IMAX Corporation has announced that it will be bringing large format theaters to South America. Four IMAX theatres will open, to be located in Chile and Ecuador. "IMAX's entry into South America with these four new theatres is an exciting moment for our company and is really only the beginning for us in a market that we believe can support many more IMAX theatres in many countries," said Richard L. Gelfond and Bradley J. Wechsler, co-CEOs and co-chairmen, IMAX Corporation. "We have found that once an IMAX theatre opens in a new region of the world, that theatre typically drives demand for even more theatres and we are optimistic that this will be the case in South America." Both Chile and Ecuador will have two IMAX theatres, with at least one each utilizing IMAX 3D technology. All four theatres are scheduled to open by the end of 2003. The South America agreement solidifies IMAX's continuing global expansion. Recently launched IMAX theatres include locations in Austria, Germany, Poland, China and Russia.