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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.

 
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