SHANGHAI, Sept. 26, 2017 /PRNewswire/ -- IMAX Corporation (NYSE:IMAX), IMAX China Holding Inc. (HKSE: 1970) and Dadi Cinema Group, China's second-largest exhibitor, today announced a sales agreement for five IMAX® theatres to be added to new multiplexes in First-, Second- and Third-Tier cities in the People's Republic of China.
In January, Dadi Cinema Group acquired the mainland cinemas of Chinese exhibitor Orange Sky Golden Harvest Cinemas, an IMAX partner with a total of five IMAX theatres in China. Inclusive of the acquisition, today's agreement brings Dadi Cinema's IMAX footprint to 10 theatres, with the five Orange Sky Golden Harvest IMAX sites currently in operation.
"I'm delighted to welcome Dadi Cinema Group as our newest exhibitor in China. As the second-largest exhibitor in the country, this is an important and strategic partnership," said Richard L. Gelfond, IMAX CEO. "Today's agreement demonstrates that our differentiated cinema experience and powerful brand continues to be a competitive advantage for the nation's exhibition giants."
"Dadi Cinema has been committed to providing a high-quality experience for Chinese audiences ever since its establishment, and it has been upgrading, making breakthroughs and innovations over the years," said Yu Xin, CEO of Dadi Cinemas Group. "We are honored to partner with IMAX, the world's leading entertainment technology company, and through our partnership, we look forward to offering more Chinese moviegoers the premium cinematic experience."
About Dadi Cinema Established in 2006, Dadi Cinema Group provides management and operation of its direct theaters. As of the end of August 2017, Dadi have opened 455 theaters (including OSGH) with a total of 2664 screens, covering 29 provinces and 178 cities. In 2016 Dadi's box office reached 2.237 billion yuan, making it the second largest theater investment and management company in China.
In 2015, the concept of "film plus" was first introduced in the industry by Dadi Cinema, including film + innovative internet, film + innovative retail and film + innovative dining. The new "film + creative culture" project was put forward in 2016 and then was officially launched in 2017. The project delivers exclusive music experiences by holding nine concerts in four places.
In January 2017, Dadi acquired all the OSGH cinemas in China mainland for 3.387 billion yuan, which improved its strategic blueprint and sales productivity through resource integration.
Over the past decade development, Dadi's success is underpinned by outstanding chain operation, standard information construction and superior services. Collectively, these factors position Dadi Cinema as an integrated cinema management company.
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, Dublin, Tokyo, Shanghai and Beijing. IMAX is headquartered in New York, Toronto and Los Angeles, with additional offices in London, Dublin, Tokyo, and Shanghai. As of June 30, 2017, there were 1,257 IMAX theaters (1,154 commercial multiplexes, 13 commercial destinations and 90 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."
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.