IMAX Announces New Partnership In China

IMAX Corporation (USA) (NYSE: IMAX) announced after Monday's market close it has entered into a new agreement with Shanghai Bestar Cinemas Management for 10 new IMAX theaters to be opened throughout China.

Shanghai Bestar is a subsidiary of Future Land Holdings Co, a property developer in China. The new theaters will be included in Future Land's commercial shopping centers and are expected to be installed throughout this year and the next year.

Shanghai Bestar added that it is open to expanding its partnership with IMAX. The company plans on opening over 50 cinemas in the next three years and over 100 cinemas in the next five years, half of which will be installed with IMAX theaters.

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"We are delighted to partner with Future Land, one of the top developers in China, and are honored to be a part of its new exhibition business – Shanghai Bestar Cinemas," said IMAX Corp. CEO Richard L. Gelfond. "We have relationships with virtually every major exhibitor and studio in China and continue to see increased interest among property developers in the country that have IMAX in mind at the inception of their projects – further solidifying our position in the Chinese entertainment ecosystem."

Shanghai Bestar Cinemas was established in response to the growing Chinese film and exhibition industry and the vital role that entertainment plays in the success of our commercial property developments," said Wang Zheng, chief executive officer, Shanghai Bestar Cinemas Management Co., Ltd. "In China, IMAX is synonymous with the best moviegoing experience, which is why we are delighted to launch our exhibition business with IMAX."