NEW YORK and PLANO, Texas, March 28, 2019 /PRNewswire/ -- IMAX Corporation (NYSE: IMAX) and Cinemark Holdings, Inc. (NYSE: CNK) today announced an expansion of the companies' partnership with the renewal of all Cinemark's existing IMAX locations and the installation of two IMAX® with Laser systems. Cinemark will add IMAX's new groundbreaking laser experience and 12-channel immersive sound system to a new IMAX® theatre to be located at the Cinemark complex in Daly City, California as well as upgrade the existing IMAX theatre at the Cinemark complex in Milford, Connecticut.
With today's announcement, nearly all of Cinemark's IMAX theatres are now under agreement through 2026. In addition, in specified circumstances Cinemark shall refresh some of its existing IMAX theatres with redesigned entryways and enhanced in-theatre branding. Cinemark opened its first IMAX theatre in 1999 and, with today's agreement, now has a total of 14 IMAX theatres that are currently open and one expected to open in the fourth quarter of 2019.
"Throughout our 20-year partnership, Cinemark and IMAX have shared some of the world's biggest movies and created a platform for the best technical and visual advancements in the industry," said Mark Zoradi, CEO, Cinemark. "With the reaffirmation of our commitment with IMAX, we will continue to provide audiences with the most impactful moviegoing experience."
"Today's agreement is a testament to the robust performance of Cinemark's IMAX locations and reaffirms its commitment to giving audiences the best in immersive cinema-going through The IMAX Experience®," said IMAX CEO Richard L. Gelfond. "We're excited to expand upon our 20-year partnership with Cinemark as we look to continue providing the differentiated IMAX experience to millions of moviegoers across the U.S. for years to come. With the recent launch of IMAX with Laser and the rollout of a world-class brand campaign, we are more focused than ever on providing audiences with a truly differentiated blockbuster experience that they can't get anywhere else."
IMAX with Laser provides audiences with strikingly crystal-clear and vivid images to suspend disbelief when experiencing today's largest films. The next-generation 4K laser projection system features a new optical engine and suite of proprietary IMAX technologies that delivers increased resolution, sharper and brighter images, deeper contrast as well as the widest range of colors available to filmmakers to present more distinct, exotic colors than ever before.
The new system will also feature IMAX's 12-channel sound technology that incorporates new side and overheard channels to deliver greater dynamic range and precision for ultimate audio immersion and sound you can feel.
To date, the Company has signed agreements for more than 200 of its new IMAX with Laser systems worldwide.
About Cinemark Holdings, Inc. Cinemark is a leading domestic and international motion picture exhibitor, operating 546 theatres with 6,048 screens in 41 U.S. states, Brazil, Argentina and 13 other Latin American countries as of December 31, 2018. For more information, go to investors.cinemark.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 additional offices in London, Dublin, Tokyo, and Shanghai. As of December 31, 2018, there were 1,505 IMAX theater systems (1,409 commercial multiplexes, 14 commercial destinations, 82 institutional) operating in 80 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."