NEW YORK, March 15, 2012 – IMAX Corporation (NYSE: IMAX; TSX: IMX) and Cine Star Cinema Pakistan today announced a sale agreement to install three digital IMAX® theatre systems into new construction projects in Lahore, Islamabad and Karachi, Pakistan, beginning in 2013. The deal marks IMAX’s first commercial theatres to open in Pakistan and brings the total number of IMAX® theatres open or contracted to open in the Asia Pacific region to 303.
“One of the key reasons for our strategic investment in IMAX is the company’s success in developing markets globally, such as Russia, India and China. We believe IMAX represents an exciting and profitable business opportunity that will set our multiplexes apart from our competition,” said Faraz Chaudhry, CEO Cine Star Pakistan. “With the most immersive cinematic platform available, coupled with the best in Hollywood and local-language content, we look forward to offering our patrons a movie-going experience unlike anything they’ve had before.”
“Cine Star, one of the top cinema chains in Pakistan with numerous real estate and film industry assets, is a strategic partner that shares our vision of delivering the ultimate cinematic experience to movie-goers,” said Richard L. Gelfond, CEO of IMAX. “We look forward to expanding into Pakistan, a market we believe provides exciting opportunities for growth.”
“Helping Cine Star to bring IMAX to the Pakistan market has been a rewarding experience for Harrods Group because this premier entertainment experience will soon be enjoyed by the masses,” said Ali Sheikh, CEO Harrods Group.
Members of the media are invited to join the official announcement on Friday, Mar. 16, 2012, at 10:30am Eastern Time at IMAX Corporation, 2525 Speakman Drive in Mississauga, ON.
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.