IMAX and CJ CGV Holdings, Ltd. Expand Revenue Share Relationship With 15
IMAX® Theatres in China
SHANGHAI, Nov. 8, 2012 /CNW/ - IMAX Corporation (NYSE: IMAX; TSX: IMX) and CJ
CGV Holdings, Ltd., a subsidiary of Korean media conglomerate CJ CGV Co. Ltd.,
today announced an expansion of the companies' revenue share agreement with
the addition of 15 new IMAX(®) theatres to be installed in new construction
projects throughout the People's Republic of China. The agreement brings CJ
CGV's IMAX commitment to a total of up to 65 theatres in South Korea and China.
(Logo: http://photos.prnewswire.com/prnh/20111107/MM01969LOGO )
"Since 2009, IMAX has served as a key differentiator for our Korean circuit,
providing our guests with the most immersive movie-going experience
available," said the CEO of CJ CGV, Mr. Seo Jung. "We're delighted to expand
our IMAX commitment and leverage this competitive advantage to support our
aggressive expansion plans throughout China."
"We're pleased to build on our relationship with CJ CGV - a top-notch
exhibitor that is helping to bring more IMAX theatres into untapped regions in
China," said Jiande Chen, CEO of IMAX China. "We remain committed to
supporting the growth of China's film and exhibition industry and bringing the
best in Chinese and Hollywood blockbusters to more audiences across the
"Today's agreement underscores the continued momentum for IMAX in China, where
we're seeing more property developers looking to add IMAX theatres as the
anchor entertainment attraction in their new commercial developments," said
Don Savant, Senior Vice President and Managing Director, Asia Pacific.
"Working closely with our strategic partner, CJ CGV, we are addressing this
demand and leveraging our revenue share business model to more quickly
capitalize on these opportunities."
About CJ CGV HOLDINGS, LTD.
CJ CGV HOLDINGS is a wholly-owned subsidiary of CJ CGV, and is incorporated
under the laws of Hong Kong. CJ CGV HOLDINGS was established by CJ CGV
specifically to oversee the expansion of theater business throughout Greater
About CJ CGV
CJ CGV operates South Korea's largest multiplex cinema chain, with its
headquarters in Seoul. It is a subsidiary of CJ Group and was established in
1996. CGV opened its first multiplex cinema in Korea in April 1998. Since the
opening of its first cinema in eastern Seoul, CGV has expanded and currently
operates 726 screens over 91 sites nationwide. CGV opened its first overseas
branch in Shanghai, China in late 2006 and opened its first North American
branch in Los Angeles, California in June 2010. The company went public in
December 2004 and is currently valued at US$640 million. CGV now has 45% of
the market share in South Korea including Primus, its subsidiary multiplex
chain with 135 screens in 20sites nationwide.
About IMAX China
IMAX China is a wholly-owned subsidiary of IMAX Corporation, and is
incorporated under the laws of Hong Kong. IMAX China was established by IMAX
Corporation specifically to oversee the expansion of IMAX's business
throughout Greater China.
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 Sept. 30, 2012, there were 689 IMAX
theatres (556 commercial multiplex, 20 commercial destination and 113
institutional) in 52 countries.
IMAX®, IMAX® 3D, IMAX DMR®, Experience It In IMAX®, An IMAX 3D
Experience®, The IMAX Experience® and IMAX Is Believing® 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
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
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