SHANGHAI, April 18, 2017 /PRNewswire/ -- IMAX Corporation (NYSE: IMAX), IMAX China Holding Inc. (HKSE: 1970) and Jiangsu Omnijoi Cinema Development Co., Ltd. today announced an expansion of the parties' hybrid revenue-sharing arrangement with the addition of 40 new IMAX® theatre systems to be located in new multiplexes across Tier One to Tier Four cities in China. The Companies expect the majority of the sites to open by the end of 2020 with the remaining sites to open by the end of 2021. This agreement brings Omnijoi Cinemas' total IMAX commitment to 72 theatres and positions Omnijoi as the third-largest IMAX exhibitor partner in Asia Pacific and fifth-largest globally. Jiangsu Omnijoi Cinema Development Co. Ltd is a subsidiary of Omnijoi Film Television Culture Group Co. Ltd., one of the leading state-owned enterprises in the film and exhibition industry in China (SZ:300528) (Omnijoi Cinemas).
"As one of the fastest-growing cinema developers in China, Omnijoi Cinemas is determined to deliver moviegoers premier entertainment experiences and we are delighted to expand our partnership at such a significant level," said IMAX CEO Richard L. Gelfond. "Today's agreement not only brings our year-to-date signings in China to 72 theatres, but adds to our growing number of joint revenue-sharing arrangements in China, which allows us to share in recurring box office revenue. We believe our accelerated network expansion, coupled with the strong 2017 film slate ahead, will support our continued growth in our largest market thanks to relationships with valued partners such as Omnijoi Cinemas."
Omnijoi Cinemas opened its first IMAX theatre in Suzhou in 2011 and currently has 16 in operation and 56 slated to open, including today's agreement.
"IMAX is widely regarded in China as a premium brand sought after by consumers and viewed by real estate developers as an important entertainment anchor. As we expand our cinema circuit across China, IMAX has helped us secure sites in our most desired locations," said Mr. Huang Bin, Deputy General Manager of Omnijoi Film Television Culture Group Co. Ltd. and General Manager of Jiangsu Omnijoi Cinema Development Co., Ltd. "We've enjoyed tremendous success with our existing IMAX theatres and we hope to replicate this success with today's agreement. We are particularly excited about the upcoming IMAX film slate with its many blockbuster titles that our patrons will want to experience in IMAX's differentiated format."
Since establishing IMAX China as a wholly owned entity in 2011, the Company's presence in the market has grown to more than 400 theatres from approximately 70. In 2016, IMAX China signed more new theatre agreements than in the previous two years combined.
About Omnijoi Cinema Development Co., Ltd.
Omnijoi Cinema Development Co., Ltd. is a professional theatre investment company owned by Omnijoi Media Corporation (300528). With Jiangsu Broadcasting Corporation as its holding company, Omnijoi Media Corporation embraces a corporate culture of "Omnijoi quality to create happiness" with its industrial goal of "hundreds of classics, thousands of screens". It is a famous domestic film and television content provider, integrator and service provider with remarkable achievements in film and television content production, cinema development, operations as well as the introduction of high-end talent, excellent project investments and many others achievements. As of March,31st, 2017, Omnijoi has become one of the top 10 exhibitors in China. Including affiliated cinemas, it has 215 complex in operation with 1,254 screens across 22 provinces (65 cities) with 169,442 seats. The Company will invest billions RMB to build 150 more commercial complexes with 2,500 screens to become a leading theatre exhibitor in China.
About IMAX China
IMAX China is a subsidiary of IMAX Corporation, and is incorporated under the laws of Cayman Islands. IMAX China was established by IMAX Corporation specifically to oversee the expansion of IMAX's business throughout Greater China. IMAX China trades on the Hong Kong Stock Exchange under the stock code "HK.1970."
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 Dec. 31, 2016, there were 1,215 IMAX theatres (1,107 commercial multiplexes, 16 commercial destinations and 92 institutions) in 75 countries. On Oct. 8, 2015, shares of IMAX China, a subsidiary of IMAX Corp., began trading on the Hong Kong Stock Exchange under the stock code "HK.1970."
IMAX®, IMAX® 3D, IMAX DMR®, Experience It In IMAX®, An IMAX 3D Experience®, The IMAX Experience®, IMAX Is Believing® and IMAX nXos® 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:
Sloane & Company– New York
IMAX China - Shanghai
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SOURCE IMAX Corporation