IMAX Theatre To Open In Time For Superman Returns: An IMAX 3D Experience

Toronto, Canada – May 10, 200 6 – IMAX Corporation (NASDAQ: IMAX; TSX: IMX) and O'Neil Theatres, an exhibitor based in Slidell, Louisiana, today announced an agreement to open an IMAX ® theatre in a multiplex located in Covington, Louisiana. The new IMAX location will open in June, in time for the release of the highly anticipated Superman Returns : An IMAX 3D Experience, the world's first live-action Hollywood feature to include segments converted from 2D to IMAX ® 3D.

The deal marks the Company's fourth commercial theatre agreement in North America for 2006, for a total of seven theatres, which exemplifies the growing interest in the IMAX theatre business from North American exhibitors looking to differentiate multiplexes by offering a unique experience that consumers cannot replicate at home.

“As residents of New Orleans continue to recover from Katrina, we are excited to include an IMAX theatre in a building that has been successfully remodelled following the hurricane,” said Tim O'Neil, President of O'Neil Theatres. “The new IMAX theatre will offer North Shore audiences a whole new way to experience Hollywood movies – in the most powerful and immersive way available to consumers anywhere throughout the world.

“This announcement further demonstrates the traction IMAX is gaining in North America , as more exhibitors seek ways to differentiate themselves from competitors and keep audiences returning to multiplexes.” said IMAX co-Chairmen and co-CEOs Richard L. Gelfond and Bradley J. Wechsler. “We are pleased to partner with O'Neil Theatres, an exhibitor committed to delivering the best out-of-home movie going experience to residents of Louisiana .”

O'Neil's IMAX theatre will feature an IMAX MPX ® system. The IMAX MPX theatre system was designed specifically to enable multiplex operators to more cost effectively enter into the IMAX theatre business, either by retrofitting an existing stadium-seating auditorium or via an economical new build. The new IMAX theatres will be capable of playing Hollywood event films that have been digitally re-mastered into the unparalleled image and sound quality of The IMAX Experience ® , as well as original IMAX productions in 2D and IMAX ® 3D.

IMAX's 2006 film slate is stronger than any other in its 35-year history. Currently, there are six Hollywood event titles scheduled to be released simultaneously to IMAX and conventional theatres. Four of the titles will feature IMAX 3D. The slate includes: Poseidon : The IMAX Experience (May 12), Superman Returns : An IMAX 3D Experience (June 30), The Ant Bully : An IMAX 3D Experience (August 4), Open Season : An IMAX 3D Experience (September 29), and Happy Feet : An IMAX 3D Experience (November 17). Currently playing in IMAX theatres is Warner Bros. Pictures' V for Vendetta : The IMAX Experience and the studio's second original IMAX 3D film Deep Sea 3D.

About O'Neil Theatres

O'Neil Theaters, established in 1968, opened its first theater in Slidell , LA and presently operates theaters in four southern states. Its objective is to bring to the public the ultimate in motion picture entertainment. By partnering with IMAX Corporation, O'Neil Theatres delivers the complete venue to accomplish this objective.

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 3D, and IMAX DMR ® 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 March 31, 2006, there were 266 IMAX theatres operating in 36 countries.

This press release contains forward looking statements that are based on management 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 for the year ended December 31, 2005.

For additional information please contact:

Media:
IMAX Corporation, New York
Sarah Gormley
212-821-0155
sgormley@imax.com

Investors:
Integrated Corporate Relations
Amanda Mullin
203-682-8243

Entertainment Media:
Newman & Company, Los Angeles
Al Newman
310-278-1560
asn@newman-co.com

Business Media:
Sloane & Company, New York Whit Clay
212-446-1864
wclay@sloanepr.com