TORONTO, Oct 7, 2002 /PRNewswire-FirstCall via COMTEX/ --

Late IMAX Co-Founder William C. Shaw Receives Highest Honor; IMAX Corporation's THE DREAM IS ALIVE Inducted Into IMAX(R) Hall of Fame

IMAX Corporation (Nasdaq: IMAX; TSE: IMX) received major accolades from the large-format industry last Thursday when its IMAX(R) 3D hit SPACE STATION was voted Best Film and received top honors for Best Cinematography at the Giant Screen Theater Association's (GSTA) awards ceremonies during the group's annual conference. The Company was also singled out as Best Distributor for its work on the film. Other awards presented were IMAX Corporation's Maximum Image Founders Award which went to William C. Shaw, the late co-founder of IMAX, and the classic 1985 IMAX(R) space film THE DREAM IS ALIVE which was inducted into the IMAX Hall of Fame.

SPACE STATION, which is the fastest grossing 3D film in the medium's history, has grossed more than $30 million since its world premiere in April, 2002. Produced by IMAX Corporation, presented by Lockheed Martin Corporation in cooperation with the National Aeronautics and Space Administration (NASA) and narrated by Tom Cruise, SPACE STATION documents one of the most important accomplishments by NASA since landing a man on the moon -- the on-orbit construction of the International Space Station. The film's Producer, Writer and Editor Toni Myers accepted the Best Film award and veteran IMAX cinematographer James Neihouse won for Best Cinematography.

"We would like to congratulate Toni, James and all of the people involved in the production, marketing and distribution of SPACE STATION," said IMAX co-CEOs Richard L. Gelfond and Bradley J. Wechsler. "It is an honor to have this film be recognized by our peers in the large-format industry, as it highlights our commitment to provide content that is appealing to all facets of the worldwide network of IMAX(R) theatres."

The IMAX Founders Award, which recognizes an individual or individuals who have made a major contribution to the arts and/or sciences of 15/70 large-format films, is selected by a special panel of industry leaders. Previous years' Founders Award winners have included IMAX co-founders Graeme Ferguson and Roman Kroitor, the National Aeronautics and Space Administration and its Administrator, Daniel S. Goldin, and the longest running IMAX Theatres - the Cinesphere at Ontario Place in Toronto, the Reuben H. Fleet Space Theater and Science Center in San Diego and its executive director Dr. Jeffrey Kirsch.

Films under consideration for the Hall of Fame are nominated by an independent panel and voted on by every active theatre in the worldwide IMAX network. Previous inductees include the large-format hits, Grand Canyon: The Hidden Secrets and To Fly!.

"We are extremely pleased that the IMAX Founders Award has gone to the man whose engineering genius led to the very creation of this wonderful industry," said Messrs. Gelfond and Wechsler. "We are also very excited that THE DREAM IS ALIVE has been entered into the IMAX Hall of Fame. It is truly deserving of this recognition as it is the highest-grossing IMAX film, has been a significant contributor to the strength of the IMAX brand and the backbone of the large-format industry."

William C. Shaw joined Graeme Ferguson, Roman Kroitor and Robert Kerr in 1968 to design and develop the IMAX projection system. The engineer responsible for the development of the original system, Shaw also led the engineering team which subsequently developed IMAX(R) Dome, IMAX(R) 3D, IMAX(R) 3D Dome, IMAX Magic Carpet(R) and IMAX(R) HD. Shaw had a number of patents to his credit relating to the development of the rolling loop mechanism fundamental to the IMAX system as well as to subsequent developments for IMAX(R) projectors, cameras and peripherals.

THE DREAM IS ALIVE premiered in 1985 at the Smithsonian Institution's National Air and Space Museum. Today, almost 20 years later, the film is still on NASM's schedule, and has grossed more than $150 million worldwide, making it the highest grossing IMAX film in the history of the medium. As the first IMAX film to be shot in space, it began a legacy of IMAX space films that have opened the window on the universe to millions of people from around the world. Other space films include, Blue Planet, Destiny In Space, Mission To MIR and the first IMAX 3D space film, SPACE STATION, which is currently playing in more than 80 IMAX theatres around the world.

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. IMAX has developed revolutionary technology called IMAX(R) DMR(TM) (Digital Re-mastering) that makes it possible for virtually 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 June 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(R), The IMAX Experience(R) and IMAX(R) DMR(TM) are trademarks of IMAX Corporation. More information on the Company can be found at http://www.imax.com .

SOURCE IMAX Corporation

CONTACT:
Media - Romi Schutzer of IMAX Corporation, New York,
+1-212-821-0144, rschutzer@imax.com; or Business Media - Whit Clay of Sloane &
Company, New York, +1-212-446-1864, wclay@sloanepr.com; or Entertainment Media
- Al Newman of Newman & Company, Los Angeles, +1-818-784-2130,
asn@newman-co.com, both for IMAX; or Analysts - Stephen G. Abraham of IMAX
Corporation, New York, +1-212-821-0140, sabraham@imax.com
/Company News On-Call: http://www.prnewswire.com/comp/103201.html

URL: http://www.imax.com
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