NEW YORK, April 5, 2016 /PRNewswire/ -- IMAX Corporation (NYSE: IMAX) and INOX Leisure Limited (INOX), one of the largest exhibition chains in India, announced an agreement for five IMAX® theatres. The theatres will be added to existing INOX multiplexes in the cities of Mumbai, Bangalore, Delhi and Kolkata. The agreement represents the largest theatre deal for IMAX in India and brings the total number of IMAX theatres in the country to 20, with nine currently open and 11 contracted to open.
"We've always said India is potentially a huge opportunity for us," said IMAX CEO, Richard L. Gelfond. "Now is the time to grow in this strategically important market and this deal serves as an important first step. We believe that INOX adding IMAX theatres to its most successful complexes – which are situated in top-tier cities – will help us expand our network in India at a more rapid pace."
"We have built our business on our commitment to create a premium customer experience and we view our partnership with IMAX as an extension of this strategy," said Alok Tandon, CEO, INOX Leisure Ltd. "By associating ourselves with the IMAX brand and offering our guests a completely immersive cinema experience, we will continue to strengthen our position. We are particularly excited about shaping the future of cinema in India through such initiatives."
About INOX Leisure Ltd. INOX Leisure Limited (INOX) is amongst India's largest multiplex chains with 107 multiplexes, 420 screens spread across 57 cities and 19 states.
INOX unveiled its first multiplex in 2002 at Pune (Maharashtra) and since then, there has been no looking back. Today, after three acquisitions (Calcutta Cinema Pvt. Ltd. in 2007, Fame India Ltd. in 2011 and Satyam Cineplexes Ltd. in 2014) and a healthy organic growth, INOX takes pride in being a 100 percent 3D enabled multiplex chain which is HFR (High Frame Rate) ready with a state-of-the-art 2k / 4k digital projection systems.
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."
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.