 HYDERABAD, India (IMAX Corporation) - IMAX Corporation today announced that it is ramping up its international expansion efforts in India, based in part on the strong performance of multiplex-based IMAX theatres in Hyderabad and Mumbai. The announcement was made today by Mr. Richard Gelfond, Co-CEO & Co-Chairman of IMAX, at a press conference held at the PRASADS IMAX Theatre in Hyderabad. Mr. Gelfond is in India to meet with exhibitors and real estate developers to support expansion of the IMAX theatre network in the region. IMAX theatres in Hyderabad and Mumbai have been among the top performing locations in the world for Hollywood films released in IMAX's format. "The noteworthy success of IMAX DMR releases in India has us excited about and committed to growth in the country," said Mr. Richard L. Gelfond, Co-CEO and Co-Chairman of IMAX. "With Indian moviegoers' proven appetite for Hollywood films in IMAX's format, and the new IMAX MPX theatre system, which significantly lowers the cost of opening an IMAX theatre, we believe there is a compelling opportunity for cinema operators and real estate developers in India to enter the IMAX business. We look forward to strengthening our presence in the region and the opportunity to bring The IMAX Experience to more people across the country." India's first IMAX theatre opened in Mumbai in March 2001, and was followed by openings in Ahmedabad and Hyderabad in March 2002 and July 2003, respectively. In the past 19 months, there has been accelerated interest for The IMAX Experience in the country, with agreements for seven more theatre systems. Delhi and Kalkutta are scheduled to be the next Indian cities to open IMAX theatres, and with five more expected to open by 2008, India has joined China as one of IMAX's fastest growing markets in the world. Hollywood films converted into IMAX's format have been well received in India, with theatres in the country recording impressive attendance and box office performance. The PRASADS IMAX Theatre in Hyderabad has been exceptionally successful, attracting more than 550,000 people during its first year of operation and posting the highest gross box office figures in the worldwide IMAX theatre network for Spider-Man 2: The IMAX Experience.
"Hollywood movies we've offered in IMAX's format have met great customer response, drawn large crowds and helped to significantly differentiate our theatre from competitors," said Ramesh Prasad, Managing Director of the Prasad Group. "We're proud to have pioneered The IMAX Experience in Hyderabad and look forward to offering additional IMAX DMR films."
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