LOS ANGELES, Nov. 7 /PRNewswire/ -- IMAX Corporation (IMAX) (Nasdaq: IMAX; TSE: IMX) today announced that National Amusements will open the circuit's first-ever IMAX theatre on January 1, 2002. The IMAX(R) 3D theatre will be located at "The Bridge," National Amusements' new, cutting edge, 17-screen cinema and entertainment complex at Howard Hughes Center on Los Angeles' westside.

"We are very pleased that National Amusements, a forward-looking and innovative exhibitor, has decided to put an IMAX 3D theatre in such a high profile location in Los Angeles," said Richard L. Gelfond and Bradley J. Wechsler, Co-CEOs IMAX Corporation. "We are excited by the opportunity to showcase IMAX content to the Los Angeles community with such a strong operator especially given the increasing interest by Hollywood in our format."

"With 'The Bridge' quickly becoming Los Angeles' most popular entertainment location, we couldn't ask for a more complementary addition than the presence of the largest commercial IMAX 3D screen in Southern California." said Shari E. Redstone, President of National Amusements, Inc. "With its high-visibility location at 'The Bridge', our new IMAX theatre will, without question, become a must-visit venue for patrons from Santa Monica to the South Bay. We are looking forward to premiering the IMAX theatre with Disney's BEAUTY AND THE BEAST when it opens to the public on January 1st."

The Bridge Cinema Deluxe or "The Bridge," as the theatre complex is known, is the centerpiece of a 250,000-square-foot entertainment and shopping complex called the Promenade at Howard Hughes Center, an office and retail development adjacent to the 405 (San Diego) Freeway. While the IMAX auditorium is under construction during this fourth quarter of 2001, Lounge 12, The Bridge's full service bar and lounge is opening within the existing 17-screen complex, providing an array of specialty food and drinks.

"The strongest film slate ever will be made available to the large-format industry during the next 18 months," added Gelfond and Wechsler. "Our major focus has been on better and more film product to drive attendance at IMAX theatres and we are obviously happy with the results of our efforts. Approximately 30 films will be released from a variety of independent and Hollywood filmmakers and distributors, including Disney's BEAUTY AND THE BEAST, IMAX's own 3D film shot in space, entitled SPACE STATION, Steve Oedekerk's Santa vs. The Snowman, The Young Black Stallion Disney's prequel to The Black Stallion and James Cameron's Ghosts of the Abyss."

National Amusements, Inc., a closely held corporation that operates more than 1,390 motion picture screens in the U.S., the U.K. and Latin America, under the trade names Showcase and Multiplex Cinemas is the parent company of Viacom. Viacom, Inc. is one of the world's largest entertainment and media companies, and a leader in the production, promotion, and distribution of entertainment, news, sports, and music. Its properties include CBS Television, MTV Networks, Showtime Networks, Infinity Broadcasting, Paramount Pictures, Paramount Television, Paramount Parks, UPN, Blockbuster, Simon & Schuster and theatrical exhibition operations in North America and abroad. The company's Internet businesses include the MTVi Group, the CBS Internet Group, and Nickelodeon Online. Viacom also owns a half-interest in the Comedy Central cable channel. National Amusements, Inc. is also an equal partner in MovieTickets.com, an on-line ticketing and information service. More information on "The Bridge" can be found at http://www.thebridgecinema.com.

Founded in 1967, IMAX Corporation (Nasdaq: IMAX; TSE: IMX) 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 June 2001, 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.

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.

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SOURCE IMAX Corporation

CONTACT: Victoria Dinnick of IMAX Corporation, Toronto, +1-905-403-6366, vdinnick@imax.com, or Stephen Abraham, Analysts, of IMAX Corporation, New York, +1-212-821-0140, sabraham@imax.com; or Al Newman, Entertainment Media, of Newman & Company, Los Angeles, +1-310-777-5252, asn@newman-co.com; or Jennifer M. Hanson of National Amusements, Dedham MA, +1-781-461-1600, ext. 336, jhanson@national-amusements.com/