Friday, May 24 2013 10:59 AM EDT2013-05-24 14:59:20 GMT
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SOURCE IMAX Corporation
IMAX to be Anchor Entertainment Attraction in Exhibitor's Expansion Plans across Country
NEW YORK, March 18, 2013 /PRNewswire/ -- IMAX Corporation (NYSE: IMAX; TSX: IMX) and Mars Entertainment Group today announced an agreement for three IMAX® theatres to be installed in cities throughout Turkey. The deal brings to five the exhibitor's total IMAX commitment, with two theatres currently in operation in the cities of Ankara and Istanbul.
"IMAX delivers a differentiated entertainment experience that has been a tremendous success among our patrons," said Muzaffer Yildirim, CEO, Mars Entertainment Group. "In fact, the gross box office revenues of our IMAX theatres in Istanbul and Ankara continuously over-perform their targets over the previous year. As we begin our aggressive expansion program in Turkey, IMAX will serve as a key component to our growth strategy and help to strengthen our overall business in the country."
"We continue to deliver on our objective to expand our international footprint, and we believe there is increasing demand for IMAX theatres in Europe," said IMAX Chief Executive Officer Richard L. Gelfond. "With a focus on tailoring our programming in international markets and partnering with leading international exhibitors, such as Mars Entertainment Group, we expect to set the stage for continued growth in Europe."
"Turkey is an underpenetrated market, both from an overall cinema and IMAX standpoint," said Andrew Cripps, President, IMAX EMEA. "We're delighted to expand our partnership with Turkey's leading exhibitor and work together to capitalize on the growth potential that exists in this burgeoning market and bring The IMAX Experience® to more audiences across Turkey."
About Mars Entertainment Group Founded in 2001, Mars Entertainment Group, by far Turkey's largest cinema circuit, has always been the industry pioneer. With 12 years of strong existence in the market, Mars Entertainment Group owns 57 theatres with 491 screens in 22 different cities nationwide. More information about the Company can be found at www.marsentertainmentgroup.com.tr.
About IMAX Corporation IMAX, an innovator in entertainment technology, combines proprietary software, architecture and equipment to create experiences that take you beyond the edge of your seat to a world you've never imagined. Top filmmakers and studios are utilizing IMAX theatres to connect with audiences in extraordinary ways, and, as such, IMAX's network is among the most important and successful theatrical distribution platforms for major event films around the globe.
IMAX is headquartered in New York, Toronto and Los Angeles, with offices in London, Tokyo, Shanghai and Beijing. As of Dec. 31, 2012, there were 731 IMAX theatres (598 commercial multiplexes, 19 commercial destinations and 114 institutions) in 53 countries.
This press release contains forward looking statements that are based on IMAX 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; the opportunities (or lack thereof) that may be presented to and pursued by the Company; the performance of IMAX DMR films; competitive actions by other companies; conditions in the in-home and out-of-home entertainment industries; the signing of theater system agreements; changes in laws or regulations; conditions, changes and developments in the commercial exhibition industry; the failure to convert theater system backlog into revenue; risks associated with investments and operations in foreign jurisdictions and any future international expansion, including those related to economic, political and regulatory policies of local governments and laws and policies of the United States and Canada; risks related to the Company's growth and operations in China; the failure to respond to change and advancements in digital technology; risks related to the acquisition of AMC Entertainment Holdings, Inc. by Dalian Wanda Group Co., Ltd.; risks related to new business initiatives; the potential impact of increased competition in the markets within which the Company operates; risks related to the Company's inability to protect the Company's intellectual property; risks related to Eastman Kodak bankruptcy and the possibility of constrained film supply; risks related to the Company's implementation of a new enterprise resource planning system; risks related to the Company's prior restatements and the related litigation; and other factors, many of which are beyond the control of the Company. These factors and other risks and uncertainties are discussed in IMAX's most recent Annual Report on Form 10-K and most recent Quarterly Reports on Form 10-Q.