signs deal with Chinese company to open five more Imax theaters
Variety: Imax marches through China