TORONTO, Aug 22, 2002 /PRNewswire-FirstCall via COMTEX/ -- IMAX Corporation (Nasdaq: IMAX; TSX: IMX) today announced that it has been notified by Wasserstein & Co. LP, which through affiliates controls investment partnerships comprising IMAX's largest shareholder, that the term of such partnerships has been extended through mid-August 2003. Such partnerships, which collectively own approximately 10.2 million shares of IMAX common stock and 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 2003.

About IMAX Corporation

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. IMAX has developed revolutionary technology called IMAX(R) DMR(TM) (Digital Re-mastering) that will make it possible for any 35mm film to be transformed into the unparalleled image and sound quality of The IMAX Experience(R). The IMAX brand is recognized throughout the world for extraordinary and immersive family experiences. As of March 2002, 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(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 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 - Romi Schutzer of IMAX Corporation, +1-212-821-0144,
rschutzer@imax.com, or Analysts - Stephen G. Abraham of IMAX Corporation, New
York, +1-212-821-0140, sabraham@imax.com; Al Newman - Entertainment Media of
Newman & Company, Los Angeles, +1-818-784-2130, asn@newman-co.com; Financial
Media - Whit Clay of Sloane & Company, +1-212-446-1864, wcaly@sloanepr.com,
both for IMAX Corporation

URL: http://www.imax.com