LOS ANGELES, May 29, 2002 /PRNewswire-FirstCall via COMTEX/ --

SPACE STATION Voted Best New Large-Format Film by Prominent Industry Group

SPACE STATION, the first-ever IMAX(R) 3D space film, has reached new heights as it continues to launch at IMAX(R) theatres around the globe. Currently in release at 59 IMAX theatres worldwide, the film has accumulated a worldwide box office gross of $5,905,022 since its April 17th launch at the Smithsonian's National Air & Space Museum in Washington, D.C., making it the fastest IMAX-distributed film to hit the $5 million mark. SPACE STATION placed 13th on the industry box office charts with a gross of $784,947 (up 41% from the previous weekend) for the Memorial Day holiday weekend -- confirming its position as the best performing large-format film presently in release.

Produced by IMAX Corporation (Nasdaq: IMAX; TSX: IMX), and presented by Lockheed Martin Corporation in cooperation with the National Aeronautics & Space Administration (NASA) and narrated by Tom Cruise, SPACE STATION documents one of the most challenging engineering feats and important accomplishments by NASA since landing a man on the moon -- the construction of the International Space Station.

The film was also voted best new large-format film by members of the Large Format Cinema Association (LFCA) at its recently concluded 2002 conference. The LFCA is a non-profit organization representing the large format cinema community of filmmakers, distributors, equipment manufacturers, consultants, exhibitors and others involved in this rapidly evolving sector of the motion picture industry.

"SPACE STATION is off to a great start as both a box office performer and audience pleaser as is evidenced by the success it has achieved since it premiered six weeks ago," said Greg Foster, IMAX Corporation's President of Filmed Entertainment.

"We're thrilled that SPACE STATION has been given this honor by professionals working in the large-format industry," he continued. "Peer recognition is one of the greatest compliments that any film can receive and this award from LFCA is a testimonial to producer-director Toni Myers and consulting producer Graeme Ferguson and the talented team of men and women who worked so very hard to bring the experience of traveling to, and living aboard the International Space Station to life via the medium of IMAX 3D."

About the film:

Early in 1997, IMAX, in association with Lockheed Martin and the National NASA, started work on SPACE STATION starring astronauts and cosmonauts from the United States, Canada, Japan, Russia and Europe. These men and women collectively have spent thousands of hours in space and with the guidance of producer-director Toni Myers and consulting producer Graeme Ferguson, have captured on film and in IMAX 3D, the excitement and magnitude of this amazing project being built in outer space in a way that no other medium can. SPACE STATION is the fifth space film to be sponsored by Lockheed Martin. The others were: "The Dream Is Alive" (1985), "Blue Planet" (1990), "Destiny In Space" (1994) and "Mission To Mir" (1997).

About IMAX Corporation:

Founded in 1967, IMAX Corporation is one of the world's leading entertainment technology companies. IMAX's businesses include the world's best cinematic presentations together with IMAX, IMAX 3D and the development of the highest quality digital production and presentation. The IMAX brand is recognized throughout the world for extraordinary and immersive family experiences. As of March 2002, there were more than 225 IMAX theatres operating in 30 countries. More than 700 million people have seen an IMAX presentation since the medium premiered in 1970. IMAX Corporation is a publicly traded company listed on both the Toronto and Nasdaq stock exchanges. IMAX(R) is a registered trademark of IMAX Corporation. More information on the Company can be found at http://www.imax.com .

About Lockheed Martin Corporation:

Through its various business programs and services, Lockheed Martin and its heritage companies have supported America's space program from its inception. From the earliest days of rocketry to the recent and continuing missions to service the Hubble Space Telescope and International Space Station, to continued interplanetary exploration, Lockheed Martin's team of scientists, engineers and support personnel are committed to furthering our knowledge of this planet and beyond Headquartered in Bethesda, Maryland, Lockheed Martin is a global enterprise principally engaged in the research, design, development, manufacture and integration of advanced technology systems, products and services. Employing about 125,000 people worldwide, Lockheed Martin had 2001 sales of $24 billion. (http://www.lockheedmartin.com)

SOURCE IMAX Corporation

CONTACT:
Liam Romalis of IMAX Corporation, Toronto, +1-905-403-6392,
lromalis@imax.com; or Al Newman - Entertainment Media of Newman & Company, Los
Angeles, +1-818-784-2130, asn@newman-co.com
/Company News On-Call: http://www.prnewswire.com/comp/103201.html

URL: http://www.imax.com
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