Success of Warsaw IMAX(R) Theatre Spurs IT International to Expand Plans For
IMAX Theatres in Europe

TORONTO, Jan. 10 /PRNewswire-FirstCall/ -- IMAX Corporation (Nasdaq: IMAX; TSE: IMX) announced today that IT International (I.T.) has increased its commitment from its original contract for seven IMAX(R) theatres to nine. I.T.'s first Eastern European location in Warsaw opened in September 2000 and has welcomed more than 500,000 visitors since opening. The additional theatres will be located in Athens, Greece and an undisclosed European location and are scheduled to open in 2003. I.T.'s second Eastern European location opened officially to the public in Krakow, Poland on December 12.

"Our IMAX theatre in Warsaw is performing very well, with over 500,000 admissions recorded for its first year of operations. The theatre continues to exceed our expectations serving as the prime drawing card of a retail multiplex complex," said Moshe Greidinger, CEO of IT International. "We are very pleased with IMAX and that's why we are going to take IMAX as part of our growth strategy."

"We are thrilled with the reaction to I.T.'s Warsaw location and are extremely happy with the company's decision to increase their commitment from seven to nine IMAX systems," said IMAX co-CEOs Richard L. Gelfond and Bradley J. Wechsler. "This agreement represents the strong interest that IMAX continues to generate in new international markets. As the international exhibitor market continues to strengthen, we expect to see more global opportunities for IMAX theatres in commercial developments.

I.T. International Theatres (EASDAQ: ITIT) is the leading motion picture exhibitor in Israel based on box office receipts. Since December 1997, when the Company opened its first multiplex theatre outside of Israel, in Budapest, Hungary, the Company has embarked on an expansion effort in Central Europe and currently operates approximately 50% of its 218 screens outside of Israel, including 76 in Hungary, 24 in Poland and 8 in Prague. Today the Company is the single largest international operator of multiplex cinemas in Central Europe and plans significant further expansion in Hungary, Poland and the Czech Republic. I.T. International Theatres is a 75% owned subsidiary of Israel Theatres Ltd. More information about the company can be found at www.iti-theatres.com.

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 September 2001, there were more than 220 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 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 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, 2000 and in the subsequent reports filed by the Company with the Securities and Exchange Commission.

SOURCE IMAX Corporation

CONTACT:

media, Toronto, Victoria Dinnick, +1-905-403-6366, or
vdinnick@imax.com, or analysts, New York, Stephen G. Abraham, +1-212-821-0140,
or sabraham@imax.com, both of IMAX Corporation; or entertainment media, Los
Angeles, Al Newman of Newman & Company, +310-777-5252, or asn@newman-co.com,
for IMAX Corporation; or Anna Rekus of I.T. International Theatres,
+011-48-605-956-869

URL: http://www.iti-theatres.com