IMAX (NYSE:IMAX) is expanding its global reach deep into Asia. The company announced that, in collaboration with a local partner, it will open its first movie theaters in Mongolia. The pair will be located in new construction projects in the capital city, Ulan Bator. IMAX did not specify when it expected the facilities to open.
The company's partner in the project is New Tour Safaris, operator of what IMAX says is the largest film exhibition and entertainment firm in the country, Urgoo Cinemas.
In the press release heralding the news, IMAX touted the growth potential of the country. It quoted its President of EMEA, Andrew Cripps, as saying that it was "delighted to join forces with the nation's top exhibitor to bring IMAX to moviegoers in Mongolia – one of the world's fastest-growing economies and a market which we believe holds tremendous potential."
With the new Mongolian theaters, IMAX will have a presence in 58 countries across the globe.