First it was Russia. Then Mexico, Indonesia, China, and South Korea. Now, Canada's IMAX (NYSE:IMAX) is expanding its reach once again, with an announcement that it is opening a pair of theaters in Ecuador.
On Monday, IMAX said it has signed an agreement with Ecuadorean cinema company Supercines to set up two IMAX theatres in Guayaquil, Ecuador's most populous city. IMAX characterized the move as "part of IMAX's restructured master license agreement with Giencourt Investments S.A., a member of the RACIMEC International Group, announced in January 2012."
IMAX CEO Richard L. Gelfond hailed the announcement as proof that IMAX is "continuing to make inroads in South America."
For its part, Supercines Executive President Johnny Czarninski expressed hope that partnering with IMAX "will further strengthen our business and provide a differentiated movie-going experience that will thrill our guests."
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