Imax Signs Three-Theater Deal in Russia With Formula Kino

The agreement includes the Russian exhibitor acquiring next-generation laser projection technology.

TORONTO -- Imax has inked a three-theater deal with Formula Kino that includes an agreement for the Russian exhibitor to acquire next-generation laser projection technology.

Formula Kino is to install three Imax screens in Moscow and Novokuznetsk as part of a deal that includes Imax's laser digital projection technology to be added to a new complex in Moscow set to open in 2015.

The latest deal brings Formula Kino's total Imax commitment to eight theaters, including three screens in St. Petersburg. Two of the venues operate as Imax Sapphire theaters.

Formula Kino operates 37 theaters across Russia and the Ukraine.

"Not only is it the first in Russia to commit to our laser technology, but it will be adding the system to what is sure to be an iconic multiplex in Russia -- a tremendous vote of confidence in the value we deliver." Andrew Cripps, president of Imax EMEA, said of the deal in a statement Tuesday.

Russia is an expanding foreign territory for Imax as it continues to diversify away from a maturing North American market. That growth includes Imax programming Hollywood and local language films in its Russian network.