IMAX to open three theatres in Texas
IMAX Corp. (NYSE:IMAX)(TSE:IMX) said Monday it has signed an agreement with Premiere Cinema, an independently owned theatre company, to provide three new IMAX theatre systems in Texas.
The new IMAX locations are expected to open by year-end in Houston, Lubbock, and El Paso.
"We are happy to be increasing our presence in Texas, and continuing to execute on our domestic growth strategy, which includes entering markets with high quality, well-branded regional exhibitors," said IMAX CEO Richard L. Gelfond.
As part of the agreement, Premiere also has the option to open an IMAX theatre in a fourth location.
The deal follows IMAX's recent agreement with PVR Cinemas, an India-based movie company, to open four theatres in India.
Since January 1, IMAX has signed contracts for over 100 theatre systems, more than double the number of contract signings for the same period in 2010. At year-end, IMAX had 518 theatres operating in 46 countries.
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