IMAX & Cinepolis Expand Partnership w/ 8-Theatre Agreement in Latin America
Imax Corporation (NYSE: IMAX; TSX: IMX) and Cinepolis, one of the world's largest exhibition circuits, today announced an agreement to install eight new Imax theatres in existing Cinepolis multiplexes throughout Latin America. Four of the Imax theatres will be located in Colombia, with a single theatre each in Brazil, Guatemala, Panama and Peru.
Today's announcement follows recent agreements between the companies in September for an Imax theatre in India and in April for five Imax theatres in Mexico, bringing to 22 the exhibitor's total Imax commercial footprint. Cinepolis currently has six Imax theatres open in Mexico and one in Brazil.
"We've been more aggressive recently in the Latin American market with 17 theatre signings to date in 2013 more than triple the number of deals signed in the region in 2012," said Imax CEO Richard L. Gelfond. "We're pleased to see our efforts coming to fruition in our relationship with Cinepolis and we expect the region to provide further growth for us as the appetite for The Imax Experience continues to increase among developers, exhibitors and consumers."
"One of our main success factors has been our focus on innovation and Imax is an integral part of how we're delivering on this front," said Alejandro Ramirez, CEO of Cinepolis Worldwide. "IMAX provides us with a strategic and competitive advantage that drives stronger performance at our multiplexes and we look forward to bringing the world's most immersive cinematic experience to more theatres across our network."
Cinepolis is the world's 4th largest movie theater circuit, operating more than 3,000 screens in 11 countries and serving close to 200 million patrons annually. The company operates its screens under four different brands that span across the ultra-premium to the extreme value segments. As a company that is committed to innovation, Cinepolis was the first to pioneer the concept of premium movie theaters via its Cinepolis VIP brand. The company aspires to provide its patrons the best overall experience in filmed entertainment and employs a global workforce of 22,000 people to support its mission. Founded in 1971, Cinepolis is privately held and is headquartered in Morelia, Mexico.