IMAX Corporation (NYSE: IMAX; TSX: IMX) and Formula Kino, one of Russia’s leading exhibition chains, today announced an agreement to install three IMAX theatres in new construction projects across Russia.
Under the terms of the agreement IMAX theatres will be installed in Moscow and Novokuznetsk, with IMAX’s next-generation laser digital projection technology to be added to a new complex in Moscow expected to open in 2015, marking IMAX’s first laser system deal in the country.
In December 2012, Formula Kino merged with Kronverk Cinema, which has an IMAX theatre in the regional city of Syktivkar. The merged companies operate under the Formula Kino brand.
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Today’s agreement brings Formula Kino’s total IMAX commitment to eight theatres, with existing IMAX theatres in St. Petersburg (3), Moscow (1) and Syktivkar (1).
“We are very proud to be the first exhibitor in Russia to sign up for IMAX’s groundbreaking laser projection technology, which we are confident will set a new standard of moviegoing in Russia,” said Nikita Schegol, general director, Formula Kino. “This cutting-edge technology will serve as the centerpiece of our new Moscow site, which will be designed as the country’s landmark multiplex and is expected to host Russia’s biggest movie premieres.”
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“Formula Kino is a world-class exhibitor, innovator and marketer of the IMAX brand,” said Andrew Cripps, president, IMAX EMEA. “Not only is it the first in Russia to commit to our laser technology, but it will be adding the system to what is sure to be an iconic multiplex in Russia.”
IMAX’s laser projection system represents the culmination of its R&D initiative that incorporates the laser digital intellectual property IMAX exclusively licensed from Eastman Kodak and Barco’s laser introductions.
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According to the company, the system will enable IMAX’s largest screens to deliver the highest-quality digital content available with greater brightness and clarity, a wider color gamut and deeper blacks.
Formula Kino operates 37 theatres across Russia and the Ukraine.
IMAX is headquartered in New York, Toronto and Los Angeles, with offices in London, Tokyo, Shanghai and Beijing.
As of March 31, 2014, there were 840 IMAX theatres (707 commercial multiplexes, 18 commercial destinations and 115 institutions) in 57 countries.
Photo courtesy: Formula Kino
