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BEIJING, April 24 (UPI) -- IMAX Corp. and China Film Group Corp. say they reached an agreement to open an IMAX theater in a new multiplex development in Tianjin, China.
The installation is scheduled to be completed in October.
IMAX said the deal continues its commitment to growing its network in China, with 41 IMAX theaters scheduled to be operating in the country by 2012.
IMAX has signed contracts for more than 200 IMAX digital projection systems worldwide, with 76 in operation and approximately 60 additional locations scheduled to be operating by the year's end.
"IMAX is a well-respected brand that represents the advanced movie experience and we strongly believe that working with IMAX will give us a competitive advantage in our marketing development. We will have better prospective cooperation with IMAX," Han Sanping, chairman of China Film Group Corp., said in a statement.
"Entering into a partnership with China Film Group, the leading player in film production, distribution and exhibition, is an important element of our growth strategy and underscores our commitment to building the IMAX brand in the country," said IMAX Chief Executive Officer Richard L. Gelfond. "Our digital projection system continues to open up new international growth opportunities, by making it more economical to display a range of films in our theaters. We're delighted to have this endorsement from the largest and most prominent media company in China, which has substantial expansion plans for its exhibition business."
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