NEW YORK, Sept. 4, 2013 /PRNewswire/ -- IMAX Corporation (NYSE: IMAX; TSX: IMX) and Gulf Film today announced an expansion of their partnership with a revenue share agreement for three IMAX® theatre systems in the Middle East. Under the terms of the agreement, one of the IMAX theatres will be located in an existing multiplex in Dubai, United Arab Emirates, and two will be located in new flagship cinemas in Qatar and Bahrain.
"Since upgrading to the IMAX digital system in 2011, our IMAX theatre in Dubai has dramatically increased its business and has had a major impact on our overall box office performance," said Jaber Al Ansari, Managing Director, Gulf Film. "Today's agreement, which is a direct result of this success, marks a milestone in the region's film entertainment landscape and highlights the growing demand for IMAX among audiences in the Middle East. As we expand our circuit, IMAX will continue to serve as a key differentiator in our offering, bringing movie-goers the world's most immersive cinematic experience."
The deal brings to four Gulf Film's total IMAX commitment and brings to 10 the total number of commercial IMAX theatres in the Middle East.
"With 50 percent of the population under 25 and a growing appetite for Hollywood blockbusters, we view the Middle East as a region with tremendous growth potential and, with today's agreement, we are capitalizing on these opportunities and executing against our goal of international network expansion," said IMAX CEO Richard L. Gelfond. "Gulf Film is the number one exhibitor in the Middle East and has its pulse on the market's film and exhibition industry. Our partnership will not only bring IMAX to three countries across the region, it will play a strategic role in helping to support our continued growth efforts in this emerging market."
About Gulf Film Gulf Film is the Middle East's leading film distributor and exhibitor. Established in 1989, Gulf Film has set the industry standard, introducing to the region such firsts as the E/Kiosk, E/Ticket, GC Mobile Application and RealD 3D technology.
Today, Gulf Film operates 13 multiplexes throughout the region, for a total of 101 screens and 22,000 seats. Ongoing expansion will see a significant number of new projects unveiled within the next two years.
In 2012, Gulf Film was acquired by Qatar Media Services (q.media). Wholly owned by the Qatari government, q.media is dedicated to providing the latest and most innovative advertising and media concepts to the region.
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 June 30, 2013, there were 767 IMAX theatres (634 commercial multiplexes, 19 commercial destinations and 114 institutions) in 54 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 (http://www.facebook.com/imax), Twitter (http://www.twitter.com/imax) and YouTube (http://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.
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IMAX Corporation, New York
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IMAX Corporation, New York
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SOURCE IMAX Corporation