Authorise Wasu to distribute premium local Chinese and Hollywood digital video contents on IMAX-TCL premium home theatre system platform
HONG KONG, April 16, 2014 /PRNewswire/ -- TCL Multimedia Technology Holdings Limited ("TCL Multimedia", HKSE stock code: 01070) and IMAX Corporation (NYSE: IMAX, TSX: IMX)("IMAX"), the world's leading entertainment technology company, announced that they will establish a joint venture with Wasu Digital Television Media Group ("Wasu Group"). As one of the largest digital content providers in China and one of the five licensed distributors of multimedia contents to households, Wasu Group is authorised to distribute entertainment contents including Hollywood movies technically enhanced by IMAX and soon-to-be-released movies in China on IMAX-TCL premium home theatre system.
IMAX-TCL, a joint venture established by TCL and IMAX, will join forces on design, develop and manufacture the premium home theatre system, which is expected to be launched in 2015 in China, followed by other overseas markets. Today's agreement marks an important milestone for the IMAX-TCL joint venture project, which will enable home theatre system developed by IMAX-TCL to make available to households an extensive series of and distinctive premium IMAX programs.
Mr. Li Dongsheng, Chairman of TCL Multimedia, said, "TCL Multimedia is transforming itself into a user-oriented global entertainment technology enterprise. Through cooperation with IMAX and Hollywood film studios, we are dedicated to providing home theatre users world-class film-viewing experiences. By introducing our long-term partner Wasu Group into the joint venture, we will gain accesses to valuable distribution resources, market channels and quality local entertainment contents."
Mr. Richard L. Gelfond, IMAX CEO, said, "Since the establishment of our joint venture with TCL, the content cooperation agreement we announced today signifies our next key step in developing premium home theatre products in China. As a pioneer in digital content distributor familiar with the regulatory regime, Wasu Group has rich experiences in the local market. Wasu is our ideal cooperation partner in distribution and content operations, and we are looking forward to providing total premium home theatre experiences to customers in China."
Mr. Cao Qiang, Chairman of Wasu Group also said, "China has the world's largest internet user base and the country's entertainment consumption is undergoing a profound transformation. We are now adapting to the latest digital media innovation trends. IMAX owns revolutionary entertainment technologies in the home theatre area and our alliance with TCL Multimedia is a collaboration of strengths. We are very grateful for our participation in this project and we believe it will establish a pillar industry standard for the premium high-end home theatre market in China."
