---
title: IMAX Announces Agreement for $20 Million Credit Facility with Congress Financial
publisher: "IMAX"
description: "TORONTO, Nov. 12 /PRNewswire-FirstCall/ -- IMAX Corporation (Nasdaq: IMAX; TSX: IMX) today announced that it has signed a commitment letter with Congress Financial Corporation, a subsidiary of Wachovia Capital Markets, LLC, under which a USD$20,000,000 senior secured revolving credit facility will"
canonical: "https://www.imax.com/pr/imax-announces-agreement-20-million-credit-facility-congress"
date: 2003-11-12
last_updated: 2003-11-12
---

IMAX Announces Agreement for $20 Million Credit Facility with Congress Financial
================================================================================

Wed, Nov 12, 2003

TORONTO, Nov. 12 /PRNewswire-FirstCall/ -- IMAX Corporation (Nasdaq: IMAX; TSX: IMX) today announced that it has signed a commitment letter with Congress Financial Corporation, a subsidiary of Wachovia Capital Markets, LLC, under which a USD$20,000,000 senior secured revolving credit facility will be made available to IMAX, subject to certain terms and conditions. The credit facility will be secured by substantially all of the assets of IMAX. The parties anticipate completing all relevant loan and security documents by December 2003.

"We have said consistently that, even though we don't need it today, a senior secured line on favorable terms to IMAX would provide us with additional financial flexibility going forward," said IMAX Co-CEOs and Co- Chairmen Richard L. Gelfond and Bradley J. Wechsler. "We are very pleased to be able to announce our new financing relationship with Congress."

This press release contains forward looking statements that are based on management assumptions and existing information and involve certain risks and uncertainties which could cause actual results to differ materially from future results expressed or implied by such forward looking statements. Important factors that could affect these statements include the timing of theatre system deliveries, the mix of theatre systems shipped, the timing of the recognition of revenues and expenses on film production and distribution agreements, the viability of new businesses and products, and fluctuations in foreign currency and in the large format and general commercial exhibition market. These factors and other risks and uncertainties are discussed in the Company's Annual Report on Form 10-K for the year ended December 31, 2002 and in the subsequent reports filed by the Company with the Securities and Exchange Commission.

     For additional information please contact:
     Media:
     IMAX Corporation, New York
     Romi Schutzer
     212-821-0144
     rschutzer@imax.com

     Entertainment Media:
     Newman & Company, Los Angeles
     Al Newman
     818-784-2130
     asn@newman-co.com

     Analysts:
     IMAX Corporation, New York
     Jennifer Gery
     212-821-0144
     jgery@imax.com

     Business Media:
     Sloane & Company, New York
     Whit Clay
     212-446-1864
     wclay@sloanepr.com

SOURCE IMAX

CONTACT:  
Romi Schutzer  
+1-212-821-0144  
or  
rschutzer@imax.com  
and  
Jennifer Gery  
+1-212-821-0144  
or  
jgery@imax.com  
both of IMAX Corporation  
or  
Al Newman of Newman & Company,  
+1-818-784-2130  
or  
asn@newman-co.com  
or  
Whit Clay of Sloane & Company  
+1-212-446-1864  
or  
wclay@sloanepr.com  
Company News On-Call: http://www.prnewswire.com/comp/103201.html  
Web site: http://www.imax.com  
(IMAX)