TORONTO, Aug 14, 2001 /PRNewswire/ -- IMAX Corporation (Nasdaq: IMAX; TSE: IMX) today announced that it has been notified by its largest shareholder Wasserstein & Co. LP that the expiration of the term of certain investment partnerships under its control, which collectively own approximately 9.2 million shares of IMAX common stock, has been extended by one year to mid-August 2002. Such partnerships, which were initially sponsored and organized by Wasserstein Perella Group, a predecessor to Wasserstein & Co., were set to expire this month, and will now remain under the control of Wasserstein & Co. through August 2002. Accordingly, Wasserstein & Co. has advised the Company that it will continue to control such IMAX shares on behalf of such partnerships.

IMAX Corporation and its subsidiaries comprise one of the world's leading entertainment technology companies, with particular emphasis on film and digital imaging technologies, including giant-screen images, 3D presentations, digital post-production and digital projection. There were more than 225 IMAX(R) theatres operating in 30 countries around the world as of June 30, 2001. IMAX Corporation is a publicly-traded company listed on both the Toronto and Nasdaq stock exchanges. 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 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.

IMAX(R) is a registered trademark of IMAX Corporation.

SOURCE IMAX Corporation

CONTACT:

Media - Victoria Dinnick of IMAX Corporation, Toronto,
+1-905-403-6366, vdinnick@imax.com; or Entertainment Media - Al Newman of
Newman & Company, Los Angeles, +1-310-777-5252, asn@newman-co.com; or Analysts
- Stephen G. Abraham of IMAX Corporation, New York, +1-212-821-0140,
sabraham@imax.com