NEW DELHI, April 26, 2017 /PRNewswire/ -- IMAX Corporation (NYSE: IMAX) and PVR Ltd. (PVR), the largest exhibition chain in India, announced a sales agreement for five IMAX® theatres to be located in Delhi and other major metropolitan markets in India. The theatres will be in a combination of new and existing complexes that are slated to begin opening this year, with all theatres expected to launch by the end of 2019. The agreement brings to 10 PVR's total IMAX commitment and positions the exhibitor as the Company's largest partner in India.
PVR Cinemas currently operates a cinema circuit of 579 screens at 126 properties in 50 cities with four IMAX screens in Mumbai, Bengaluru and Noida. Since April 2016, IMAX has signed 10 theatre agreements in India, marking the Company's highest number of signings in India in a single year. Today's agreement, which is tied as the largest single theatre signing for IMAX in the country, brings the total number of IMAX theatres in India to 26, with 11 currently open and 15 contracted to open.
"We are really pleased to continue to develop the IMAX footprint in India – the fifth-largest film market in the world – with PVR," said IMAX CEO Richard L. Gelfond. "We've been trying to develop the Indian market for 15 years, and now finally have the momentum to build out our brand nationwide and release Bollywood films. Our 26 theatres in India, signed or open, and our 10 signings in the last year show that India is becoming a very important market for us."
"The tremendous success of our existing four IMAX theatres, along with the upcoming slate of differentiated and exclusive IMAX content, provided us the confidence to double our commitment and continue to leverage IMAX as a strategic part of our business," said Mr. Ajay Bijli, Chairman & Managing Director, PVR Limited. "With IMAX anchoring our most important locations, we look forward to further strengthening our presence in India by offering our patrons the most technologically advanced moviegoing experience available."
IMAX recently announced that Arka Mediaworks' much-anticipated fantasy film—Baahubali 2: The Conclusion—will be released in IMAX® theatres April 28 in India as well as in select IMAX theatres in other global territories such as North America, the Middle East, Australia and Africa.
About PVR Limited
PVR is the largest and most premium film exhibition company in India. Since its inception in 1997, the brand has redefined the way entertainment is consumed in India. PVR currently operates a cinema circuit comprising of 579 screens at 126 properties in 50 cities (18 states and 1 Union Territory), serving approx. 75 million patrons annually.
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 March 31, 2017, there were 1,226 IMAX theaters (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.
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SOURCE IMAX Corporation