NEW YORK, Dec. 4, 2012 /PRNewswire/ -- IMAX Corporation (NYSE: IMAX; TSX: IMX) and Cinema Park, an exhibition chain owned by Profmedia, Russia's largest media holding company, today announced an agreement to install four IMAX® theatres across Russia. Under the terms of the agreement, the exhibitor will open the theatres in new construction projects in regional markets including the cities of Novokuznetz and Kemerovo. The deal brings Cinema Park's total IMAX commitment to 26 theatres, further strengthening its position as the largest IMAX exhibitor in EMEA.
"The expansion of our partnership with IMAX is a direct result of the success we've experienced with our current IMAX theatres, which represent some of the top-performing sites in our circuit," said Sergei Kitin, General Director of Cinema Park. "The demand for IMAX among Russian audiences continues to grow and we're delighted to offer even more patrons the most immersive movie-going experience available."
"Today's announcement underscores the opportunity we continue to realize across Russia – one of IMAX's strongest and fastest-growing markets globally," said Andrew Cripps, President, IMAX EMEA. "We value our strategic partnership with Cinema Park, whose exceptional brand recognition and in-depth understanding of regional markets has helped to accelerate our growth in Russia."
About Cinema Park
Cinema Park, the largest exhibition chain in Russia, was founded by ProfMedia group and launched its first multiplex in 2004. The company leads Russia's cinema industry with the highest number of screens and rate of digital conversion and is also Europe's largest IMAX® partner (13 screens operational). CINEMA PARK operates 27 cinemas (181 of their 255 screens are 3D-capable) in 15 cities throughout the country. For more information, please visit www.cinemapark.ru.
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).
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:
IMAX Corporation – New York
Sloane & Company – New York
IMAX Corporation – New York
Principal Communications Group – Los Angeles
Melissa Zuckerman/Paul Pflug
SOURCE IMAX Corporation