HONG KONG, Oct. 29, 2013 /PRNewswire/ -- TCL Multimedia Technology Holdings Limited ("TCL Multimedia" or "the Group", HKSE stock code: 01070), today announced that it has entered into a joint venture agreement with IMAX Corporation (NYSE: IMAX, TSX: IMX)("IMAX"), the world's leading entertainment technology company for the establishment of "TCL-IMAX Entertainment Co., Ltd." which will be engaging in the development, manufacture and distribution of premium high-end private theatre systems in China and other selected global markets starting from 2015. Under the joint venture, the companies will provide end-to-end premium high-end total home entertainment solutions to consumers covering hardware, software, service and content.
This 50/50 joint venture between the two parties will initially operate in Hong Kong and Mainland China and include research and development, sales, marketing and manufacturing, and feature IMAX-enhanced, current theatrical content delivered to consumers at home. The parties are also in discussions with local content providers regarding a variety of options in and around Greater China.
This landmark cooperation follows TCL Multimedia's recent accomplishments in provision of total home viewing solutions to consumers covering hardware, software, service and content. Leveraging TCL Multimedia's strong expertise in display and manufacturing technologies, world-leading distribution networks with unparalleled presence in emerging markets and strong footholds in smart home appliances, this joint venture will draw on IMAX's best-in-class projection and sound technology to provide end-to-end premium high-end total home entertainment solutions from content creation to deliveries to consumers' homes.
This cooperation expands TCL Multimedia's horizon in providing customers home entertainment experiences in the world's best-in-class enhanced theatrical formats. It will also provide TCL Multimedia with a new global business opportunity and further enhance the "fashionable, international and high-end" image of the TCL brand. For IMAX, this represents one of the carefully orchestrated efforts to expand its market share in China and overseas markets to additional platforms, leveraging TCL Multimedia's strong distribution networks in the consumer electronics B2C space and deep understandings in these markets.
"The cooperation with IMAX marks an important milestone for TCL's internationalized process. TCL has transformed from a traditional manufacturing enterprise to an international technology enterprise. TCL provides not only entertainment terminals but also a total solution to consumers with better entertainment experiences, delivering the perfect marriage of these two elements," said TCL Multimedia Chairman Mr. Li Dongsheng, "There is no company better-equipped and more knowledgeable than IMAX to deliver that premium experience. Together, we plan to leverage the complementary assets of our companies to create a high-quality end-to-end home theatre solution."
"This joint venture with TCL Multimedia reflects our commitment to expand The IMAX Experience® to additional platforms," said IMAX CEO Mr. Richard L. Gelfond. "As one of the fastest-growing and most innovative players in the global entertainment technology marketplace, with a strong expertise in display and manufacturing, TCL Multimedia is an ideal partner to help us change the way people around the world experience their favorite content in the home environment."
About TCL Multimedia
Headquartered in China, TCL Multimedia Technology Holdings Limited (HKSE stock code: 01070) is one of the leading players in the global TV industry. TCL Multimedia is engaged in the research and development, manufacturing and distribution of consumer electronic products. Its ultimate holding company is TCL Corporation. According to the latest DisplaySearch report, the Group's global LCD TV market share increased from 5.8% in 2012 to 7.3% in the first quarter of 2013, thus lifting its global ranking to No.3. The Group remained the No.1 position in the LCD TV market in the PRC with a market share of 20.2%.
For more information, please visit its website: http://multimedia.tcl.com.
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, 2013, there were 785 IMAX theatres (653 commercial multiplexes, 19 commercial destinations and 113 institutions) in 55 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).
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