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IMAX Corporation (IMAX - Free Report) and Cineplex have signed an agreement to install two IMAX auditoriums and the first IMAX VR Centre in Canada.

The IMAX auditoriums will be added to Cineplex Odeon Eglinton Town Centre Cinemas in Toronto and at Cineplex Cinemas Normanview in Regina. The auditoriums are scheduled to open in November, with which, their number in Cineplex theatres across Canada would total 25.

The IMAX VR Centre will be installed at Cineplex’s Scotiabank Theatre Toronto.

Cineplex’s new IMAX VR Centre will feature an exclusive combination of premium technology and world-class content to provide viewers with a unique audio-visual experience, allowing them to view and sense different worlds realistically. Players will be instantly transported to new and interactive virtual worlds with a groundbreaking VR headset technology, a 360-degree sound and a sophisticated room tracking system.

IMAX will use proprietary designs consisting of multiple “pods” to enable multiple players enjoy a thrilling VR experience.

IMAX launched the flagship pilot IMAX VR Centre in Los Angeles and a second one in New York City earlier in the year. The company aims to open around eight such centers in North America, Western Europe and Asia by this year-end.

The company intends to utilize these pilot locations to assess factors such as overall customer experience, pricing models and the types of content featured. If it pays off, IMAX wishes to roll out this concept world-wide to select multiplexes and commercial locations namely, shopping centers and tourist destinations.

Zacks Rank & Key Picks

IMAX currently carries a Zacks Rank #4 (Sell).

Some better-ranked stocks in the broader Consumer Discretionary sector are Adidas AG (ADDYY - Free Report) , Activision Blizzard, Inc (ATVI - Free Report) and Bright Horizons Family Solutions Inc. (BFAM - Free Report) . While Adidas and Activision Blizzard sport a Zacks Rank #1 (Strong Buy), Bright Horizons Family Solutions carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.

Shares of Adidas, Activision Blizzard and Bright Horizons Family Solutions have gained more than 30%, 54% and 15%, respectively, in a year.

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