NEW YORK, Feb. 10, 2011 (GLOBE NEWSWIRE) -- IMAX Corporation (Nasdaq:IMAX) (TSX:IMX) and Jiangsu Eudemonia Blue Ocean Cinema Development Co., Ltd. ("Blue Ocean") today announced an agreement to install four new digital IMAX® theatre systems in the People's Republic of China. Under the terms of the agreement, Blue Ocean will build an IMAX digital theatre system into Suzhou Xinsu Tiandi International's Cineplex at Xinsu Plaza in August of this year. The remaining three theatre systems are at new construction locations scheduled to open in early 2014: the Kunming Eudemonia Blue Ocean International Cineplex in Kunming; the Eudemonia Blue Ocean International Cineplex in Taizhou; and the Central Eudemonia Blue Ocean International Cineplex in Xuzhou. Jiangsu Province is on the country's east coast and has a population of 77 million.
"The IMAX brand represents the world's premiere cinema experience, and it is very much in demand with audiences in China, where IMAX screens significantly outperform conventional screens," said Mr. Jiang Wenbo, GM of Jiangsu Eudemonia Blue Ocean. "IMAX digital theatres are playing an increasingly important role in the success of multiplexes in China and around the world. IMAX's exciting film slate, which has started to include mainstream Chinese films in addition to its strong slate of major Hollywood event movies, will enable us to offer a movie-going experience unavailable in any other type of theatre in China."
Commenting on the announcement, IMAX CEO Richard L. Gelfond said, "Entering into a partnership with Blue Ocean is ideal for the growth of the IMAX brand in China. Blue Ocean was established by the state-owned Jiangsu Broadcasting Corporation specifically to develop cinemas, yet another example of how the nation's exhibition industry is poised to continue its significant expansion over the coming years. We look forward to working with this important client at these four locations to offer audiences awe-inspiring entertainment experiences."
"This agreement strategically aligns our brand with one of the strongest local exhibition brands in Jiangsu Province," added Don Savant, Senior Vice President & Managing Director, Asia Pacific. "We believe that Blue Ocean is a reputable and knowledgeable exhibitor that is poised for significant growth, and we're confident that our relationship with them will continue to fuel the growth of the IMAX network in China, which is set to more than double from approximately 40 sites today to 100 over the next couple of years."
IMAX's digital projection system delivers The IMAX Experience® and helps drive profitability for studios, exhibitors and IMAX theatres by eliminating the need for film prints, increasing program flexibility and ultimately increasing the number of movies shown on IMAX screens. The system can run both IMAX and IMAX® 3D presentations.
About Blue Ocean Cinema
A unit under Eudemonia Blue Ocean TV & Movie Group Ltd, a wholly-owned subsidiary of Jiangsu Broadcasting Corporation (JSBC), Jiangsu Eudemonia Blue Ocean Cinema Development Co., Ltd.was founded especially to develop and operate cinemas. Eudemonia Blue Ocean TV & Movie Group Ltd owns several either wholly-owned or share-holding subsidiaries, covering a wide range of businesses including film production, film research, film presentation, movie and television bases, etc.
About IMAX Corporation
IMAX Corporation is one of the world's leading entertainment and technology companies, specializing in the creation and delivery of premium, awe-inspiring entertainment experiences. With a growing suite of cutting-edge motion picture and sound technologies, and a globally recognized entertainment brand, IMAX is singularly situated at the convergence of the entertainment industry, innovation and the digital media world. The industry's top filmmakers and studios are utilizing IMAX theatres to connect with audiences in extraordinary ways, and as such, the IMAX network is among the most important and successful theatrical distribution platforms for major event films around the globe. The Company's new digital projection and sound systems - combined with a growing blockbuster film slate - are fueling the rapid expansion of the IMAX network in established markets such as North America, Western Europe, and Japan, as well as emerging markets such as China and Russia. IMAX theaters deliver the world's best cinematic presentations using proprietary IMAX, IMAX 3D, and IMAX DMR® (Digital Re-Mastering) technologies. IMAX DMR enables virtually any motion picture to be transformed into the unparalleled image and sound quality of The IMAX Experience.
IMAX is headquartered in New York, Toronto and Los Angeles, with offices in London, Tokyo and Shanghai. As of September 30, 2010, there were 470 IMAX theatres (348 commercial, 122 institutional) operating in 45 countries.
IMAX®, IMAX® 3D, IMAX DMR®, Experience It In IMAX®, An IMAX 3D Experience® and The IMAX Experience® 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 ).
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This press release contains forward looking statements that are based on 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. Important factors that could affect these statements include, but are not limited to, general economic, market or business conditions, including the length and severity of the current economic downturn, the opportunities that may be presented to and pursued by the Company, the performance of IMAX DMR films, conditions in the in-home and out-of home entertainment industries, the signing of theatre system agreements, changes and developments in the commercial exhibition industry, the failure to convert theatre system backlog into revenue, new business initiatives, investments and operations in foreign jurisdictions, foreign currency fluctuations and the Company's prior restatements and the related litigation and investigation by the SEC and the ongoing inquiry by the OSC. These factors and other risks and uncertainties are discussed in the Company's most recent Annual Report on Form 10-K and most recent Quarterly Reports on Form 10-Q.
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