    Wachovia Credit Facility Amended to Increase Future Availability and Term

    $18 Million Private Placement Signed with Largest Shareholder at Market
    Price

TORONTO, May 6 /PRNewswire-FirstCall/ - IMAX Corporation (NASDAQ:IMAX; TSX:IMX) today announced that it has entered into two significant financing transactions, one with Wachovia Capital Finance Corporation ("Wachovia") to increase future availability and modify other terms under the Company's existing credit facility, and one with the Douglas family, IMAX's largest shareholder, for the sale of approximately 2.73 million common shares in a private placement at an aggregate purchase price of $18 million. Proceeds from these transactions will be used to fund the Company's IMAX(R) Digital projection roll-out, slated to begin this summer, and for general corporate purposes.

"We have always believed that the attractive returns from existing joint ventures would enable us to finance our broader digital rollout," said IMAX Co-Chairmen and Co-CEO's Richard L. Gelfond and Bradley J. Wechsler. "Now our bank and our largest shareholder have each stepped forward to provide us with increased availability of credit and cash, which we believe will enable us to effectively execute on our existing plan. Coupled with our cash on hand, we expect that these deals will ultimately provide us with access to roughly $55 - 60 million in funding."

IMAX and Wachovia entered into an amendment on May 5, 2008 which extends the term of the facility to October 31, 2010, removes an EBITDA maintenance covenant provided the Company maintains certain minimum liquidity requirements, and is likely to increase the Company's borrowing base.

"We believe these changes will ensure our access to more money for a longer period of time, mitigating operating risk," added Messrs. Gelfond and Wechsler. "The amended terms of the line allow us to draw down approximately $24.4 million today, and we believe that as our borrowing base increases in accordance with the terms of the agreement we may be able to take down close to $30 million."

Additionally, on May 5, 2008, the Company entered into an agreement with the Douglas family, IMAX's largest shareholder, for the sale of approximately 2.73 million of the Company's common shares for a total purchase price of $18 million, or approximately $6.60 per share (the equivalent of the average closing IMAX common share price over the most recent five trading days). The Douglas family, which will own 19.9% of the Company's common shares post-transaction, has agreed to a five-year standstill with the Company whereby it will refrain from certain activities, such as increasing its percentage ownership in the Company and entering into various arrangements with the Company, such as fundamental or change-of-control transactions. The Company has granted the Douglas family registration rights in connection with the newly-acquired shares. The private placement is expected to close on May 8, 2008 and is subject to customary closing conditions.

"The Douglas family has been an extremely supportive shareholder group, and we're pleased that they have recognized the potential in IMAX and the opportunity to invest at this level at this time," said Messrs. Gelfond and Wechsler. "The good news is that as a result of today's announcements, we do not believe we will need additional financing to fund our digital rollout under the current business model."

Exhibitors and other customers have been extremely enthusiastic in their response to IMAX's pending transition to digital, signing deals for 170 IMAX Digital theatre systems in the last two quarters. In December 2007, IMAX announced a joint venture agreement with AMC Entertainment, Inc. for 100 IMAX Digital theatre systems. In March 2008, IMAX announced a joint venture agreement with Regal Cinemas, Inc. for 31 IMAX Digital theatre systems. These deals will dramatically increase the IMAX(R) theatre footprint in North America and accelerate the momentum behind IMAX's transition to digital projection technology over the next few years. The Company expects to deliver the first of those digital theatre systems and open its initial joint venture theatres with AMC in July 2008.

About IMAX Corporation

IMAX Corporation is one of the world's leading digital entertainment and technology companies. The worldwide IMAX network is among the most important and successful theatrical distribution platforms for major event Hollywood films around the globe, with IMAX theatres delivering the world's best cinematic presentations using proprietary IMAX, IMAX 3D, and IMAX DMR technology. IMAX DMR is the Company's groundbreaking digital remastering technology that allows it to digitally transform virtually any conventional motion picture into the unparalleled image and sound quality of The IMAX Experience. IMAX's renowned projectors and new digital systems display crystal-clear images on the world's biggest screens. The IMAX brand is recognized throughout the world for extraordinary and immersive entertainment experiences for consumers. As of December 31, 2007, there were 299 IMAX theatres operating in 39 countries.

IMAX(R), IMAX(R) 3D, IMAX DMR(R), IMAX MPX(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 ongoing discussions with the SEC and OSC relating to their ongoing inquiries, 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, risks arising from potential material weaknesses in internal control over financial reporting 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 for the year ended December 31, 2007.

SOURCE  IMAX Corporation
    -0-              05/06/2008
    /CONTACT: Media: IMAX Corporation, New York, Sarah Gormley, (212)
821-0155, sgormley@imax.com; Entertainment Media: Newman & Company, Los
Angeles, Al Newman, (310) 278-1560, asn@newman-co.com; Investors: Integrated
Corporate Relations, Amanda Mullin, (203) 682-8243; Business Media: Sloane &
Company, New York, Whit Clay, (212) 446-1864, wclay@sloanepr.com/
    (IMX. IMAX)

CO:  IMAX Corporation
ST:  Ontario
IN:  ENT FLM
SU:  FNC PVT JVN

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