IMAX enters partnership with Russian exhibitor Formula Kino

Mumbai: IMAX Corporation and Formula Kino, one of Russia’s exhibition chains, have inked an agreement to install two digital IMAX theatre systems in Russia before the end of 2010.

The announcement follows a consistent run of strong IMAX box office performances reflecting the growing interest in the IMAX business from exhibitors. The deal brings the total number of IMAX theatres scheduled to be operating in Russia by 2012 to twelve.

With this new IMAX theatre contract signing, IMAX has signed deals for 84 IMAX systems year-to-date. Under the terms of the deal, Formula Kino will install an IMAX system at the new Galleria Mall in St. Petersburg as well as a new system in the Mall of Russia, in Moscow. The first system is scheduled to be installed in time for the IMAX release of Harry Potter and the Deathly Hallows in November of this year, with the second system to follow shortly.

"The box office results that Russian IMAX theatres are posting clearly demonstrate the growing popularity of the IMAX brand in the region. IMAX technology delivers a differentiated first-class movie experience that resonates well with Russian consumers and we are thrilled to be adding IMAX theatres to our flagship complexes in Russia’s premier retail destinations," said, Formula Kino General Director Andrei Tereshok.

IMAX CEO Richard L. Gelfond continued, "We’re encouraged by the momentum we are experiencing. The combination of a strong film slate, growing theatre network and attractive business model gives us increased visibility into our future growth and we look forward to continuing to expand."

"This partnership secures our presence in two beautiful mall developments in Russia’s major cities, which is an ideal way to build on our success and continue the execution of our growth strategy in the region," added IMAX’s Executive Vice President of Theatre Development Larry O’Reilly.