IMAX Signs Four Theatre Deal With Largest Exhibitor in Korea
CJ CGV to Open First Two Retrofitted IMAX(R) Theatres by End of 2005
TORONTO, April 13, 2005 /PRNewswire-FirstCall via COMTEX/ -- IMAX Corporation IMAX IMX and CJ CGV Co., Ltd, the largest commercial exhibitor in Korea, today announced an agreement to install four IMAX(R) MPX(TM) theatre systems at multiplexes in Korea in the next two years. CJ CGV operates a total of 388 screens at 50 state-of-the-art multiplexes across Korea, with 233 screens at 29 sites under the CGV brand, and 155 screens at 21 sites under CJ CGV's affiliate company, Primus Cinema. CJ CGV is a subsidiary of CJ Entertainment Co., Ltd., the leading film distribution and production company in Korea, which is a significant stakeholder in DreamWorks SKG, and holds the distribution rights for Korea, China and Hong Kong for movies produced by DreamWorks. Under terms of the agreement, CJ CGV will open new and retrofitted IMAX(R) theatres at leading multiplexes in and around Seoul and Busan, the two largest cities in the country, with the first two locations scheduled to open in December 2005.
All four CJ CGV IMAX theatres will be capable of showing Hollywood event films converted into the unparalleled image and sound quality of The IMAX Experience, as well as original 2D and IMAX(R) 3D films. The IMAX MPX theatre systems will be installed at multiplexes in the following locations: the Wangshipni area of Seoul; Incheon and Ilsan, suburbs of Seoul; and the Seomyun area of Busan, a city of 3.9 million on the southeastern coast of the country. The two IMAX theatres scheduled to open in December 2005 will be the first to exhibit IMAX DMR(R) (Digital Re-mastering) releases in Korea.