TORONTO, July 13 /PRNewswire/ -- Imax Corporation (Nasdaq: IMAX) (Toronto: IMX) today announced that, consistent with its Board of Directors' and Senior Management's priority and its commitment to realizing enhanced value for all Imax shareholders, it has retained Goldman, Sachs & Co. and Wasserstein, Perella & Co. as financial advisors to assist in the evaluation of potential strategic alternatives that may be available to the Company. Accordingly, the Company's financial advisors have been authorized to explore among other things the sale or merger of the Company.

Imax co-CEOs Richard L. Gelfond and Bradley J. Wechsler stated, "Imax has made tremendous strides in the last few years on several strategic initiatives including establishing the IMAX(R) theatre network as a release window for Hollywood films and securing a role in the digital future of entertainment. We believe that the future for Imax can be even brighter and that significant opportunities lie ahead."

Messrs. Gelfond and Wechsler continued, "Our priority is to maximize Imax's long-term business potential for the benefit of its shareholders, employees, customers and the viewing public and we believe that this may be best accomplished by aligning ourselves with a larger entity. Our decision is also consistent with the desire of Wasserstein Perella, our largest and one of our original shareholders, for additional liquidity in connection with its investment in the Company. While there can be no assurance that any potential transaction that may arise will be more attractive than the Company's current path, we believe that it is in the Company's and its shareholders' best interests to undertake this effort."

Imax Corporation and its subsidiaries comprise one of the world's leading entertainment technology companies, with particular emphasis on film and digital imaging technologies including giant-screen images, 3D presentations, digital post-production and digital projection. There were more than 210 IMAX theatres operating in 26 countries around the world as of March 31, 2000. Imax's subsidiaries include Digital Projection International, whose primary business is the design and manufacture of high-end digital image delivery devices, and Sonics Associates a designer and manufacturer of high-end sound systems. Imax has forged strategic alliances and relationships with some of the most prominent corporations in the world including Famous Players Inc. (a subsidiary of Viacom Inc.), America Online Inc. and Loews Cineplex Corp. Imax Corporation is a publicly traded company listed on both the Nasdaq and Toronto stock exchanges. 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 effect 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 foreign currency fluctuations. 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, 1999 and in the subsequent reports filed by the Company with the Securities and Exchange Commission. SOURCE Imax Corporation

CONTACT: Victoria Dinnick, Toronto, 905-403-6366, or Stephen Abraham, investors, New York, 212-821-0140, both of Imax Corporation/