CAMBRIDGE, Mass., Oct. 10, 2023 /PRNewswire/ — Produced by MIT Technology Review Insights in partnership with Adobe, EY, and Owkin, "Generative AI deployment: Strategies for smooth scaling" explores global leaders’ key decision points for putting AI to use in the enterprise.

In July and August 2023, MIT Technology Review Insights polled 1,000 business leaders about their organizations’ approaches to implementing generative AI technologies. Respondents were distributed among 11 industries, including consumer goods and retail, financial services, manufacturing, and pharma and health care. The report also draws on in-depth interviews with academics, data leaders, and AI experts.

The key findings are as follows:

Executives recognize the transformational potential of generative AI, but they are moving cautiously to deploy. Nearly all firms–96%–believe generative AI will affect their business. However, only 9% have fully deployed a generative AI use case in their organization, which indicates a wait-and-see posture.

Companies will not go it alone: Partnerships with both startups and Big Tech will be critical to smooth scaling. Most executives (75%) plan to work with partners to bring generative AI to their organization at scale, but only 10% consider partnering to be a top implementation challenge, suggesting that a strong ecosystem of providers and services is available for collaboration and co-creation.

Access to generative AI will benefit small and large companies alike. Company size has no bearing on a firm’s likelihood to be experimenting with generative AI, our poll found. Small companies (those with annual revenue less than $500 million) were three times more likely than mid-sized firms ($500 million to $1 billion) to have already deployed a generative AI use case (13% versus 4%).

One-quarter of respondents expect generative AI’s primary effect to be to reduce their workforce. The figure was higher in industrial sectors like energy and utilities (43%), manufacturing (34%), and transport and logistics (31%). It was lowest in IT and telecommunications (7%). Overall, this is a modest figure compared to the more dystopian job replacement scenarios.

Regulation looms, but uncertainty is today’s greatest challenge. Generative AI has spurred a flurry of activity as legislators try to understand risks, but truly impactful regulation will move at the speed of government.

"Business leaders are cautiously pursuing the transformative potential of generative AI, with nearly all respondents acknowledging its impact on their businesses," says Laurel Ruma, global editorial director, MIT Technology Review Insights. "However, only a small fraction have fully embraced generative AI use cases, highlighting a measured approach to implementation. Workforce implications vary across industries, and while regulation looms, uncertainty stands as today’s primary challenge."

Click here to download the report.

For more information please contact:

Natasha Conteh
Head of communications
MIT Technology Review Insights
[email protected] 

About MIT Technology Review Insights

MIT Technology Review Insights is the custom publishing division of MIT Technology Review, the world’s longest-running technology magazine, backed by the world’s foremost technology institution—producing live events and research on the leading technology and business challenges of the day. Insights conducts qualitative and quantitative research and analysis in the U.S. and abroad and publishes a wide variety of content, including articles, reports, infographics, videos, and podcasts. And through its growing MIT Technology Review Global Insights Panel, Insights has unparalleled access to senior-level executives, innovators, and entrepreneurs worldwide for surveys and in-depth interviews.

Source : Only 25% of business executives anticipate workforce reduction as primary impact of generative AI, says MIT Technology Review Insights' new research report

This content was prepared by our news partner, Cision PR Newswire. The opinions and the content published on this page are the author’s own and do not necessarily reflect the views of Siam News Network

HONG KONG and BEIJING, Oct. 10, 2023 /PRNewswire/ — Madison Auction is excited to present their October Sale, which will be held at Murray Hotel, Hong Kong, on 13th & 14th October, Friday evening and Saturday. This is the first two-day sale in Madison’s history. This is also the HANDBAG INAUGURAL SALE.

The sale contains four categories of products: 34 lots of Hermès Handbag, 525 lots of Wine and 291 lots of Spirits, with a total estimate of HK$30,000,000 – HK$48,000,000. This is a new venture for Madison Auction, hoping their carefully curated auction items bring more joy to customers.

