NEW YORK, July 12, 2016 /PRNewswire/ -- IMAX Corporation (NYSE: IMAX) and Ster-Kinekor Theatres, a division of Primedia (Pty) Ltd., today announced an agreement for three new IMAX® theatres in South Africa with locations to be confirmed. The deal brings Ster-Kinekor's IMAX footprint to 10 theatres with seven currently open in cities throughout South Africa, including three in Johannesburg and one each in Port Elizabeth, Cape Town, Pretoria and Durban.
"Ster-Kinekor entered the IMAX business back in 2013 when there were no IMAX theatres in South Africa and in less than three years, they've expanded their commitment to 10 theatres. This is a testament to their world-class marketing and operational efforts and the power of IMAX to thrill audiences and deliver results to our exhibition partners," said Andrew Cripps, President of International and EVP, IMAX Corporation. "In Africa, our year-over-year box office is up 125% and we've signed theatre agreements in Nigeria, Angola and Kenya in the past 12 months alone. As we continue to work closely with exhibition leaders such as Ster-Kinekor, we will capitalize on the many growth opportunities that exist in this underpenetrated market where there is a growing appetite for The IMAX Experience®."
"Our commitment is to offer consumers an unparalleled entertainment experience and IMAX is an essential part of this growth strategy. The performance of our existing IMAX theatres is tremendous and today's agreement is a direct result of this success," said Wanda Matandela, CEO of Ster-Kinekor Theatres. "We are proud to be the largest IMAX exhibitor in Africa and look forward to bringing the world's most immersive cinematic experience to even more of our guests in South Africa."
Since the opening of the first IMAX theatre at Gateway in Durban in 2013, the footprint has already increased to seven, with a further three cinemas in the pipeline this year. Ster-Kinekor continues to enjoy support from its loyal customers for this premium cinematic experience. With the cinemas fitted with the latest digital technology and screening the film studios' biggest blockbusters in this immersive format, the country's leading cinema chain is able to deliver on its promise to provide 'great moments at their greatest'.
About Ster-Kinekor Theatres Ster-Kinekor Theatres is a wholly-owned business within the Primedia Group and is the largest movie exhibitor on the African continent. To most South Africans, the word 'movies' is synonymous with the name 'Ster-Kinekor'. The company operates 57 commercial cinema complexes in South Africa, with six international sites based in Namibia, Zambia and Zimbabwe. The cinema chain's sites house more than 480 large-scale screens, over 87 264 seats and the largest 3D footprint featuring more than 140 state-of-the-art 3D screens across the country.
As the industry leader, Ster-Kinekor has pioneered cinema concepts such as Cinema Nouveau, one of the world's largest dedicated art-house multiplex circuits, and the luxurious Cine Prestige theatres, the first 'business class' cinema experience in South Africa. It boasts the only cinema on the continent that is fitted with the advanced Dolby Atmos sound system (at Gateway in Durban); and has headed the return of The IMAX® Experience, with the opening of seven IMAX® Theatres across the country.
As one of South Africa's most loved brands, it is Ster-Kinekor's ongoing mission to become synonymous with the unrivalled magic of the cinema experience, by providing 'Great Moments at Their Greatest'. During 2013, the company embarked on a massive roll-out project to convert and equip every cinema with the very latest in digital projection and sound technology. The result of this upgrade is that every cinema now boasts state-of-the-art cinema technology that encompasses 2K and 4K digital projection and 5.1 and 7.1 surround sound systems.
The award-winning SK App, which is downloadable on all smart phone operating systems, is interactive, user-friendly and feature-rich, and recently recorded over 1.9-million downloads. The SK Club loyalty programme rewards members with redeemable points when they swipe their card when buying movie tickets or catering. Combined with industry leading loyalty programmes from Edcon and Discovery Vitality, these give Ster-Kinekor a strong consumer value proposition and competitive advantage.
As the market leader, Ster-Kinekor aims to spearhead the advancement of cinema across both South Africa and the rest of Africa, to ensure that consumers continue to experience movies as they were made to be seen – on the big screen.
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, 2016, there were 1,066 IMAX theatres (952 commercial multiplexes, 17 commercial destinations and 97 institutions) in 68 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 and AMC managements' 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 and AMC's most recent Annual Report on Form 10-K and most recent Quarterly Reports on Form 10-Q and their other public filings.
For additional information please contact:
Business Media: IMAX Corporation – New York Ann Sommerlath 212-821-0155 [email protected]