CANNES, France, May 24, 2017 /PRNewswire/ -- IMAX Corporation (NYSE: IMAX) today announced it signed a hybrid joint revenue share agreement with Les Cinémas Gaumont Pathé, the biggest cinema chain operator in France, the Netherlands and Switzerland, for six new IMAX® theatres in France and Holland. Five IMAX theatres featuring IMAX's next-generation laser technology will be added to the exhibitor's circuit in France, and one IMAX theatre will be added to its network in Holland. The deal was finalized during a meeting between the parties at the Cannes Film Festival.
The agreement, which follows a 5-theatre deal the companies announced at the end of 2016, brings to 28 Les Cinémas Gaumont Pathé total IMAX commitment, with 17 theatres in France, seven in the Netherlands and four in Switzerland that are currently open or contracted to open.
"We're extremely encouraged by the strong momentum and accelerated growth that IMAX continues to see in Western Europe – particularly in France, where our commercial network doubled in 2016," said IMAX Corp. CEO Richard L. Gelfond. "Through establishing flagship IMAX locations that incorporate our laser technology, Les Cinémas Gaumont Pathé has developed a winning strategy that has resulted in higher per-screen averages and has driven incremental revenue to its complexes. We look forward to building on our partnership to expand our network across Europe and offer audiences a one-of-a-kind cinematic experience they can't get anywhere else."
"With today's agreement, we are expanding our partnership with IMAX to bring the world's most immersive cinematic experience to our top-performing locations," said Martine Odillard, Chairman of Les Cinémas Gaumont Pathé. "In an unprecedented drive towards innovation, we will be deploying purpose-built IMAX theatres as new extensions at these flagship locations to deliver the most technologically advanced auditoriums in France and Europe."
About Les Cinémas Gaumont Pathé
Les Cinémas Gaumont Pathé is the biggest cinema chain operator in France (71 movie theatres), the Netherlands (25 movie theatres) and Switzerland (8 movie theatres). It is also present in Belgium (5 movie theatres). At the end of 2016, Les Cinémas Gaumont Pathé operates 109 movie theatres totaling 1,080 screens and 66,8 million admissions and 743 million euros in revenue.
Les Cinémas Gaumont Pathé pairs the continuous modernization of its movie theaters with the never-ending pursuit innovation. This quest for constant refinement rests on an active policy of construction, reconstruction and renovation of movie theaters and innovative projection technology.
Les cinemas Gaumont Pathé owned by Pathé, one of the biggest film producers in Europe and a major player in film distribution.
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. As of March 31, 2017, there were 1,226 IMAX theatres (1,121 commercial multiplexes, 14 commercial destinations and 91 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."
IMAX®, IMAX® 3D, IMAX DMR®, Experience It In IMAX®, An IMAX 3D Experience®, The IMAX Experience®, IMAX Is Believing® and IMAX nXos®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).
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.
For additional information please contact:
IMAX Corporation – New York
Principal Communications Group – Los Angeles
Melissa Zuckerman/Paul Pflug
SOURCE IMAX Corporation