This sale will be live-streamed on Madison Auction bidding platform (www.madison-auction.com/auctions) and the Madison Auction App (search ‘Madison Auction’ in the app store) at 4 – 10pm (HKT) on  October 13th and 11am – 5pm on 14th. Take advantage of the last few days to place an online absentee bid via the bidding platform and app.

In addition to Hong Kong, Madison Auction will also set up salerooms in Shanghai, Guangzhou, Macau and Dongguan, allowing more Asia-Pacific bidders to attend the auction via live streaming simultaneously. 

As the first Hong Kong based luxury lifestyle auction house, Madison Auction hosts auctions for the unique pool of high-net-worth clients from APAC and other regions. Madison Auction continues to accept consignments at 0% seller’s commission throughout the year for upcoming sales.

Handbag | Lot 6001– 6034

The 34 lots in this handbag auction are all from the leading luxury brand Hermès and include a wide range of handbags from classic lines, limited color editions to rare leather collections, with a total estimate of HK$2,600,000 to HK$4,000,000.

Classic timelessness is always the trends that the handbag collectors will focus on, the black crocodile BIRKIN (Lot 6028) and black crocodile CONSTANCE (Lot 6031) in this auction are good choices. The coming dreary autumn/winter season also requires a splash of bright colour, and orange CONSTANCE (Lot 6007 & 6008) is just the ticket to add a vibrant touch. With the evolution of fashion trends, large-sized handbags have returned to the forefront, and the two Jean Paul Gaultier-era 42cm BIRKIN (Lot 6030) and KELLY (Lot 6015) in this auction are both stylish and functional, making your outfit unique.

Wine | Lot 1–525

In our October auction, apart from some famous lots like 1998 DRC assortment (Lot 183）, 1982 Lafite in perfect condition (Lot 410), there are treasures like 2017 Georges Roumier Échézeaux Grand Cru (Lot 245) which is new to the market. What’s more… many selections of some OWCs and large formats of classic Bordeaux and Champagne! Do not miss the chance to obtain some of them for the late of this year!

Spirits | Lot 8001– 8291

In this auction, Madison Auction offers you 291 lots of spirits with starting prices over HK$4,500,000. including many old Macallans such as Macallan 40-Year-Old Sherry Oak 2017 Release (Lot 8152), as well as rarities such as 1998 Yamazaki The Single Cask for Izumiya 60th Anniversay Arima, #CU70065 and 1999 Yamazaki The Single Cask for 40th Anniversay Hero, #DU65300 (Lot 8205).

In addition to bottles, there are also two whisky casks in this sale: 2010 Linkwood, #3029802 (Est HK$ 95,000 – HK$ 130,000, Lot 8186) and 1998 Glenrothes, #15766 (Est HK$ 280,000 – HK$ 450,000, Lot 8187). Both are first-fill sherry casks which are affordable and full of flavor, do not miss out if you’re interested in bottling a cask!

Happy bidding and good luck!

Recommendation

2012 Hermès A ANÉMONE EPSOM LEATHER CONSTANCE ELAN WITH PALLADIUM HARDWARE

Lot : 6013 | Grade: 3

Accessories: Leather card, dustbag and box

Size: 25w x 13h x 7d cm

Est. HK$ 80,000 – HK$ 100,000

P9 ANÉMONE, the ultimate in noble and elegant colors, brings a touch of mystery to your outfit.

2017 Hermès A BLEU PAON MATTE ALLIGATOR CROCODILE BIRKIN 30 WITH PALLADIUM HARDWARE

Lot：6020 | Grade：1

Accessories: Clochette, lock, key, felt protector, rain protector, leather card, small dustbag, dustbag and box

Size : 30w x 22h x 16d cm

Est. HK$ 400,000 – HK$ 600,000

The rare colour 7F Blue Paon with eye-catching crocodile leather is refreshing and unique enough, a perfect addition to your party look.

