Onex Corporation: Loews Cineplex Entertainment Postpones IPO

Business Wire, Oct 24, 2002

Business Editors

TORONTO--(BUSINESS WIRE)--Oct. 24, 2002

Onex Corporation (TSX:OCX) announced today that its subsidiary, Loews Cineplex Entertainment Corporation ("Loews Cineplex"), has made the determination that it will not proceed at this time with a proposed initial public offering of shares in the U.S. and an offering of exchangeable shares by Loews Cineplex' Canadian subsidiary. The company and its shareholders determined that current market conditions are not favourable to proceed with the offerings at this time. The company will await a better market to complete these offerings. Onex had not planned to sell any of its ownership in Loews Cineplex in the offerings.

Loews Cineplex is one of the world's leading film exhibition companies with 2,412 screens in 249 theatres, primarily in major cities in the United States, Canada, Spain and South Korea. Loews Cineplex operates in North America under the names Loews Theatres, Cineplex Odeon, Star Theatres and Magic Johnson Theatres. In addition, the company is a partner in Yelmo Cineplex (Spain) and Megabox Cineplex (South Korea).

Onex Corporation is a diversified company with annual consolidated revenues of approximately $24 billion and consolidated assets of approximately $22 billion. Onex is Canada's 5th largest company with global operations in service, manufacturing and technology industries. Its subsidiaries include Celestica, Inc., Loews Cineplex Entertainment Corporation, ClientLogic Corporation, Lantic Sugar Limited, Rogers Sugar Ltd., Dura Automotive Systems, Inc., J.L. French Automotive Castings, Inc., MAGNATRAX Corporation, InsLogic Corporation, Performance Logistics Group, Inc., Radian Communication Services Corporation and Galaxy Entertainment Inc. Onex shares trade on the Toronto Stock Exchange under the stock symbol OCX.

For more information on Onex, visit its website at www.onex.com.