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TheStreet Open House

IMAX And PVR Cinemas Sign Four-Theatre Deal In India

Stocks in this article: IMAXIMX

LAS VEGAS, March 30, 2011 (GLOBE NEWSWIRE) -- IMAX Corporation (NYSE:IMAX) (TSX:IMX) and PVR Cinemas, India's leading cinema brand and operator of the country's top-performing multiplexes, today announced an agreement to install digital IMAX ® theatre systems in four key locations throughout India. Under the terms of the sales deal, which is subject to standard Indian regulatory approvals, the first two systems are scheduled to be installed within the next 12 months at two of India's top-performing multiplexes in the cities of Mumbai and Bangalore.

"There is a growing appetite for premium entertainment in India, and with the massive popularity of the IMAX brand worldwide, it has become very clear to us that now is the ideal time for us to enter into the IMAX business," said Ajay Bijli, Chairman of PVR. "IMAX is one of the world's most recognized premium entertainment brands and it fits perfectly with our mission to offer our guests the ultimate in movie-going experiences."

"India has a vibrant movie-going culture, and it is one of our most important and largely untapped growth markets," said IMAX CEO Richard L. Gelfond. "PVR Cinemas is a top-performing exhibitor with a very strong brand, and we believe our association with them will raise the visibility of our own brand with consumers and of our business model with other exhibitors in the market."

"PVR is considered a market-leading trend-setter throughout the Indian exhibition industry," added Larry T. O'Reilly, Executive Vice President, Theatre Development. "Its endorsement of the IMAX business is very encouraging as we focus on growth in the region, and we're very much looking forward to working with them to bring awe-inspiring entertainment to more moviegoers in India."

Mr. Bijli continued, "We are extremely delighted to announce our alliance with IMAX and introduce it in our four key locations. We at PVR have been progressively leveraging the synergies of our various brands to expand into the space of retail entertainment. Our innovations are driven by our customers' aspirations and I am sure that this new format will be well-received by our patrons. It will be the ultimate fun destination for the entire family."

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