Imax

(IMAX) - Get Report

said Monday that it has signed an agreement with one of Brazil's fastest-growing exhibitors to anchor a new shopping plaza in Sao Paulo.

This agreement marks Imax's second deal in Brazil and brings the number of Imax theaters to open in Latin America to 29. The Imax theater network currently consists of more than 270 Imax-affiliated theaters in 38 countries. About 60 percent of the theaters are located in North America, while the remaining 40 percent are spread internationally.

Terms of the multiplex deal with Circuito Cinearte were not given, but an Imax theater will anchor the new Bourbon Shopping Pompeia, scheduled to open in 2007. Located in a rapidly growing area of Sao Paulo, the new shopping center will be one of the city's most prominent retail developments, with 220 businesses and a 10-screen multiplex.

Imax says the agreement is part of its larger international expansion strategy. "Historically, the successful launch of an Imax theatre in a new market has led to increased enthusiasm and interest in Imax from exhibitors in surrounding markets. We are confident that establishing a presence in a city as prominent as Sao Paulo will be beneficial to further growth in Latin America," said Imax co-chief executives and co-chairmen Richard Gelfond and Bradley Wechsler in a statement.