SPACE STATION Passes $50,000,000 in Just 55 Weeks and Remains Fastest Grossing

                              IMAX 3D Film Ever

               T-REX: BACK TO THE CRETACEOUS Passes $75,000,000
         Remaining Industry's All-Time Highest Grossing IMAX 3D Film

LOS ANGELES, May 8 /PRNewswire-FirstCall/ -- IMAX Corporation (Nasdaq: IMAX, TSX: IMX) today announced that two of its IMAX(R) 3D films, SPACE STATION and T-REX: BACK TO THE CRETACEOUS, have reached new box office milestones. SPACE STATION, the first-ever IMAX 3D space film, has grossed more than $50 million in just 55 weeks of release, maintaining its position as the fastest grossing IMAX 3D film ever. T-REX: BACK TO THE CRETACEOUS has passed the $75 million mark since its release in 1998, securing its title as the industry's highest grossing IMAX 3D film of all time.

"The strong performance of these two remarkable IMAX 3D films demonstrates the strong consumer demand for The IMAX Experience(R) and the box office potential of the entire IMAX(R) theatre network," said IMAX Co-Chairmen and Co-CEO's Richard L. Gelfond and Bradley J. Wechsler. "We are extremely pleased to reach these milestones and to continue the positive momentum that is being generated by our company."

"SPACE STATION and T-REX: BACK TO THE CRETACEOUS exemplify the type of high-quality IMAX 3D films that can entertain and educate people of all ages, in many countries around the world," added IMAX's President of Filmed Entertainment, Greg Foster. "The ongoing box office success of these films demonstrates the sustained shelf life and profitable returns that IMAX films can enjoy in the worldwide IMAX theatre network."

IMAX continues to roll out what may potentially be the strongest film slate in its 30-year history. In addition to producing new original IMAX 3D films such as NASCAR: THE IMAX EXPERIENCE 3D, which will be released in 2004, IMAX is also expanding its audience base by transforming Hollywood event films into The IMAX Experience through its revolutionary IMAX(R) DMR(TM) technology. Recently, the Company signed a deal with Warner Bros. Pictures to release IMAX 15/70 versions of The Matrix: Reloaded which starts playing in IMAX theatres shortly after the 35mm release on May 15, and The Matrix: Revolutions, which will be released simultaneously in IMAX theatres and 35mm theatres on November 5th. This will mark the first time ever that a Hollywood live-action event film is released concurrently in 35mm and IMAX's format.

SPACE STATION is the fifth film produced by the unique public/private partnership formed 20 years ago by IMAX Corporation, Lockheed Martin Corporation, NASA and The Smithsonian Institution. It continues IMAX's space film legacy, which helped shape the entire large format industry. The other space films include THE DREAM IS ALIVE (1985) -- the highest grossing IMAX film in the history of the large format industry, grossing in excess of $150 million to date, BLUE PLANET (1990), DESTINY IN SPACE (1994) and MISSION TO MIR (1997). Prior to its premiere in April of 2002, SPACE STATION was pre-leased by 122 IMAX theatres -- more pre-leases than any other IMAX film in the history of the large format industry.

Produced by IMAX Corporation, 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 important accomplishments by NASA since landing a man on the moon -- the on-orbit construction of the International Space Station.

T-REX: BACK TO THE CRETACEOUS follows 16-year old Ally Hayden, the daughter of a paleontologist, on a wondrous pre-historic adventure as she is magically transported back through 65 million years to the Cretaceous Period. Here she encounters the largest, most realistic dinosaur ever to appear on movie screens -- the 20-foot tall, 15-ton -- Tyrannosaurus Rex.

About IMAX Corporation:

Founded in 1967, IMAX Corporation is one of the world's leading entertainment technology companies. IMAX's businesses include the creation and delivery of the world's best cinematic presentations using proprietary IMAX and IMAX 3D technology, and the development of the highest quality digital production and presentation. IMAX has developed revolutionary technology called IMAX DMR (Digital Re-mastering) that makes it possible for any 35mm film to be transformed into the unparalleled image and sound quality of The IMAX Experience. The IMAX brand is recognized throughout the world for extraordinary and immersive family experiences. As of March 31 2002, there were more than 230 IMAX theatres operating in 34 countries.

IMAX(R), IMAX(R) 3D, IMAX(R) DMR(TM) and The IMAX Experience(R) are trademarks of IMAX Corporation. More information on the Company can be found at www.imax.com.

SOURCE  IMAX Corporation
    -0-                             05/08/2003
    /CONTACT:  Media - Romi Schutzer of IMAX Corporation, New York,
+1-212-821-0144, rschutzer@imax.com; Entertainment Media - Al Newman of Newman
& Company, Los Angeles, +1-818-784-2130, asn@newman-co.com; Business Media -
Whit Clay of Sloane & Company, New York, +1-212-446-1864, wclay@sloanepr.com;
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/
    /Web site:  http://www.imax.com /
    (IMAX IMX.)

CO:  IMAX Corporation
ST:  California
IN:  ENT FLM
SU: