Imax expands in China with two more theaters ( 2003-07-23 10:57) (Agencies)
Imax Corp. said on Tuesday it sold two of its smaller, lower-cost MPX theater
systems to China and now expects to have 10 Imax theaters in the country by
2005.
The Mississauga, Ontario-based firm, which is run largely from New York, said
the systems were bought by Shanghai United Cinema Line Co. Ltd. One will operate
in a multiplex in Shanghai, while the location of the second in southern China
has yet to be decided.
The sale is the first of the MPX theater system outside the United States.
Imax launched the system in March to attract theater operators, particularly
multiplexes, that could not afford or accommodate their full-sized theater
system.
Imax's regular theater systems have screens up to eight stories high. The MPX
has a screen about half that height and the projector can be installed in
standard sized booth.
The financial terms of the deal, which is subject to government approval,
were not disclosed. A company spokesman said the deal was an outright sale,
rather than Imax's traditional leasing arrangement, but did not represent a
shift in strategy.
Imax shares were up 16 cents, or 1.9 percent, at $8.49 on Nasdaq with 179,000
shares changing hands. In Toronto, the stock rose 23 Canadian cents to C$12 with
15,700 shares traded.
|