IMAX & Formula Kino Sign Three-Theatre Agreement; Includes First IMAX Laser Deal In Russia
Imax Corporation (NYSE: IMAX; TSX: IMX) and Formula Kino, one of Russia's leading exhibition chains, today announced an agreement to install three Imax theatres in new construction projects across Russia. Under the terms of the agreement Imax theatres will be installed in Moscow and Novokuznetsk, with IMAX's next-generation laser digital projection technology to be added to a new complex in Moscow expected to open in 2015, marking IMAX's first laser system deal in the country.
In December 2012, Formula Kino merged with Kronverk Cinema, which has an Imax theatre in the regional city of Syktivkar. The merged companies operate under the Formula Kino brand. Today's agreement brings Formula Kino's total Imax commitment to eight theatres, with existing Imax theatres in St. Petersburg (3), Moscow (1) and Syktivkar (1).
"We are very proud to be the first exhibitor in Russia to sign up for IMAX's groundbreaking laser projection technology, which we are confident will set a new standard of moviegoing in Russia," said Nikita Schegol, General Director, Formula Kino. "This cutting-edge technology will serve as the centerpiece of our new Moscow site, which will be designed as the country's landmark multiplex and is expected to host Russia's biggest movie premieres."
"Formula Kino is a world-class exhibitor, innovator and marketer of the Imax brand," said Andrew Cripps, President, Imax EMEA. "Not only is it the first in Russia to commit to our laser technology, but it will be adding the system to what is sure to be an iconic multiplex in Russia a tremendous vote of confidence in the value we deliver. Russia is among our fastest-growing markets and with strong partners such as Formula Kino, we are well positioned to continue to expand the reach of The Imax Experience throughout the country."
IMAX's next-generation laser projection system is expected to set a new benchmark as the industry's premium entertainment experience. The system, which represents the culmination of the largest R&D initiative in IMAX's history, incorporates the laser digital intellectual property Imax exclusively licensed from Eastman Kodak and Barco's unique laser innovations. It will enable IMAX's largest screens to deliver the highest-quality digital content available with greater brightness and clarity, a wider color gamut and deeper blacks.
About Formula Kino
Formula Kino operates 37 theatres across Russia and the Ukraine. The company's film programming strategy includes the most anticipated blockbusters as well as original language films with Russian subtitles and a variety of art-house and festival programming. Currently, Formula Kino operates five Imax theatres, two of which are Imax Sapphire theatres.