2011 Hermès A BLACK MATTE CROCODILE NILOTICUS BIRKIN 35 WITH GOLD HARDWARE

Lot：6028 | Grade：1.5

Accessories: Clochette, lock, key, felt protector, rain protector, dustbag and box

Size: 35w x 25h x 18d cm

Est. HK$ 200,000 – HK$ 300,000

Timeless black is complemented by rare crocodile leather and embellished with gold hardware to create this collectible classic Birkin.

2017 Hermès A BLACK SHINNY POROSUS CROCODILE CONSTANCE 24 WITH GOLD HARDWARE

2017 爱马仕 黑色亮面湾鳄皮24公分CONSTANCE包附金色金属配件

Lot：6031 | Grade：1

Accessories: Raincoat, leather card, dustbag and box

Size: 24w x 17h x 5d cm

Est. HK$ 200,000 – HK$ 280,000

The shiny crocodile porosus adds a touch of nobility, and the 24cm size is enough for simple daily use, with the black CONSTANCE bag as the classic design that will never go out of style.

2004 Hermès A GRIS FONCE SHINNY POROSUS CROCODILE KELLY CUT CLUTCH WITH PALLADIUM HARDWARE

Lot：6029 | Grade：2

Accessories: Felt protector, leather card, dustbag and box

Size: 30w x 13h x 3d cm

Est. HK$ 100,000 – HK$ 180,000

The Kelly Cut is a clutch bag by Jean Paul Gaultier with a slimmer, more elongated design and a more stylised look than the Kelly Pochette, making it a wonderful choice for any evening party.

1998 Domaine de la Romanée-Conti Assortment

Lot 183

12 Bottles, OWC | 1. BH 96 2. BH 95 3. BH 93 5. RP 92 6. WA 94

Est. HK$ 350,000 – HK$ 600,000

Romanée-Conti Grand Cru (1)

La Tâche Grand Cru (3)

Richebourg Grand Cru (2)

Échézeaux Grand Cru (3)

Grands Échézeaux Grand Cru (1)

Romanée-Saint-Vivant Grand Cru (2)

2017 Domaine Georges & Christophe Roumier Echezeaux Grand Cru

Lot 245

1 Bottle, Loose bottle | Overall: Perfect | RP 90-92

Est. HK$ 50,000 – HK$ 90,000

1982 Château Lafite Rothschild Pauillac 1er Cru Classé

Lot 410

12 Bottles, Loose bottle | Overall: Great | Ullage: Top shoulder or better, Label: Ten US import, Capsule: One torn, Cork: One slightly sunken and one slightly protruded | RP 100

Est. HK$ 160,000 – HK$ 280,000

1999 Domaine Georges & Christophe Roumier Musigny Grand Cru

Lot 455 & 456

1 Bottle/Lot, Loose bottle | Overall: Great | Ullage: 1cm below capsule, Label: Slightly bin soiled | RP 90-92

Est. HK$ 80,000 – HK$ 140,000

A Cask of 2010 Linkwood, #3029802

Lot 8186

1 Cask | Barrel Type: First Fill PX Quarter Cask, Bulk Litre: 117.09L | Litre of Alcohol: 59.13, Abv: 50.5%, Outturn: 167 bottles of 700ml | Date of Regauge: 14th August 2023, The above data may be different when bottling. The cask have to be bottled within one year from the auction date

Est. HK$ 95,000 – HK$ 130,000

A Cask of 1998 Glenrothes, #15766

Lot 8187

1 Cask | Barrel Type: First Fill Oloroso Hogshead, Bulk Litre: 122.72L | Litre of Alcohol: 61.12, Abv: 49.8%, Outturn: 175 bottles in 700ml | Date of Regauge: 6th September 2023. The above data may be different when bottling. The cask have to be bottled within one year from the auction date

Est. HK$ 280,000 – HK$ 450,000

The price includes all costs of bottling, labelling, documentation and packing but excludes label design and any type of outer boxes. If Madision Auction did not receive any instruction on cask bottling upon 1 year after the auction date, Madison Auction will, on its own discretion, bottle the cask and deliver the bottles to the customer. Importation to Hong Kong can only be done by Madison Auction with an additional cost responsible by the customer.

