A cinema construction contract between giant-screen entertainment company Imax Corp. and Israel-based exhibitor IT International (I.T.) has been expanded from seven cinemas to nine. The additional theatres, scheduled to open in 2003, will be located in Athens, Greece and an undisclosed European location.

I.T.'s first Eastern European location opened in Warsaw in September 2000 and has recorded 500,000 admissions to date. A second venue opened in Krakow on December 12, 2001.

In a statement, I.T. CEO Moshe Greidinger said the Warsaw venue has surpassed expectations in its role as an anchor for a retail multiplex

complex. That success, he said, is why "we are going to take Imax as part of our growth strategy." I.T. operates 218 screens; 76 in Hungary, 24 in Poland, eight in Prague and the balance in Israel.

IMAX co-CEOs Richard Gelfond and Brad Wechsler were understandably ecstatic, saying I.T.'s decision boosts the Imax brand's profile as a focus of commercial developments.

The extra sales make this a particularly good week in the company's long road towards recovery; on January 8, Imax retired $42m in debt and saw its share price rise nearly 50% on the day from C$4 to C$6 on the Toronto stock exchange (Screendaily, Jan 9).