IMAX and Cinema Park Sign Sale Agreement
Slated for installation in 2012 and 2013, the IMAX theatres will be located in multiplexes in Kaliningrad, Ulyanovsk, Omsk, Krasnoyarsk, Tula, Penza, Stavropol and Irkutsk.
The eight systems are in addition to the 10-system deal between IMAX and Cinema Park, and bring the total number of IMAX theatres scheduled to be operating in Russia and the Commonwealth of Independent States (CIS) to 46 by 2014.
IMAX theatres in Russia and the CIS continue to produce exceptional box office results. During 2010, the 17 IMAX theatres in the region have produced some of the highest per-screen box office averages in the world.
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.
Sergei Kitin, general director of Cinema Park, said: â€œThe appetite for premium entertainment continues to grow in Russia, and we're very happy to be able to satisfy that appetite with The IMAX Experience. The remarkable success of our first four IMAX theatres has demonstrated that the IMAX brand resonates very well with Russian moviegoers.
â€œWe are pleased to add more locations, and we look forward to bringing the world's most immersive cinema experience to even more moviegoers throughout Russia and the CIS."
Richard Gelfond, CEO of IMAX, said: â€œIt is very encouraging to see the success of existing IMAX theatres with prominent exhibitors translate into additional locations, particularly in parts of the world where we see significant growth potential.
"Cinema Park has a strong, highly recognized brand throughout the Russian market, making it an ideal partner as we continue to focus on network expansion in the region.â€
Will the agreement commercially benefit the firms?
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