有馬英雄Mixed Lot

Lot 8205

2 Bottles, 2 Single OC | Overall: Perfect | Bottled: 2013/2011,  Bottle Number: 433/308, Barrel Type: Sherry Butt | Abv: 60%/56%, Vol: 700ml, Other: Single Malt | 1. WF 90

Est. HK$ 130,000 – HK$ 220,000

1．1998 Yamazaki The Single Cask for Izumiya 60th Anniversay Arima, #CU70065 (1 Bottle) (Single OC)

2．1999 Yamazaki The Single Cask for 40th Anniversay Hero, #DU65300 (1 Bottle) (Single OC)

These 2 bottles of Yamazaki single cask are very rare and sought-after in the market, this time we present these coveted dark Sherry Yamazaki to the Japanese whisky collectors. So place your bid now!

Macallan 40 Year Old Sherry Oak 2017 Release

Lot 8152

1 Bottle, Wooden GB | Overall: Perfect | Bottle Number: 250, Abv: 44% Vol: 700ml, Other: Single Malt, 465 bottles produced

Est. HK$ 140,000 – HK$ 260,000

Source : Catch a Glimpse of The Madison 2023 October Auction

This content was prepared by our news partner, Cision PR Newswire. The opinions and the content published on this page are the author’s own and do not necessarily reflect the views of Siam News Network

Global Leader in Ultra-Intelligent Home Robotics Makes Debut Into Brick-And-Mortar Retail

HONG KONG, Oct. 10, 2023 /PRNewswire/ — Roborock, a global leader in ultra-intelligent home robotics engineered to simplify life, today announced its expansion into 180+ selected Target stores across the United States. Making its debut into brick-and-mortar retail, Roborock is offering Target shoppers the latest addition to the brand’s premium S-Series – the S7 Max Ultra. The S7 Max Ultra offers users a complete hands-free cleaning experience, taking both vacuum and mopping off of your plate. Combining powerful self-maintenance capabilities, cleaning functions, and intelligent app features for ease of use, the brand is dedicated to delivering an effortless cleaning solution.

Roborock S7 Max Ultra

"Roborock is proud to offer Target shoppers a simplified cleaning experience through the innovative S7 Max Ultra," said Richard Chang, Founder & CEO of Roborock. "As we witness a growing number of consumers seeking smarter ways to maintain their homes, our goal is to ensure that our products are more than just cleaning companions. They are designed to simplify daily life and to solve the real-world problems our consumers are facing. As a leader in the smart home cleaning category, we’re excited to reach a broader consumer base with this retail expansion and look forward to the further integration of the S7 Max Ultra into Target shoppers’ smart homes."

Merging innovation, practicality, and ease of use, the Roborock S7 Max Ultra is the ultimate cleaning tool equipped with automation features, bringing high-performance, hands-free cleaning without compromise. Equipped with Roborock’s RockDock™ Ultra, the S7 Max Ultra offers Self-Emptying, Mop-Washing and Drying, Self-Refilling, Self-Cleaning, and Fast Charging. With an extreme 5,500Pa suction power, the robot vacuum effectively captures messes from floors and carpets without difficulty. Paired with Roborock’s proprietary VibraRise® mopping system, which automatically lifts when cleaning on carpets and scrubs floors at a frequency of 3,000 times per minute, users can enjoy an unparalleled hassle-free cleaning experience. The S7 Max Ultra also features Reactive Tech Obstacle Avoidance, ensuring the vacuum identifies and avoids obstacles when cleaning, while LIDAR-based Navigations searches for an optimal route to clean your home.

About Roborock
Roborock is committed to innovation in researching, developing, and producing home cleaning devices, particularly robotic, cordless, and wet / dry vacuum cleaners. Every Roborock product has been designed with an eye on solving genuine problems, so Roborock customers can live better lives. Currently, Roborock is available in more than 40 countries, including the U.S., Germany, France, and Spain. The company operates out of four locations, with offices in Beijing, Shanghai, Shenzhen, and Hong Kong. For more information visit https://us.roborock.com/.

