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Imax Signs Two-Theater Deal in Ecuador

Rich Gelfond
Imax CEO Richard Gelfond.

The move follows the giant screen exhibitor restructuring an agreement with Racimec International Group to kick-start expansion in South America.

TORONTO – Imax has a deal for two new theaters in Ecuador, a move that follows the giant screen exhibitor restructuring an agreement with the Racimec International Group last year to remove a drag on its South American expansion.

The new agreement with Supercines, Ecuador's largest exhibitor, will see two Imax screens go into new construction projects in Guayaquil.

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The deal is part of Imax's amended master license agreement with Giencourt Investments S.A., a part of Racimec, a Brazil-based lottery operator, to accelerate the rollout of Imax theaters across the region.

"Today's agreement demonstrates that we are continuing to make inroads in South America -- partnering with the top exhibitor in the country and bringing the Imax experience to premium sites," said Imax CEO Richard L. Gelfond in a statement Monday.

Imax has been slow to penetrate the Latin American market, compared to Europe and Asia.