SHANGHAI, Nov. 8, 2012 /PRNewswire/ -- IMAX Corporation (NYSE: IMAX; TSX: IMX) and CJ CGV Holdings, Ltd., a subsidiary of Korean media conglomerate CJ CGV Co. Ltd., today announced an expansion of the companies' revenue share agreement with the addition of 15 new IMAX® theatres to be installed in new construction projects throughout the People's Republic of China. The agreement brings CJ CGV's IMAX commitment to a total of up to 65 theatres in South Korea and China.
"Since 2009, IMAX has served as a key differentiator for our Korean circuit, providing our guests with the most immersive movie-going experience available," said the CEO of CJ CGV, Mr. Seo Jung. "We're delighted to expand our IMAX commitment and leverage this competitive advantage to support our aggressive expansion plans throughout China."
"We're pleased to build on our relationship with CJ CGV - a top-notch exhibitor that is helping to bring more IMAX theatres into untapped regions in China," said Jiande Chen, CEO of IMAX China. "We remain committed to supporting the growth of China's film and exhibition industry and bringing the best in Chinese and Hollywood blockbusters to more audiences across the country."
"Today's agreement underscores the continued momentum for IMAX in China, where we're seeing more property developers looking to add IMAX theatres as the anchor entertainment attraction in their new commercial developments," said Don Savant, Senior Vice President and Managing Director, Asia Pacific. "Working closely with our strategic partner, CJ CGV, we are addressing this demand and leveraging our revenue share business model to more quickly capitalize on these opportunities."
About CJ CGV HOLDINGS, LTD. CJ CGV HOLDINGS is a wholly-owned subsidiary of CJ CGV, and is incorporated under the laws of Hong Kong. CJ CGV HOLDINGS was established by CJ CGV specifically to oversee the expansion of theater business throughout Greater China.
About CJ CGV CJ CGV operates South Korea's largest multiplex cinema chain, with its headquarters in Seoul. It is a subsidiary of CJ Group and was established in 1996. CGV opened its first multiplex cinema in Korea in April 1998. Since the opening of its first cinema in eastern Seoul, CGV has expanded and currently operates 726 screens over 91 sites nationwide. CGV opened its first overseas branch in Shanghai, China in late 2006 and opened its first North American branch in Los Angeles, California in June 2010. The company went public in December 2004 and is currently valued at US$640 million. CGV now has 45% of the market share in South Korea including Primus, its subsidiary multiplex chain with 135 screens in 20sites nationwide.
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, 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.
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SOURCE IMAX Corporation