Source : Roborock Announces Expansion Into Target with Its Innovative S7 Max Ultra

This content was prepared by our news partner, Cision PR Newswire. The opinions and the content published on this page are the author’s own and do not necessarily reflect the views of Siam News Network

HANGZHOU, China, Oct. 10, 2023 /PRNewswire/ — During Hangzhou Asian Games, the Organizing Committee extended invitations to both domestic and international media to go to Qingshan Village. Beyond the adrenaline-pumping sports events, reporters had the opportunity to embark on cultural excursions, immersing themselves in the city’s deep-rooted traditions.

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Qingshan Village has delved into local culture, integrated artistic design with intangible cultural heritage skills to create handcrafted products that embody modern aesthetics, and driven the development of the art industry. The village thus attracted an increasing number of young people to become new residents, bringing more employment and entrepreneurial opportunities to local development. With fresh vitality injected into the village, it is now revitalized and represents a "Future Rural Experimental Area" in China.

Source : International media explore Qingshan Village, discovering the blend of tradition and green concepts

This content was prepared by our news partner, Cision PR Newswire. The opinions and the content published on this page are the author’s own and do not necessarily reflect the views of Siam News Network

SHANGHAI, Oct. 10, 2023 /PRNewswire/ — As the USA eagerly anticipates the upcoming annular solar eclipse, set to occur on Saturday, October 14th, after an 11-year absence, it will bring a direct impact on the power output of solar photovoltaic (PV) plants. Ahead of this momentous occasion, Qn-SOLAR, a leading PV manufacturer, is providing effective strategies to minimize the adverse effects of solar eclipses on PV power generation.

According to NASA, the annular solar eclipse, also known as ‘ring of fire’, begins in Oregon at 9:13 am PT and ends in Texas at 12:03 pm CT. An annular solar eclipse happens when the Moon is at or near its farthest point from Earth, appearing slightly smaller than the sun, so it does not block the entire solar disk.

Solar eclipses pose a significant challenge to solar power generation, as the decrease in irradiance directly affects the output of solar energy systems. As the eclipse progresses, solar generation declines in proportion to the impact on irradiance, creating a temporary shortfall in power production.

Qn-SOLAR’s Self-manufactured Solar Panels.

As a key player in the PV industry, Qn-SOLAR has summarized 11 key takeaways to reduce the impact on solar power generation.

1.      Energy Storage

Before a solar eclipse, grid operators can boost their energy reserves by expanding the capacity of battery energy storage systems. Qn-SOLAR had already completed installations of 15GW and owned power plants of 1.5GW by 2022.

2.      Smart Grid

By incorporating smart grid technologies, grid operators can effectively manage and dispatch electricity resources with greater precision, and automatically adjust power supply and demand to ensure the stability of the grid.

3.      Diversified Energy Structure

A diverse energy structure with wind power, hydroelectric power, and thermal power can offset the decrease in solar power generation during an eclipse. Furthermore, the progress of distributed generation and microgrid technologies strengthens the grid’s ability to withstand disruptions. Qn-SOLAR initiated PV in 2014, wind power in 2020, and energy storage in 2023.

4.      Dynamic Scheduling

Grid operators can monitor eclipses in real-time and adjust generation plans and power dispatch accordingly, minimizing the impact on the grid. Besides, Early warnings allow for adequate preparations in advance.

5.      Flexible Resource Dispatch

Flexibly dispatching various power generation resources, such as fast-start gas turbines, hydroelectric plants, and energy storage systems, helps manage power fluctuations.

6.      Demand-side Management

Implementing demand-side management strategies like time-of-use pricing and emergency peak reduction encourages users to adjust their electricity consumption, reducing power demand during the eclipse.

7.      Intelligent Scheduling Algorithms

Leveraging advanced intelligent scheduling algorithms like particle swarm optimization and genetic algorithms, dynamic optimization and scheduling of the grid can be achieved, improving the efficiency of power system operations.

