IMAX Corporation (NYSE: IMAX; TSX: IMX) and Cinépolis, one of the world's largest exhibition circuits, today announced an agreement to install eight new IMAX® theatres in existing Cinépolis multiplexes throughout Latin America. Four of the IMAX theatres will be located in Colombia, with a single theatre each in Brazil, Guatemala, Panama and Peru.
Today's announcement follows recent agreements between the companies in September for an IMAX theatre in India and in April for five IMAX theatres in Mexico, bringing to 22 the exhibitor's total IMAX commercial footprint. Cinépolis currently has six IMAX theatres open in Mexico and one in Brazil.
"We've been more aggressive recently in the Latin American market with 17 theatre signings to date in 2013 - more than triple the number of deals signed in the region in 2012," said IMAX CEO Richard L. Gelfond. "We're pleased to see our efforts coming to fruition in our relationship with Cinépolis and we expect the region to provide further growth for us as the appetite for The IMAX Experience® continues to increase among developers, exhibitors and consumers."
"One of our main success factors has been our focus on innovation and IMAX is an integral part of how we're delivering on this front," said Alejandro Ramirez, CEO of Cinépolis Worldwide. "IMAX provides us with a strategic and competitive advantage that drives stronger performance at our multiplexes and we look forward to bringing the world's most immersive cinematic experience to more theatres across our network."
