Successful Launch of Four Multiplex-Based IMAX Theatres in United States Leads To Further Signing in Buenos Aires

TORONTO, April 5, 2005 /PRNewswire-FirstCall via COMTEX/ -- IMAX Corporation (NASDAQ: IMAX; TSX: IMX) and National Amusements Inc., North America's sixth largest theatre operator, today announced that they have expanded their relationship with a new agreement to install the first IMAX(R) theatre system in Argentina, at the Showcenter Norte in Buenos Aires. This new deal is in addition to the landmark agreement the companies announced in August 2004, and remains subject to certain final government approvals. The announcement follows on the heels of four highly successful National Amusements' IMAX theatre openings at multiplexes in the United States. This is the second significant theatre system agreement National Amusements has signed with IMAX in the past eight months.

"With our four new IMAX locations, we've learned the IMAX theatre business works very well in a multiplex setting," said Shari E. Redstone, president, National Amusements, Inc. "Audience reaction to the exceptional sight and sound experience in our IMAX auditoriums has been extremely positive, helping to drive attendance and differentiate our multiplexes from those of our competitors. We look forward to bringing an IMAX theatre to the Showcenter Norte and becoming the first exhibitor in Argentina to offer a wide variety of educational and cultural films, as well as Hollywood event films, in the unique IMAX format."

"National Amusements is a world-class exhibitor that has already experienced the benefits an IMAX theatre can bring to an existing multiplex, and we're excited to expand our partnership with this important company," said IMAX Co-CEOs and Co-Chairmen Richard L. Gelfond and Bradley J. Wechsler. "The Latin American theatre business is developing rapidly, and we're seeing increased exhibitor interest throughout the region, as evidenced by recent deals in Guatemala and Costa Rica. We have found that when we introduce an IMAX theatre to a new market, it stimulates demand for The IMAX Experience in surrounding markets, which has us optimistic about future expansion of the IMAX theatre network in South America."

The Showcenter Norte IMAX Theatre is expected to open in October 2005. The theatre will be capable of playing both 2D and IMAX(R) 3D movies, including Hollywood blockbusters that have been digitally re-mastered into IMAX's larger than life film format.

National Amusements currently operates five IMAX theatres in the United States. Under terms of a separate agreement signed in August 2004, National Amusements committed to rolling out between six and eighteen IMAX theatres, predominantly in the U.S. and United Kingdom, four of which opened at multiplexes in the United States last fall, with two more scheduled to open in 2005-2006. The exhibitor has said that its option to install up to twelve additional systems, predominantly in the United Kingdom, beginning next year, is expected to be an integral part of its development plans in that market. The agreement announced today, for a National Amusements IMAX theatre in Buenos Aires, is in addition to this previous deal between the two companies.

About National Amusements, Inc.

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National Amusements, Inc., a closely held corporation that operates more than 1,415 motion picture screens in the U.S., the U.K. and Latin America, is an equal partner in the online ticketing service, MovieTickets.com and the parent company of Viacom.

Viacom is a leading global media company, with preeminent positions in broadcast and cable television, radio, outdoor advertising, and online. With programming that appeals to audiences in every demographic category across virtually all media, the company is a leader in the creation, promotion and distribution of entertainment, news, sports, music and comedy. Viacom's well-known brands include CBS, MTV, Nickelodeon, Nick at Nite, VH1, BET, Paramount Pictures, Infinity Broadcasting, Viacom Outdoor, UPN, TV Land, Comedy Central, CMT: Country Music Television, King World, Spike TV, Showtime, and Simon & Schuster.

About IMAX Corporation

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Founded in 1967, IMAX Corporation is the newest distribution platform for Hollywood content and one of the world's leading entertainment technology companies. IMAX delivers the world's best cinematic presentations using proprietary IMAX, IMAX 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. The IMAX brand is recognized throughout the world for extraordinary and immersive entertainment experiences. As of December 31, 2004, there were 248 IMAX theatres operating in more than 35 countries.

IMAX(R), IMAX(R) 3D, IMAX DMR(R) and The IMAX Experience(R) are trademarks of IMAX Corporation. More information on the Company can be found at www.imax.com.

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, and fluctuations in foreign currency and in the large format and general commercial exhibition market. These factors and other risks and uncertainties are discussed in the Company's Annual Report on Form 10-K/A for the year ended December 31, 2003 and in the subsequent reports filed by the Company with the Securities and Exchange Commission.

SOURCE IMAX Corporation

Media: IMAX Corporation, New York, Romi Schutzer, (212) 821-0144, rschutzer@imax.com National Amusements, Brian Callaghan, (781) 461-1600 ext. 450, bcallaghan@nationalamusements.com; Entertainment Media: Newman & Company, Los Angeles, Al Newman, (310) 278-1560, asn@newman-co.com; Analysts: IMAX Corporation, New York, Cheryl Cramer, (212) 821-0121, ccramer@imax.com; Business Media: Sloane & Company, New York, Whit Clay, (212) 446-1864, wclay@sloanepr.com