Cinema City and IMAX Corporation are going digital in Central Europe and extending the deal into Israel.
Today Cinema City International, N.V. (WSE:CCI) (“CCI”) and IMAX® Corporation announced the new agreement between the Companies enhancing IMAX operations in Central and Eastern Europe and building up IMAX® presence in Israel. Cinema City, being exclusive exhibitor of IMAX® in the region, will digitalize all its IMAX® theatres and it’s going to expand IMAX® exhibition into Israel.
"We are thrilled to announce the new IMAX®deal which amends our current deal and put us in line with the top technology that exists today in the exhibition world.” said Moshe (Mooky) Greidinger, CEO of Cinema City International. "After 10 years of great cooperation with IMAX we are looking forward into enlarging our cooperation even beyond the upgrade and the entrance to our 6th territory – Israel, and we can only be proud that IMAX has chosen us to be its partners. Cinema City goal is to bring to our audiences the best quality and service and IMAX is for sure one of our tent-poles in reaching this target”. Greidinger added "there were some people who questioned IMAX future along the digital revolution – but our results with "sold-out" IMAX shows for weeks and weeks in AVATAR, Alice in Wonderland and others, generating much higher income than non-IMAX screen, proved that IMAX will always remain the superior cinema experience".
Cinema City and IMAX Corporation signed the first master agreement in 1998. Since that time Cinema City has been the exclusive exhibitor for IMAX® theatres in Poland, Hungary, Czech Republic, Romania and Bulgaria. The new agreement extends the cooperation onto the Israeli market as well. Currently the Company operates 9 IMAX theatres. In Poland IMAX theatres are located in Warsaw, Cracow, Poznan, Katowice and Lodz. In the Czech Republic, Hungary, Bulgaria and Romania IMAX theatres are operated in the capital cities. Back in Sep 2009 Cinema City and IMAX have installed one of the first digital IMAX systems in Europe in the Lodz theatre to a great success and will now change all its film based systems and upgrade them into the newly IMAX digital systems. The change will take place soon and will be completed prior to mid 2011.
IMAX theatres are sponsored by renowned companies in three countries. All Polish IMAX screens are sponsored by Orange, the IMAX Bucharest is sponsored by Samsung and the Sofia IMAX is sponsored by Mtel.
In Israel the exclusive agreement (except of Eilat city) will consist at first stage the opening of two IMAX digital theatres in 2 of the company's leading projects under the Planet brand.
“Cinema City’s significant endorsement of our digital projection system and extensive experience with marketing the IMAX brand in the region makes them an ideal partner to have as we continue to sharpen our focus on growth in Europe and surrounding markets,” said IMAX Chief Executive Officer Richard L. Gelfond.
“Cinema City has done a fantastic job of introducing millions of consumers in Central and Eastern Europe to The IMAX Experience and we look forward to working with them now in Israel to expand the IMAX audience base even further,” added Larry T. O’Reilly, IMAX’s Executive Vice President, Theatre Development.
The IMAX Experience® combines crystal-clear images, powerful digital sound and customized theatre geometry to create a uniquely immersive movie experience. 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.
Cinema City International is the largest multiplex cinema operator in Central & Eastern Europe and in Israel. The Company operates 69 multiplexes with 677 screens, in 6 countries (Poland, the Czech Republic, Hungary, Romania, Bulgaria and Israel). There are 41 more multiplexes under development, which will offer 411 new screens out of which 6 will opened already this year. In addition, Cinema City is actively involved in cinema related advertising and film distribution.
In 2009 Cinema City sold 27,5 million tickets in six countries, 23.8% more compared to 2008.
The Cinema City group employs over 3,000 people in 6 countries.
For more information, please contact:
Director of Investor Relations
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