NEW YORK, July 24, 2019 /PRNewswire/ -- Cineworld Group PLC (LON: CINE) and IMAX Corporation (NYSE: IMAX) today announced an agreement to bring 15 new IMAX® with Laser systems to Regal theatres across the United States. The new agreement marks a significant expansion of Cineworld and IMAX's more than 20-year partnership and builds on an agreement for 55 new IMAX with Laser systems signed by the companies in April 2018. Overall, Cineworld has more than 170 IMAX theatres currently in operation or contracted to open throughout the United States and Europe.
The upgraded theatres announced today will include IMAX's groundbreaking laser technology and 12-channel immersive sound system, as well as enhancements including luxury plush rocker seating, redesigned entryways and in-theatre branding. The theatres span some of Regal and IMAX's most longstanding and high-performing locations across New York, California, Texas, and Georgia, including the Regal Edwards Irvine Spectrum in Irvine, CA; Regal UA Sheepshead Bay in Brooklyn, NY; and the Regal Edwards Houston Marq*E.
"At Cineworld, we are committed to bringing the most innovative technologies into our theatres with the ultimate goal of creating the best moviegoing experience for our guests," said Mooky Greidinger, CEO of Cineworld. "Through our ongoing partnership with the IMAX Corporation, we are excited to bring their groundbreaking IMAX with Laser technology to our theatres along with a completely updated and immersive experience inside each auditorium."
"This agreement brings our most advanced IMAX technology to our most successful Regal theatres in the United States and builds on the continued growth of our network and box office performance in 2019," said IMAX CEO Richard L. Gelfond. "We're grateful to Cineworld, Regal, and Mooky for our longstanding partnership, and the opportunity to give their customers the most premium and immersive cinematic experience in the world."
Launched in April 2018, there are now more than 230 IMAX with Laser systems currently in operation or contracted to open in locations around the world. IMAX with Laser provides audiences with strikingly crystal-clear and vivid images to suspend disbelief when experiencing today's biggest blockbusters.
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 system also features 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 the audience can feel.
About Cineworld Group: Cineworld Group was founded in 1995 with its roots going back to 1930 through the combination with Cinema City in 2014. In December 2017, Cineworld acquired US cinema chain Regal Entertainment Group. Following completion of the deal in February 2018, the enlarged Group became the second largest cinema chain in the world, with 9,538 screens across the US and Europe. Cineworld is operating cinemas today in ten countries: the US, the UK, Ireland, Poland, Romania, Israel, Hungary, Czech, Bulgaria and Slovakia, covering a market of approximately 500 million people. The acquisition of Regal provides Cineworld with a major presence in the US cinema market, the largest box office market in the world. Cineworld's primary brands are Regal (in the US), Cineworld and Picturehouse (in the UK & Ireland), Cinema City (throughout Europe) and Yes Planet (throughout Israel). We believe that the size, reach and quality of Cineworld's theatre circuit provides its patrons with a convenient and enjoyable movie-going experience. We are committed to being 'The Best Place to Watch a Movie!' More information can be found at www.cineworld.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 March 31, 2019, there were 1,514 IMAX theatre systems (1,420 commercial multiplexes, 14 commercial destinations, 80 institutional) operating in 81 territories. 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."
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.