NEW YORK, April 14, 2016 /PRNewswire/ -- IMAX Corporation (NYSE: IMAX), IMAX China Holding Inc. (HKSE: 1970) and IN89 Digital Cinemax Co. Ltd. (IN89), a leading exhibitor in Taiwan, announced an agreement for two IMAX® theatres. Both theatres will be added to new construction projects located in the Ji'an Township of the Hualien county and in the city of Jiayi. The agreement brings to 15 the total number of IMAX theatres in Taiwan.
"We believe IMAX's world-renowned cinema technology coupled with its film slate of the biggest Chinese and Hollywood blockbusters will support our expansion efforts and help increase our market share," said Mr. Ben Cai, CEO of IN89 Digital Cinemax Co. Ltd. "With IMAX, we are delivering the best entertainment experience possible to our guests and we look forward to launching an exciting new chapter of immersive movie-going for audiences in Hualien and Jiaiyi."
"We are delighted to welcome IN89 as our newest Asia Pacific partner and together look forward to seizing the growth opportunities that exist in Taiwan, where our per screen average (PSA) of over $1.6 million significantly surpasses our global PSA of $1.1 million," said Richard L. Gelfond, CEO IMAX. "Exhibitors worldwide recognize that IMAX delivers an event-based experience for tentpole films like nothing else can. Given this and the enthusiasm among exhibitors around our 2016 and 2017 film slates, our theater deal activity continues to be robust."
IN89 Digital Cinemax was established in 1964, with a location at Ximending, which has been the most well-known area of Taipei for over 50 years. In the past 50 years, IN89 was refurbished several times, and the Company also expanded its business territory to Kinmen, Yilan, and Kaohsiung. In addition, there are two more projects in Hualien and Chiayi that will be completed in the coming years. Upon their completion, each will represent the first IMAX theatre in eastern Taiwan and Chiayi city.
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, Tokyo, Shanghai and Beijing. As of Dec. 31, 2015, there were 1,061 IMAX theatres (943 commercial multiplexes, 19 commercial destinations and 99 institutions) in 67 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.
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SOURCE IMAX Corporation