8.      Scientific prediction

Combining integrated weather observation system and astronomy forecast enables more accurate forecasts of the timing, location, and magnitude of the eclipse, providing precise decision-making guidance for grid dispatch.

9.      Development of Virtual Power Plant Technology

Integrating various distributed generation resources through virtual power plant technology creates a controllable and dispatchable power generation unit, enhancing the operational stability of the grid.

10.    Enhanced Grid Interconnection

Strengthening interconnections between grids facilitates resource complementarity and optimal allocation, improving the overall operational stability of the power system.

Notably, the solutions above can greatly reduce the impact, they can’t eliminate it completely.

Qn-SOLAR offers integrated solar PV solutions with dedicated business teams and technical support in various regions. They provide localized services and have a complete and responsive after-sales management process to address both routine and unexpected situations. For more information, please visit: https://www.qn-solarpv.com/.

Source : 10 Tips to Mitigate 'Ring of Fire' Eclipse Impact on Solar Power

This content was prepared by our news partner, Cision PR Newswire. The opinions and the content published on this page are the author’s own and do not necessarily reflect the views of Siam News Network

Whale Cloud drives innovative solutions in the Asia-Pacific OSS/BSS market by offering market-leading solutions that address customer preferences and accelerate time-to-market.

SAN ANTONIO, Oct. 10, 2023 /PRNewswire/ — Frost & Sullivan recently researched the 5G operational support systems (OSS)/business support systems (BSS) industry and, based on its findings, recognizes Whale Cloud with the 2023 Asia-Pacific (APAC) Technology Innovation Leadership Award. Whale Cloud is a leading technology company that has been making significant breakthroughs in the market by empowering mobile operators in the APAC region with cost-effective and cutting-edge 5G OSS/BSS technologies.

The company offers an all-in-one business platform that streamlines the digital transformation of communications service providers (CSPs) and industrial enterprises worldwide. Whale Cloud’s differentiated software-as-a-service (SaaS) suite includes 5G-ready Xpress BSS (BSS-as-a-Service), QRun (OSS-as-a-Service), Digital Marketing Cloud (Marketing-as-a-Service), Field Service Edge (Field Service-as-a-Service) and FaaS (Fiber Design-as-a-Service), that significantly enhance the way CSPs set up and run their businesses.

Another innovation example is Whale Cloud’s outstanding portfolio of forward-thinking SaaS solutions with flexible commercial pricing models and a telco-as-a-service (TaaS) approach. Whale Cloud’s TaaS architecture meets CSPs’ ever-evolving needs, with a focus on delivering cost-effective service, thus enabling Whale Cloud to maintain its solid leadership in the industry and increase its customer base.

"Prospects for future capability expansion supported by Whale Cloud are bright because the company leverages technology advancements to push the limits and drive innovation," said Mei Lee Quah, Director, ICT Research at Frost & Sullivan.

The company, therefore, is well positioned to capitalize on the latest digital trends in APAC markets because it has the most sophisticated technologies in the industry, a strong presence in over 80 countries, more than 600 global customers, and 30 years of industrial experience.

"With a stronghold in China, one of the largest mobile markets in APAC, accounting for over a third of the mobile subscribers in APAC, and good relationships with the top three mobile operators, the company is well placed to tap into the strong local push for innovation that it can leverage elsewhere in APAC," noted Quah. For its strong overall performance, Whale Cloud earns Frost & Sullivan’s 2023 APAC Technology Innovation Leadership Award in the 5G OSS/BSS industry.

"We are delighted to receive the prestigious 2023 Asia-Pacific Technology Innovation Leadership Award by Frost & Sullivan. This recognition serves as a testament to our dedication to providing CSPs in the APAC region with state-of-the-art and cost-effective 5G OSS/BSS technologies. We take great pride in being at the forefront of technological advancements, enabling CSPs to deliver 5G experiences that are both seamless and transformative to their customers", said Steven Cho, CMO of Whale Cloud International.

