Imax reveals Philippines deal

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TORONTO -- Giant-screen pioneer Imax Corp. on Tuesday unveiled a two-theater deal in the Philippines as its stock rallied in North American markets.

Toronto-based Imax said mall operator SM Prime Holdings has agreed to install two Imax digital projections systems at venues in Manila and Cebu by the end of 2009.

The deal follows an Imax screen going into the SM Mall of Asia in Manila in 2006 as the anchor attraction and performing well for the mall operator, Imax said.

The latest Asian deal also came as shares in Imax continued a rocky ride on the financial markets. The company's stock fell sharply in early morning trading on the NASDAQ before recovering to $6.03 in afternoon trading, up 1.1% or $0.07 compared with the close last Friday.

On the Toronto Stock Exchange, Imax shares reversed Monday's sharp sell-off, rising 13%, or CAN$0.71 ($0.68), to CAN$6.17 ($5.97) during afternoon trading.
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