--- title: IMAX Corporation Announces Changes to Board Of Directors publisher: "IMAX" description: "Wasserstein Perella Designees Resign Following Successful Distribution of Shares New Board Structure Reflects Diverse Shareholder Base TORONTO, May 29 /PRNewswire-FirstCall/ -- IMAX Corporation (Nasdaq: IMAX; TSX: IMX) today announced certain changes to its Board of Directors, including the" canonical: "https://www.imax.com/pr/imax-corporation-announces-changes-board-directors" date: 2003-05-29 last_updated: 2003-05-29 --- IMAX Corporation Announces Changes to Board Of Directors ======================================================== Thu, May 29, 2003 Wasserstein Perella Designees Resign Following Successful Distribution of Shares New Board Structure Reflects Diverse Shareholder Base TORONTO, May 29 /PRNewswire-FirstCall/ -- IMAX Corporation (Nasdaq: IMAX; TSX: IMX) today announced certain changes to its Board of Directors, including the departure of two executives of Wasserstein & Co, LLP and one of its designees. The changes follow the May 6, 2003 distribution of shares of IMAX stock by investment funds managed by Wasserstein Partners, LP, formerly the Company's largest shareholder, to the funds' limited partners. Under a 1999 shareholders' agreement with the Company, Wasserstein had the ability to designate nominees for six of the Company's eleven Board seats. Following the May 6 distribution of shares, Wasserstein's ability to designate Board members terminated. The departing Wasserstein executives are W. Townsend Ziebold and Ellis B. Jones. G. Edmund King, a Wasserstein designee, has informed the Company that he will not stand for re-election to the Board at the Company's June 4, 2003 Annual General Meeting. In addition, on April 28, 2003, Neil S. Braun was nominated by the Board of Directors to replace departing director The Honourable J. Trevor Eyton, who was designated for election to the Board by Wasserstein in 1999. Mr. Braun, currently the President of Vanguard Animation, LLC, has held numerous positions in the entertainment industry, including President of NBC Television Network and Chairman and CEO of Viacom Inc.'s entertainment division. "The Company is very grateful to Messrs. Ziebold, Jones and King, as well as to Senator Eyton, for their years of service to IMAX," said Richard L. Gelfond and Bradley J. Wechsler, IMAX's co-Chairmen and co-Chief Executive Officers. "With the distribution of IMAX shares by Wasserstein completed, the composition of our Board now reflects the increased diversity of our expanded shareholder base." The May 6, 2003 distribution of 8.2 million shares of IMAX common stock by Wasserstein was made pursuant to the terms of partnership agreements between Wasserstein and its limited partners that originally expired in 2000 and, after annual extensions, were set to expire in August 2003. "We are pleased that Wasserstein's distribution of shares to its limited partners and the sale of shares by those partners into the market went extremely smoothly," said Messrs. Gelfond and Wechsler. "After speaking with Wasserstein and its representatives, we believe that the vast majority of these shares have now been successfully absorbed into the market." Both Mr. Ziebold and Mr. King will have their names removed from the Company's proxy statement, as they will not stand for re-election as directors at the Company's Annual General Meeting. The Company's Board intends to formally reduce its size from eleven to eight in advance of the Meeting. Only two current directors, Messrs. Gelfond and Wechsler, the Company's largest individual shareholders, are employed by the Company or its affiliates. About IMAX Corporation: Founded in 1967, IMAX Corporation is one of the world's leading entertainment technology companies. IMAX's businesses include the creation and delivery of the world's best cinematic presentations using proprietary IMAX(R) and IMAX(R) 3D technology, and the development of the highest quality digital production and presentation. IMAX has developed revolutionary technology called IMAX(R) DMR(TM) (Digital Re-mastering) that makes it possible for any 35mm film to be transformed into the unparalleled image and sound quality of The IMAX Experience(R). The IMAX brand is recognized throughout the world for extraordinary and immersive family experiences. As of March 31, 2003, there were more than 230 IMAX theatres operating in 34 countries. IMAX(R), IMAX(R) 3D, IMAX(R) DMR(TM) and The IMAX Experience(R) are trademarks of IMAX Corporation. More information on the Company can be found at www.imax.com. 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. SOURCE IMAX Corporation \-0- 05/29/2003 /CONTACT: Media - Romi Schutzer, +1-212-821-0144, rschutzer@imax.com, or Analysts - Stephen G. Abraham, +1-212-821-0140, sabraham@imax.com, both of IMAX Corporation, New York; Entertainment Media - Al Newman of Newman & Company, Los Angeles, +1-818-784-2130, asn@newman-co.com; Business Media - Whit Clay of Sloane & Company, New York, +1-212-446-1864, wclay@sloanepr.com, both for IMAX Corporation/ /Company News On-Call: http://www.prnewswire.com/comp/103201.html/ /Web site: http://www.imax.com/ (IMAX IMX.) CO: IMAX Corporation ST: Ontario IN: ENT CPR FLM SU: PER NM \-- NYTH137 -- 9127 05/29/2003 13:39 EDT http://www.prnewswire.com