IMAX Expanding in Ecuador
First it was Russia. Then Mexico, Indonesia, China, and South Korea. Now, Canada's 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."
The article IMAX Expanding in Ecuador originally appeared on Fool.com.
Fool contributor Rich Smith has no position in any stocks mentioned. The Motley Fool recommends and owns shares of IMAX. Try any of our Foolish newsletter services free for 30 days. We Fools don't all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.
Copyright © 1995 - 2013 The Motley Fool, LLC. All rights reserved. The Motley Fool has a disclosure policy.