TORONTO, Feb 19, 2002 /PRNewswire-FirstCall via COMTEX/ --

Regal and IMAX Settle All Outstanding Claims

IMAX Corporation (Nasdaq: IMAX; TSE: IMX) announced today that it had completed an agreement with Regal Cinemas to keep Regal's six IMAX(R) theatres open and operating. Regal will make a lump-sum payment which is subject to Bankruptcy Court approval, to IMAX in satisfaction of all outstanding claims between the two parties. As part of Regal's restructuring process, the company was acquired by a consortium led by Philip Anschutz, also owner of United Artists and Edwards Theater chains.

"We are extremely happy to strike a deal with Regal, one of our most important clients," said IMAX co-CEOs Richard L. Gelfond and Bradley J. Wechsler. "This agreement will keep Regal's six IMAX theatres open and will allow them to benefit from the 2002 film slate which is the strongest in our history. We are looking forward to growing our relationship with Regal."

"We are pleased to complete arrangements which allow us to continue operations at our six IMAX theatres," said Regal's Chief Executive Officer Michael Campbell. "We look forward to what looks to be a strong film slate for our IMAX theatres in 2002."

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 http://www.imax.com.

SOURCE IMAX Corporation

CONTACT:

Victoria Dinnick of IMAX Corporation, Toronto, +1-905-403-6366,
vdinnick@imax.com; Analysts - Stephen G. Abraham of IMAX Corporation, New
York, +1-212-821-0140, sabraham@imax.com; Entertainment Media - Al Newman of
Newman & Company, Los Angeles, +1-818-784-2130, asn@newman-co.com; or Dick
Westerling of Regal Cinemas, +1-845-925-9539
/Company News On-Call: http://www.prnewswire.com/comp/103201.html

URL: http://www.imax.com