OREANDA-NEWS. August 11, 2010. The Cinema Park national chain of 3D cinemas and the IMAX Corporation announced today that they had concluded an unprecedented contract that envisages the construction of up to 14 IMAX theatres in the largest Russian cities on an exclusive basis.

This deal between the IMAX Corporation and Cinema Park guarantees the integration of IMAX theatres in the Russian regions in a record short time. Already by the end of 2010 they plan to open a minimum of three IMAX theatres in Saratov, Voronezh, and Novosibirsk, with seven more planned to open by the end of 2012.In addition to the ten agreed-upon theatres, the contract envisages the construction of a further four theatres with IMAX systems in Cinema Park cinemas.

The cooperation between the IMAX Corporation, a world-famous company, and Cinema Park, which has had a huge burst of development since 2008, is significant for the entire cinema industry in Russia. In November 2009, when negotiations between the two companies had just begun, it was clear that this contract would allow each party to radically strengthen its position on the Russian market.

“Our audience has in store for it miracles and marvels from the 3D format,” commented Cinema Park general director Sergei Kitin, “and we are presenting it in full format, perhaps even in advance of audience expectations, by building our multiplex theatres with IMAX technology, which will meet the professionals’ highest demands. Another very persuasive argument in favour of this decision of general partnership with the IMAX Corporation was the significant expansion of the catalogue for IMAX and the digital format.”

“The partnership between two market leaders is always a significant event. For Cinema Park this contract means a further strengthening of our leading position in the Russia cinema industry, and for IMAX it means quick access to the most modern and comfortable cinemas in the regions,” added Kirill Ivanov, first deputy general director of Cinema Park.

According to IMAX managing director Richard Gelford, “The success of the IMAX chain in Russia is a motivating force for the interest which will show with new strength those exhibitors that don’t yet work with IMAX. We are very pleased to see that this interest is expressed in accelerated growth of the chain in one of our key foreign markets. The high standards of the Cinema Park chain of cinemas and their good locations mean that this partner is ideal for us on the road to expansion and getting into the market beyond Moscow and the region. We are certain that the large number of confirmed and opening of theatres together with the assets of the Cinema Park brand will, finally, have a beneficial influence on the development of our own brand in this region.”

“We believe that the number of signed contracts both with new and with such previous partners on expanding in the cinema markets, will continue to grow, confirming the value of cooperation between IMAX and exhibitors,” added Larry O’Reilly, IMAX managing vice president for development. “We are pleased to be working with Cinema Park and glad for the opportunity to offer a wider audience such quality cinema, that really grabs the soul, and to offer the impressive and constantly expanding catalogue of Hollywood films.”