IMAX Signs Agreements for Three New Theatres with One New, Two Existing Exhibitor Partners
NEW YORK, Feb. 4, 2013 /PRNewswire/ — IMAX Corporation (NYSE: IMAX; TSX: IMX), today announced it has signed agreements to open a total of three IMAX® theatre systems in new construction projects across Russia. The Company recently installed one system with new partner Kronverk Cinema and will add one each with existing partners Kinomax and Formula Kino.
Kronverk Cinema, one of the top five cinema chains in Russia, recently opened an IMAX theatre in the city of Syktivkar, the northernmost theatre in IMAX’s global network. Kinomax will expand its IMAX footprint to six theatres by installing an IMAX theatre in Moscow. Formula Kino will add an IMAX theatre in St. Petersburg, expanding its IMAX commitment to three theatres. With the addition of Kronverk to the list of IMAX operators in Russia, IMAX now has theatres with the top six cinema chains in the fast-growing Russian market.
“We are delighted that Russian audiences have embraced IMAX as their preferred way to experience the biggest blockbuster movies. In fact, Russia is home to some of our highest-grossing theatres in the world, with above-average, per-screen box office revenues,” said Andrew Cripps, President, IMAX EMEA. “The popularity of IMAX in Russia continues to fuel our network growth and we’re delighted to expand our partnerships with Kinomax and Formula Kino and to welcome new partner Kronverk to help give more audiences The IMAX Experience® in this strategically important growth market.”
“We have witnessed the increasing demand for The IMAX Experience® throughout Russia and today we are proud to partner with IMAX and bring our patrons in Syktivkar the most immersive movie-going experience,” said Andrei Tereshok, Kronverk, General Manager. “We believe IMAX’s cutting-edge technology, brand and powerful film slate will provide a key competitive advantage that will strengthen our overall business and delight our guests.”
About Kronverk Cinema
Kronverk Cinema is among the top five film exhibitors in Russia and CIS, welcoming over six million customers a year. With 20 movie theatres in Russia and two theatres in the Ukraine, the Company is a leader in both St. Petersburg and Russia’s North West regional market. Kronverk Cinema is led by a dedicated team of industry professionals committed to customer service excellence. Employing state-of-the-art technologies and superior guest service amenities, Kronverk Cinema offers patrons a premium movie-going experience.
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 Sept. 30, 2012, there were 689 IMAX theatres (556 commercial multiplex, 20 commercial destination and 113 institutional) in 52 countries.
IMAX®, IMAX® 3D, IMAX DMR®, Experience It In IMAX®, An IMAX 3D Experience®, The IMAX Experience® and IMAX Is Believing® 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).