Industries & Festivals — June 19, 2012 at 4:20 am

IMAX signs deal, will open in Azerbaijan

IMAX Corporation (NYSE: IMAX; TSX:IMX) yesterday announced an agreement with Caspian Capital Limited to open an IMAX theatre in Azerbaijan, marking IMAX’s entry into the country.

The Imax theater will be installed in the capital city of Baku, in a giant “Flaming Towers” complex (in downtown Baku), which is set to open in October 2012.

Today’s agreement brings to 50 the total number of IMAX theatres open or contracted to open in Russia and the CIS.

Since entering Russia and the CIS in 2003, the region has become the Company’s third-largest market and one of its fastest-growing globally.

Today, there are 24 theatres open (20 in Russia and four in the CIS) with 26 in backlog. This region is also home to some of IMAX’s highest-grossing theatres in the world, with a 2011 per-screen average of approximately $1.7 million.

“We are proud to be the first to bring IMAX to audiences in Azerbaijan,” said General Director of Caspian Capital Emin Mammadov.

“IMAX’s slate of Hollywood blockbusters coupled with its immersive format is sure to thrill fans and revolutionize the movie-going experience for audiences across the country,” he added.

“We are pleased to partner with Caspian Capital to introduce IMAX to audiences in Azerbaijan,” said IMAX CEO Richard L. Gelfond.

“Our entry into the country reflects the growing international appeal of the IMAX brand and we anticipate that today’s announcement will set the stage for even greater opportunities for IMAX in the CIS.”

IMAX Corporation is one of the world’s leading entertainment and technology companies, specializing in the creation and delivery of premium, awe-inspiring entertainment experiences.

With a growing suite of cutting-edge motion picture and sound technologies, and a globally recognized entertainment brand, IMAX is singularly situated at the convergence of the entertainment industry, innovation and the digital media world.

The industry’s top filmmakers and studios are utilizing IMAX theatres to connect with audiences in extraordinary ways, and as such, the IMAX network is among the most important and successful theatrical distribution platforms for major event films around the globe.



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