SHANGHAI, June 13, 2016 /PRNewswire/ — IMAX Corporation (IMAX) (NYSE (NYX): IMAX), IMAX China Holding Inc. (HKSE: 1970) and Sichuan Lumière Pavilions Company Ltd. (Lumière), a leading exhibitor in China, announced a full revenue share agreement for 10 new IMAX® theatres. The theatres will be added to new projects located in Tier One and Tier Two cities throughout Chinaand are slated to be installed by the end of 2019. The deal brings Lumière’s IMAX total to 19 theatres.
“We consider IMAX a key competitive advantage for our business and today’s agreement is a direct result of the success we’ve experienced to date with IMAX, which generates incremental box office for our complexes,” said Jimmy Wu, Founder, Chairman and CEO of Sichuan Lumière Pavilions Company Ltd. “IMAX has become a part of the moviegoing mindset of people in China and we look forward to offering our patrons more of the best films around worldwide in the premium, state-of-the-art IMAX format.”
“We are delighted to expand our relationship with Lumière – a valued partner that will bring new IMAX theatres to popular shopping malls in excellent locations across the country,” said IMAX Corp. CEO Richard L. Gelfond. “In the first quarter of this year, our signings growth in China was up 171% from last year. Today’s agreement, along with our recently announced 40-theatre deal in China, signals that this momentum continues. With our end-to-end technology, high brand awareness in China, and the steady rapid expansion of the cinema business, we believe there is a sizable opportunity for us to continue expanding in China well beyond our current footprint.”