IMAX CORPORATION
Exhibit 99.2
[IMAX LOGO]
IMAX CORPORATION
2525 Speakman Drive
Mississauga, Ontario, Canada L5K 1B1
Tel: (905) 403-6500 Fax: (905) 403-6450
www.imax.com
IMAX TO EXPLORE STRATEGIC ALTERNATIVES
TORONTO - March 9, 2006 - IMAX Corporation today announced that its Board of
Directors has decided to begin a process to explore strategic alternatives to
enhance shareholder value, including, but not limited to, the sale or merger of
the business with another entity offering strategic opportunities for growth.
The company has retained Allen & Company and UBS Investment Bank as financial
advisors in this process.
"In order to fully realize the growth potential inherent in both the IMAX(R)
brand and the business we have built to date, we are evaluating strategic
alternatives in order to expand our scale and maximize value for our
shareholders. We have recently received several unsolicited inquiries, and
believe this preliminary interest shows that there is awareness of the strength
and attractive qualities of our business. We think this interest, coupled with
our solid fiscal 2005 results and compelling growth opportunities, makes this an
ideal time to explore our options," said IMAX Co-Chairmen and Co-Chief Executive
Officers Richard L. Gelfond and Bradley J. Wechsler.
In making the announcement, IMAX stated that there can be no assurance that the
exploration of strategic alternatives will result in a transaction. The Company
does not currently intend to disclose developments with respect to the
exploration of strategic alternatives unless and until its Board of Directors
has approved a specific transaction.
ABOUT IMAX CORPORATION
Founded in 1967, IMAX Corporation is one of the world's leading entertainment
technology companies and the newest distribution window for Hollywood films.
IMAX delivers the world's best cinematic presentations using proprietary IMAX,
IMAX(R) 3D, and IMAX DMR(R) technology. IMAX DMR (Digital Re-mastering) makes it
possible for virtually 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 entertainment experiences.
As of December 31, 2005, there were 266 IMAX theatres operating in 38 countries.
IMAX(R), IMAX(R) 3D, IMAX DMR(R), IMAX(R) MPX(R), and The IMAX Experience(R) are
trademarks of IMAX Corporation. More information on the Company can be found at
www.imax.com.
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This press release contains forward looking statements that are based on
management's 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 affect 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
performance of films, the viability of new businesses and products, fluctuations
in foreign currency and conditions, changes and other developments in the large
format and general commercial exhibition markets and broader entertainment
industry. 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, 2004 and in
the subsequent reports filed by the Company with the Securities and Exchange
Commission including the Company's 10-K for the year ended December 31, 2005,
scheduled to be filed on March 9, 2006.
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For additional information please contact:
MEDIA: INVESTORS:
IMAX CORPORATION, New York Integrated Corporate Relations
Sarah Gormley Amanda Mullin
212-821-0155 203-682-8243
sgormley@imax.com
ENTERTAINMENT MEDIA: BUSINESS MEDIA:
Newman & Company, Los Angeles Sloane & Company, New York
Al Newman Whit Clay
310-278-1560 212-446-1864
asn@newman-co.com wclay@sloanepr.com
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