TORONTO – Canada’s IMAX Corporation and China’s Wanda Cinema Line Corporation announced an agreement to install ten IMAX theatres in The People’s Republic of China, with the first two installations scheduled for December of this year.
The agreement marks IMAX’s largest ever multiple-theatre deal in Asia. Under the terms of the sales agreement, all of the theatres are to be installed either with IMAX’s MPX theatre system or the Company’s new digital projection technology, which is currently in the advanced stages of development.
Wanda Cinema Line Corporation is the top performing and fastest growing exhibitor in The People’s Republic of China with 121 screens in 15 locations. All ten IMAX theatres are expected to be installed by the end of 2010.
"IMAX is a world-class brand that has been received exceptionally well across Asia, and we are very excited to include the IMAX theatre business as an integral part of our present and future growth," said Mr. Bao Jiazhong, General Manager of Wanda Cinema Line Corporation.
"China continues to be a key strategic growth market for IMAX, and our partnership with Wanda Cinema Line – an exhibitor AND property developer – gives us the opportunity to significantly expand our audience-base and ultimately drive greater interest in the region," said IMAX Co-CEO’s and Co-Chairmen Richard L. Gelfond and Bradley J. Wechsler. "This single deal is expected to increase our presence in China by more than 30 percent. We are encouraged by the enthusiasm of our new partners and we look forward to working with them to bring The IMAX Experience to more people in China."
The first three locations will utilize the IMAX MPX theatre system, IMAX’s latest film projection technology specifically designed to enable multiplex operators to enter into the IMAX theatre business. The remaining seven locations are scheduled to utilize IMAX’s digital projection system.