Release Details

TORONTO, Jan. 22 /PRNewswire/ -- IMAX Corporation (Nasdaq: IMAX; TSE: IMX) announced today that the Smithsonian Institution has expanded its commitment to The IMAX Experience(R), adding a third IMAX theatre to be located at the new Air and Space Museum's Steven F. Udvar-Hazy Center in Dulles, Virginia. In addition, the Smithsonian will upgrade its first IMAX theatre at the National Air and Space Museum to an IMAX 3D system. The theatre is among the top performing IMAX theatres in the world.

"We are very excited to expand our relationship with the Smithsonian because of its prestige, its commitment to excellence and its extremely strong history of operating IMAX theatres," said IMAX co-CEOs Richard L. Gelfond and Bradley J. Wechsler. "The Smithsonian has traditionally played a leadership role in the institutional community and we are delighted with its continued commitment to IMAX. This announcement is particularly exciting given the upcoming release of our first ever 3D space film SPACE STATION 3D."

The Smithsonian National Air and Space Museum's (NASM) Langley Theatre opened in 1976, and is one of the most highly attended IMAX theatres in the world. IMAX has worked very closely with the Museum and other key partners such as Lockheed Martin, in the production of space-oriented films. Together, the partners have made valuable contributions to public education through the production of such IMAX space films as: "The Dream Is Alive," "Blue Planet," "Destiny In Space," and "Mission To MIR." The Smithsonian also has the Samuel C. Johnson IMAX 3D Theater at the National Museum of Natural History. These theatres are operated by the Smithsonian's Business Ventures division.

The Steven F. Udvar-Hazy Center, to be located at Washington Dulles International Airport, will be a 10-story attraction housing more than 200 aircraft and scores of space artifacts. It will also include classrooms, a visitor orientation center, stores, restaurants, and an observation tower. It is scheduled to open in December, 2003, to coincide with the Centennial of the Wright Brothers' historic flight.

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.

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SOURCE IMAX Corporation

CONTACT: Media - Victoria Dinnick of IMAX Corporation, Toronto, +1-905-403-6366, vdinnick@imax.com, or Analysts - Stephen G. Abraham of IMAX Corporation, New York, +1-212-821-0140, sabraham@imax.com; or Entertainment Media - Al Newman of Newman & Company, Los Angeles, +1-818-784-2130, asn@newman-co.com, for IMAX Corporation; or Mary Combs of Smithsonian, +1-202-357-2627, combsm@publicaffairs.si.edu/