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MarketScreener Homepage  >  Equities  >  Nyse  >  IMAX Corporation    IMAX   CA45245E1097

IMAX CORPORATION

(IMAX)
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IMAX : China Names Edwin Tan Chief Executive Officer

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11/12/2019 | 07:16pm EST

SHANGHAI and NEW YORK, Nov. 12, 2019 /CNW/ -- IMAX China Holding, Inc. (HKSE: 1970) and IMAX Corp. (NYSE: IMAX) today announced the appointment of Edwin Tan as Chief Executive Officer of IMAX China, effective December 9, 2019.

In his role, Tan will assume all oversight and executive responsibilities for IMAX China, which continues to drive record box office and strong theatre network growth in 2019. He will report directly to the Board of IMAX China. Tan brings decades of global leadership experience to the role across entertainment, exhibition and event services industries, having most recently served as Chief Executive Officer of the China operations of Messe Muenchen, a top ten exhibition company globally.

Jiande Chen, IMAX China's first-ever CEO, who has served in the leadership role since 2011, will step into the new role of Vice Chairman, IMAX China. Chen will continue to provide key strategic guidance for the company, with a focus on government and industry relations.

"Across Chinese exhibitors, filmmakers and consumers, demand for The IMAX Experience® has never been stronger and our footprint in China is larger and more diverse than ever," said Richard Gelfond, CEO of IMAX Corporation. "Edwin's proven track record in entertainment, events and scaling complex businesses on the world stage will be key as we build on the strong performance of IMAX China."

"We are incredibly grateful for Jiande's efforts in helping grow IMAX into a leading, premium entertainment destination in China," Gelfond continued. "I can unequivocally say that IMAX China would not be where we are today without Jiande's longstanding efforts."

Tan joins IMAX China during a significant period of growth, including record-breaking box office performance and a rapidly expanding network that already comprises more than 660 commercial theatres in Greater China. Through the recent National Day holiday period ending October 7, mainland China box office is up 30% in local currency terms year-to-date. Additionally, IMAX recently crossed more than $108 million of box office in 2019 generated by Chinese local language films - a new record for the company.

"I am excited to lead the incredible IMAX China team and help capitalize on the Company's significant new opportunities for future growth in the market," said Tan. "From Hollywood to Chinese language films, IMAX is increasingly the place to go for a truly powerful, immersive experiences."

Most recently, Tan served as Chief Executive Officer of the China operations of Messe Muenchen since 2017, leading the company through a successful acquisition and engaging in strategic planning that significantly increased the company's financial results. Prior to Messe Muenchen, Tan was President at Wanda Studios where he helped develop the model for its movie and content business in its early stages. Previously, Tan held several leadership roles at the exhibition company Reed Exhibitions, including Chief Operating Officer of Reed China where he developed the overall businesses and managed its transformation into a digital company. Before Reed, he led the successful global expansion of manufacturer SNP Corporation.

Tan has been based in China since 2009. He received his MBA from The University of Hull and his Bachelor of Economics from Murdoch University.

About IMAX China

IMAX China is a subsidiary of IMAX Corporation, and is incorporated under the laws of Cayman Islands with limited liability.  IMAX China was established by IMAX Corporation specifically to oversee the expansion of IMAX's business throughout Greater China. IMAX China trades on the Hong Kong Stock Exchange under the stock code "1970."

About IMAX Corporation

IMAX, an innovator in entertainment technology, combines proprietary software, architecture and equipment to create experiences that take you beyond the edge of your seat to a world you've never imagined. Top filmmakers and studios are utilizing IMAX theatres to connect with audiences in extraordinary ways, and, as such, IMAX's network is among the most important and successful theatrical distribution platforms for major event films around the globe.

IMAX is headquartered in New York, Toronto and Los Angeles, with additional offices in London, Dublin, Tokyo, and Shanghai. As of September 30, 2019, there were 1,568 IMAX theater systems (1,473 commercial multiplexes, 14 commercial destinations, 81 institutional) operating in 81 countries and territories.

IMAX®, IMAX® 3D, IMAX DMR®, Experience It In IMAX®, An IMAX 3D Experience®, The IMAX Experience®, IMAX Is Believing® and IMAX nXos® are trademarks of IMAX Corporation. More information about the Company can be found at www.imax.com. You may also connect with IMAX on Facebook (www.facebook.com/imax), Twitter (www.twitter.com/imax) and YouTube (www.youtube.com/imaxmovies).

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View original content:http://www.prnewswire.com/news-releases/imax-china-names-edwin-tan-chief-executive-officer-300956990.html

SOURCE IMAX China

© Canada Newswire, source Canada Newswire English

Stocks mentioned in the article
ChangeLast1st jan.
IMAX CHINA HOLDING, INC. -1.71% 17.2 End-of-day quote.3.12%
IMAX CORPORATION -2.66% 19.02 Delayed Quote.-4.36%
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Financials (USD)
Sales 2019 395 M
EBIT 2019 85,1 M
Net income 2019 49,7 M
Finance 2019 105 M
Yield 2019 -
P/E ratio 2019 22,6x
P/E ratio 2020 18,9x
EV / Sales2019 2,68x
EV / Sales2020 2,44x
Capitalization 1 166 M
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Spread / Highest target 57,7%
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Managers
NameTitle
Richard Lewis Gelfond Chief Executive Officer & Director
Bradley J. Wechsler Chairman
Patrick S. McClymont Chief Financial Officer & Executive Vice President
Brian Bonnick Chief Technology Officer & Executive VP
Neil S. Braun Independent Director
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