Cinemark Holdings, Inc. (“Cinemark”) (NYSE: CNK), one of the largest motion picture exhibitors in the world, today announced that it has closed on the sale of all the issued and outstanding shares of capital stock of Cinemark de Mexico S.A. de C.V. and its subsidiaries to Grupo Cinemex, S.A. de C.V. and Cadena Mexicana de Exhibicion, S.A. de C.V. (“Cinemex”), which includes 31 theatres representing 290 screens. The Mexican Federal Competition Commission reversed its previous decision and issued a new resolution approving the sale earlier in the week.
“We are appreciative of our employees throughout Mexico and their valuable contributions to the Company. We will always consider them part of our family and cherish the memories we have made over the past 20 years,” stated Tim Warner, Cinemark’s Chief Executive Officer. “We will continue our international concentration of time, talent, and capital in Central and South America where we have a substantial runway for growth and opportunity.”
About Cinemark Holdings, Inc.:
Cinemark is a leading domestic and international motion picture exhibitor, operating 506 theatres with 5,794 screens in 40 U.S. states, Brazil, Mexico, Argentina and 10 other Latin American countries as of September 30, 2013.
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Certain matters within this press release include “forward–looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements may involve known and unknown risks, uncertainties and other factors that may cause the actual results or performance to differ from those projected in the forward-looking statements. For a description of these factors, please review the “Risk Factors” section or other sections in the Company’s Annual Report on Form 10-K filed February 28, 2013 and quarterly reports on Form 10-Q, filed with the Securities and Exchange Commission. All forward-looking statements are expressly qualified in their entirety by such risk factors.