Each year, Frost & Sullivan presents this award to the company that has developed a product with innovative features and functionality that is gaining rapid acceptance in the market. The award recognizes the quality of the solution and the customer value enhancements it enables.

Frost & Sullivan Best Practices Awards recognize companies in various regional and global markets for demonstrating outstanding achievement and superior performance in leadership, technological innovation, customer service, and strategic product development. Industry analysts compare market participants and measure performance through in-depth interviews, analyses, and extensive secondary research to identify best practices in the industry.

About Frost & Sullivan

For six decades, Frost & Sullivan has been world-renowned for its role in helping investors, corporate leaders, and governments navigate economic changes and identify disruptive technologies, Mega Trends, new business models, and companies to action, resulting in a continuous flow of growth opportunities to drive future success. Contact us: Start the discussion.

Contact:
Tammy Chan
E: [email protected] 

About Whale Cloud

Whale Cloud is a leading technology company that specializes in the digital transformation of telecommunication service providers and other verticals. We provide mission-critical solutions and services spanning from telecoms to 5G, cloud, FinTech, eCommerce, IoT, and smart city. At Whale Cloud, we’re passionate about creating frictionless experiences for customers and empowering their digital ambitions. To find out more, visit: https://online.iwhalecloud.com/   

Contact
Xu Dong
E: [email protected] 

Source : Whale Cloud Recognized with Frost & Sullivan's 2023 Asia-Pacific Technology Innovation Leadership Award for Delivering Innovative and World-class Digital Technologies to Telecom Operators

This content was prepared by our news partner, Cision PR Newswire. The opinions and the content published on this page are the author’s own and do not necessarily reflect the views of Siam News Network

Despite 70% of Shareholders Voting "FOR", Proposed Transaction Does Not Meet the Necessary Threshold for Approval

NEW YORK, Oct. 10, 2023 /PRNewswire/ — IMAX Corporation (NYSE: IMAX) today confirmed that the Company’s proposal to acquire IMAX China’s outstanding 96.3 million shares will not proceed following a vote by IMAX China shareholders.

At the Extraordinary General Meeting (EGM) of IMAX China shareholders held October 9 EST/October 10 HKT, 70% of the shares voted were in favor of the proposed transaction; however, votes against exceeded the 10% threshold required by Hong Kong law to defeat a privatization transaction. In total, approximately 61% of the total disinterested shares of IMAX China common stock were voted.

"Even though our proposal received the vast majority of votes cast, and support from both leading independent proxy advisory firms, the vote did not achieve the threshold needed for approval," said Rich Gelfond, CEO of IMAX. "While disappointing, the vote demonstrates that shareholders believe, as we do, that the future of IMAX China is bright. We are committed to our business in China and our team will continue to create new growth opportunities for the IMAX(R) brand and technology in this vital market for blockbuster entertainment. Furthermore, we will explore opportunities to deploy the incremental capital intended for this transaction through alternate means of creating shareholder value, such as share repurchases of IMAX Corporation stock."

IMAX China (HKSE: 1970.HK) is a Hong Kong-listed subsidiary established by IMAX Corporation to oversee its business in Greater China.

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 systems to connect with audiences in extraordinary ways, making IMAX’s network among the most important and successful theatrical distribution platforms for major event films around the globe.  Streaming technology company SSIMWAVE, an IMAX subsidiary, is a leader in AI-driven video quality solutions for media and entertainment companies.

IMAX is headquartered in New York, Toronto, and Los Angeles, with additional offices in London, Dublin, Tokyo, and Shanghai. As of June 30, 2023, there were 1,718 IMAX systems (1,638 commercial multiplexes, 12 commercial destinations, 68 institutional) operating in 87 countries and territories. Shares of IMAX China Holding, Inc., a subsidiary of IMAX Corporation, trade on the Hong Kong Stock Exchange under the stock code "1970."  

