NEW YORK, March 15, 2012 /PRNewswire/ -- IMAX Corporation (NYSE: IMAX; TSX: IMX) and Cine Star Cinema Pakistan today announced a sale agreement to install three digital IMAX® theatre systems into new construction projects in Lahore, Islamabad and Karachi, Pakistan, beginning in 2013. The deal marks IMAX's first commercial theatres to open in Pakistan and brings the total number of IMAX® theatres open or contracted to open in the Asia Pacific region to 303.
"One of the key reasons for our strategic investment in IMAX is the company's success in developing markets globally, such as Russia, India and China. We believe IMAX represents an exciting and profitable business opportunity that will set our multiplexes apart from our competition," said Faraz Chaudhry, CEO Cine Star Pakistan. "With the most immersive cinematic platform available, coupled with the best in Hollywood and local-language content, we look forward to offering our patrons a movie-going experience unlike anything they've had before."
"Cine Star, one of the top cinema chains in Pakistan with numerous real estate and film industry assets, is a strategic partner that shares our vision of delivering the ultimate cinematic experience to movie-goers," said Richard L. Gelfond, CEO of IMAX. "We look forward to expanding into Pakistan, a market we believe provides exciting opportunities for growth."
"Helping Cine Star to bring IMAX to the Pakistan market has been a rewarding experience for Harrods Group because this premier entertainment experience will soon be enjoyed by the masses," said Ali Sheikh, CEO Harrods Group.
Members of the media are invited to join the official announcement on Friday, Mar. 16, 2012, at 10:30am Eastern Time at IMAX Corporation, 2525 Speakman Drive in Mississauga, ON.
IMAX's digital projection system delivers The IMAX Experience® and helps drive profitability for studios, exhibitors and IMAX theatres by eliminating the need for film prints, increasing program flexibility and ultimately increasing the number of movies shown on IMAX screens. The system can run both IMAX and IMAX® 3D presentations.
About Cine Star Pakistan
Cine Star was established in Lahore as the first premium cinema house in 2008. The theatre is located in the entertainment capital of Pakistan equipped with the latest in modern equipment, boasts the largest screen in Lahore, and provides the most comfortable movie going experience in the country. Cine Star is committed to offering its customers a very broad range of films including Hollywood and Bollywood blockbusters.
About Harrods Group
Harrods Group represents companies in the Middle East and Asia in acquiring products and services from the North American market. As consultants Harrods Group helped to place IMAX with Cine Star Pakistan and assisted in structuring the agreement. Harrods represents clients in all sectors including hospitality, manufacturing, distribution and retail. Our experienced executive board and advisory consists of highly respected professionals throughout North America.
About IMAX Corporation
IMAX Corporation is one of the world's leading entertainment and technology companies, specializing in the creation and delivery of premium, awe-inspiring entertainment experiences. With a growing suite of cutting-edge motion picture and sound technologies, and a globally recognized entertainment brand, IMAX is singularly situated at the convergence of the entertainment industry, innovation and the digital media world. The industry's top filmmakers and studios are utilizing IMAX theatres to connect with audiences in extraordinary ways, and as such, the IMAX network is among the most important and successful theatrical distribution platforms for major event films around the globe. The Company's new digital projection and sound systems - combined with a growing blockbuster film slate - are fueling the rapid expansion of the IMAX network in established markets such as North America, Western Europe, and Japan, as well as emerging markets such as China and Russia. IMAX delivers the world's best cinematic presentations using proprietary IMAX®, IMAX 3D®, and IMAX DMR® (Digital Re-Mastering) technologies. IMAX DMR enables virtually any motion picture to be transformed into the unparalleled image and sound quality of The IMAX Experience®.
IMAX is headquartered in New York, Toronto and Los Angeles, with offices in London, Tokyo, Shanghai and Beijing. As of December 31, 2011, there were 634 IMAX theatres (497 commercial multiplex, 20 commercial destination and 117 institutional) in 50 countries.
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. Important factors that could affect these statements include, but are not limited to, general economic, market or business conditions, including the length and severity of the current economic downturn, the performance of IMAX DMR films, the opportunities that may be presented to and pursued by IMAX, competitive actions by other companies, conditions in the in-home and out-of home entertainment industries, the signing of theatre system agreements, changes in law or regulations, conditions, changes and developments in the commercial exhibition industry, the failure to respond to changes and advancements in digital technology, the failure to convert theatre system backlog into revenue, new business initiatives, investments and operations in foreign jurisdictions and any future international expansion, the inability to protect IMAX's intellectual property foreign currency fluctuations and IMAX's prior restatements and the related litigation. These factors and other 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.