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Stellar
Cinemas and IMAX Expand Relationship With Revenue Share Deal for up to Seven Theatres
Across China
November
9, 2011
Source: IMAX IMAX Corporation and
SMI Corporation Limited, a leading Chinese entertainment and media company that
operates theatres under the name Stellar Cinemas, announced an agreement to install
up to seven new digital IMAX theatre systems between IMAX Corporation's wholly-owned
subsidiary, IMAX China, and SMI International Cinema Ltd. Under
the terms of the agreement, Stellar will add four new revenue share locations
across China with an option to increase that number to seven. The first theatre
system is scheduled to be installed in an existing multiplex in the Beijing Jin
Yuan Time Shopping Plaza in Beijing, in Spring 2012. The remaining three systems
will go into new construction projects, expected to open in Nanjing, Chongqing,
and Fuzhou in the second half of 2013. "The
success of our first IMAX theatre in Shanghai has shown us that audiences in China
want to see movies in the best possible way, and that means IMAX," said Mr.
Qin Hong, Executive Chairman of the Board, Chief Executive Officer of SMI Corporation
Limited. "We look forward to offering this superior format to more of our
customers with these four new theatres and are actively seeking an additional
three locations." Today's announcement brings
Stellar's IMAX commitment from three to between seven and ten theatres. With 33
locations and 208 screens, Stellar is the third-largest non state-owned exhibitor
in China. IMAX will anchor Stellar's flagship locations throughout China.
"We are pleased to build on our existing partnership
with Stellar and these latest network additions reinforce our commitment to bringing
IMAX to even more moviegoers in our fastest-growing market," said Richard
L. Gelfond, CEO, IMAX. "In fact, today's agreement represents an important
milestone for the company as it brings the total number of IMAX theatres under
contract in China to 200." "As one of
the leading media companies in China, Stellar is a strategic partner for IMAX
in China," added Jiande Chen CEO, IMAX China. "In addition to their
exhibition assets, the company is also heavily involved in film production and
distribution which makes them an excellent partner to help us meet the growing
demand among Chinese moviegoers for more local films to be presented in the IMAX
format." Commenting on the agreement, Don
Savant, IMAX's Senior Vice President and Managing Director, Asia Pacific added,
"It's exciting to see Stellar build on the success of their existing IMAX
footprint by adding more locations including an IMAX installation at the Beijing
Jin Yuan Time Shopping Plaza - the company's top performing multiplex. We continue
to see a growing confidence among leading Chinese exhibitors in the value that
IMAX delivers to their patrons and to their business." 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.
IMAX (Shanghai) Multimedia Technology Co., Ltd.
("IMAX China") is a wholly-owned subsidiary of IMAX Corporation in the
P.R.C. SMI International Cinema Ltd. (SMI Corporation and its Stellar Cinemas-operating
subsidiaries, collectively "Stellar") is a wholly-owned subsidiary of
SMI Corporation Limited.
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