Cross-industry corporation will develop and provide total end-to-end premium high-end private theatre system
Extending foothold into cutting-edge entertainment technologies
HONG KONG, Oct. 30, 2013 /PRNewswire/ -- TCL Multimedia Technology Holdings Limited ("TCL Multimedia" or "the Group", HKSE stock code: 01070), today announced that it has entered into a joint venture agreement with IMAX Corporation (NYSE: IMAX, TSX: IMX)("IMAX"), the world's leading entertainment technology company for the establishment of "TCL-IMAX Entertainment Co., Ltd." which will be engaging in the development, manufacture and distribution of premium high-end private theatre systems in China and other selected global markets starting from 2015. Under the joint venture, the companies will provide end-to-end premium high-end total home entertainment solutions to consumers covering hardware, software, service and content.
This 50/50 joint venture between the two parties will initially operate in Hong Kong and Mainland China and include research and development, sales, marketing and manufacturing, and feature IMAX-enhanced, current theatrical content delivered to consumers at home. The parties are also in discussions with local content providers regarding a variety of options in and around Greater China.
This landmark cooperation follows TCL Multimedia's recent accomplishments in provision of total home viewing solutions to consumers covering hardware, software, service and content. Leveraging TCL Multimedia's strong expertise in display and manufacturing technologies, world-leading distribution networks with unparalleled presence in emerging markets and strong footholds in smart home appliances, this joint venture will draw on IMAX's best-in-class projection and sound technology to provide end-to-end premium high-end total home entertainment solutions from content creation to deliveries to consumers' homes.
This cooperation expands TCL Multimedia's horizon in providing customers home entertainment experiences in the world's best-in-class enhanced theatrical formats. It will also provide TCL Multimedia with a new global business opportunity and further enhance the "fashionable, international and high-end" image of the TCL brand. For IMAX, this represents one of the carefully orchestrated efforts to expand its market share in China and overseas markets to additional platforms, leveraging TCL Multimedia's strong distribution networks in the consumer electronics B2C space and deep understandings in these markets.
"The cooperation with IMAX marks an important milestone for TCL's internationalized process. TCL has transformed from a traditional manufacturing enterprise to an international technology enterprise. TCL provides not only entertainment terminals but also a total solution to consumers with better entertainment experiences, delivering the perfect marriage of these two elements," said TCL Multimedia Chairman Mr. Li Dongsheng, "There is no company better-equipped and more knowledgeable than IMAX to deliver that premium experience. Together, we plan to leverage the complementary assets of our companies to create a high-quality end-to-end home theatre solution."
"This joint venture with TCL Multimedia reflects our commitment to expand The IMAX Experience® to additional platforms," said IMAX CEO Mr. Richard L. Gelfond. "As one of the fastest-growing and most innovative players in the global entertainment technology marketplace, with a strong expertise in display and manufacturing, TCL Multimedia is an ideal partner to help us change the way people around the world experience their favorite content in the home environment."
