NEW DELHI, April 19, 2018 /PRNewswire/ -- IMAX Corporation ( NYSE: IMAX) and INOX Leisure Limited (INOX), a world-class multiplex chain in India, announced an agreement for five new IMAX® theatres. The theatres will be added to new complexes, with two located in the city of Delhi and one theatre each located in the cities of Mumbai, Navi Mumbai and Gurugram. The deal, which IMAX announced concurrently with another four-theatre India agreement this morning, brings IMAX's total number of contracted theatres in India to 40, with 15 currently open and 25 contracted to open.
"We are very encouraged by the rapid pace of our expansion in India, where we've nearly doubled our contracted network in the last year," said IMAX CEO Richard L. Gelfond. "We're seeing an evolution in the world's third-largest box office market towards more premium, event-driven cinema, and believe IMAX is ideally positioned to work together with world-class theatre chain, INOX, who shares our commitment to quality and innovation, to usher in differentiated cinema experiences across their flagship locations in India."
INOX Leisure Ltd. CEO Alok Tandon said, "INOX stands for the best in luxury, comfort and technology. We have always believed in giving a 7-star movie viewing experience to our patrons and there is not a better experience than IMAX. We receive phenomenal responses from our patrons for the IMAX screens we already have. We are delighted to strengthen this and further expand our footprint of IMAX screens with this latest deal and strongly believe that this association will only grow."
Inclusive of today's agreement, INOX has contracted for a total of 10 IMAX theatres, with two open and eight scheduled to open. INOX currently has an IMAX theatre open in Mumbai and another in Bangalore, both of which opened in 2017. With this deal, INOX will add new IMAX theatres to some of India's most prominent commercial developments, including a standalone IMAX theatre at the iconic Paras Theatre location in the heart of South Delhi and a theatre at the Reliance Convention Centre and Retail in Bandra Kurla Complex - Mumbai's prestigious business district.
About INOX Leisure Ltd.
INOX Leisure Limited (INOX) is amongst India's largest multiplex chains with 123 multiplexes and 492 screens in 61 cities. For easy and convenient ticket booking, INOX offers online booking on www.inoxmovies.com and through its smart phone applications across Android and Apple platforms.
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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 additional offices in London, Dublin, Tokyo, and Shanghai. As of December 31, 2017, there were 1,370 IMAX theater systems (1,272 commercial multiplexes, 12 commercial destinations, 86 institutional) operating 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