IMAX®, IMAX® Dome, IMAX® 3D, IMAX® 3D Dome, Experience It In IMAX®, The IMAX Experience®, An IMAX Experience®, An IMAX 3D Experience®, IMAX DMR®, DMR®, Filmed For IMAX™, IMAX LIVE™, IMAX Enhanced™, IMAX nXos®, SSIMWAVE® and Films to the Fullest®, are trademarks and trade names of the Company or its subsidiaries that are registered or otherwise protected under laws of various jurisdictions. For more information, visit www.imax.com. You may also connect with IMAX on Instagram (www.instagram.com/imax), Facebook (www.facebook.com/imax), Twitter (www.twitter.com/imax), YouTube (www.youtube.com/imaxmovies) and LinkedIn (www.linkedin.com/imax).

Forward-Looking Statements

This press release contains forward looking statements that are based on IMAX management’s assumptions and existing information and involve certain risks and uncertainties which could cause actual results to differ materially from future results expressed or implied by such forward looking statements. These forward looking statements include, but are not limited to, statements regarding the benefits of the acquisition, expansion and growth of business, operations and technology, industry prospects and consumer behavior, plans and references to the future success of IMAX Corporation together with its consolidated subsidiaries and expectations regarding the Company’s future operating, financial and technological results. These forward-looking statements are based on certain assumptions and analyses made by the Company in light of its experience and its perception of historical trends, current conditions and expected future developments, as well as other factors it believes are appropriate in the circumstances. However, whether actual results and developments will conform with the expectations and predictions of the Company is subject to a number of risks and uncertainties, including, but not limited to, risks related to the adverse impact of the COVID-19 pandemic; risks associated with investments and operations in foreign jurisdictions and any future international expansion, including those related to economic, political and regulatory policies of local governments and laws and policies of the United States and Canada as well as geopolitical conflicts, such as the conflict between Russia and Ukraine; risks related to the Company’s growth and operations in China; the performance of IMAX DMR® films and other films released to the IMAX network; the signing of IMAX System agreements; conditions, changes and developments in the commercial exhibition industry; risks related to currency fluctuations; the potential impact of increased competition in the markets within which the Company operates, including competitive actions by other companies; the failure to respond to change and advancements in digital technology; risks relating to consolidation among commercial exhibitors and studios; risks related to brand extensions and new business initiatives; conditions in the in-home and out-of-home entertainment industries; the opportunities (or lack thereof) that may be presented to and pursued by the Company; risks related to cyber-security and data privacy; risks related to the Company’s inability to protect its intellectual property; risks related to climate change; risks related to weather conditions and natural disasters that may disrupt or harm the Company’s business; risks related to the Company’s indebtedness and compliance with its debt agreements; general economic, market or business conditions; risks related to political, economic and social instability, including with respect to the Russia-Ukraine conflict; the failure to convert IMAX System backlog into revenue; changes in laws or regulations; any statements of belief and any statements of assumptions related to the foregoing; other factors and risks outlined in the Company’s periodic filings with the United States Securities and Exchange Commission or in Canada, the  System for Electronic Document Analysis and Retrieval; and other factors, many of which are beyond the control of the Company. Consequently, all of the forward looking statements made in this press release are qualified by these cautionary statements, and actual results or anticipated developments by the Company may not be realized, and even if substantially realized, may not have the expected consequences to, or effects on, the Company. These factors, other risks and uncertainties and financial details are discussed in IMAX’s most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q. The Company undertakes no obligation to update publicly or otherwise revise any forward-looking statements, whether as a result of new information, future events or otherwise.

No statement in this press release should be interpreted to mean that the earnings or financial performance of IMAX Corporation or IMAX China for the current year or future years will necessarily match or exceed the historical or published earnings or financial performance of IMAX Corporation or IMAX China, respectively.

For more information, please contact:

Investors:
Jennifer Horsley
[email protected] 

Media:
Mark Jafar
[email protected] 

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Source : IMAX Corporation Responds to Results of Shareholder Vote on IMAX China Privatization Transaction

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