NEW YORK, Feb. 4, 2016 /PRNewswire/ -- IMAX Corporation (NYSE: IMAX) and World Media Holding Inc., a leading media company in the Middle East, today announced an agreement for two new IMAX® theatres. The theatres will be operated by World Media Holding subsidiary CinemaCity and will be added to new multiplexes in Abu Dhabi's Mushrif Mall and at the ZERO 6 Mall in Sharjah - the first IMAX theatre in the UAE's third-largest city. Today's deal brings World Media Holding's IMAX commitment to three theatres, with an IMAX theatre contracted to open in Doha, Qatar.
"Our existing theatres in the Middle East have performed exceptionally well with per-screen averages of over $1 million, up more than 16 percent year-to-date versus last year. We believe these strong results are serving as a catalyst for growth in the region, where we have signed seven theatre deals this year compared to two in 2014," said IMAX CEO Richard L. Gelfond. "I am optimistic about our prospects in the Middle East and, together with valued partners such as World Media Holding, look forward to expanding our footprint in this underpenetrated market."
"We are proud to align ourselves with the IMAX brand, which is becoming increasingly popular among moviegoers in the Middle East," said Hammad Atassi, CEO World Media Holding Inc. "IMAX is the most advanced cinema format in the world. By adding additional IMAX theatres to our circuit we are gaining a key competitive advantage we are confident will help strengthen our business and delight our guests."
About World Media Holding, Inc. World Media Holding through its subsidiaries operating in the Middle East and Europe is one of the leading Entertainment companies in the Region. The company is currently adding 5 new Multiplexes with 60 new screens in 3 different countries and is currently in discussions to add 3 more to its already existing network. With the opening of the projects in Sharjah and Abu Dhabi, World Media Holding will be operating 11 Cinema locations with 107 screens and over 16,000 seats in the Middle East.
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 September 30, 2015, there were 1,008 IMAX theatres (887 commercial multiplexes, 19 commercial destinations and 102 institutions) in 66 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."
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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