Country's Largest Exhibitor Enters IMAX Business with IMAX's

Revolutionary Digital Projection Technology

TORONTO, Jan. 22 /PRNewswire-FirstCall/ - IMAX Corporation (NASDAQ: IMAX; TSX: IMX) and VieShow Cinemas, the leading exhibitor in Taiwan, today announced an agreement to open an IMAX(R) theatre in its Sun Cinemas multiplex in the city of Taipei. The installation is scheduled to be completed to take advantage of IMAX's robust 2009 Hollywood slate. The deal continues IMAX's international expansion momentum, which has been fueled by the introduction of IMAX's digital projection technology. There are currently 75 IMAX theatres scheduled to be operating in Asia by 2012. To date, IMAX has signed contracts for more than 200 IMAX digital projection systems worldwide, with 46 currently in operation and at least 115 scheduled to be in operation by year end.

"IMAX theatres offer the world's most immersive movie experience, and consumers in Asia have demonstrated they are willing to pay a premium for it," said Charles Wang, Chairman of VieShow Cinemas. "The economics of IMAX's digital projection system, combined with the increase in Hollywood content being released in IMAX's format, made the decision to get into the IMAX business easy. We're very excited to install the system during the first quarter, with the goal of offering our customers most of this year's strong IMAX film slate."

"VieShow has a very strong brand in Taiwan and we believe a partnership with them is an ideal way to strengthen our own brand in the country," said IMAX Co-Chairmen and Co-CEOs Richard L. Gelfond and Bradley J. Wechsler. "This partnership also advances our overall growth strategy in Asia, by adding another well-known exhibitor to the IMAX network and maximizing visibility with consumers in the region."

"We're very excited to work with VieShow to change the way moviegoers experience Hollywood movies in Taiwan," added Larry O'Reilly, IMAX's Executive Vice president, Theatre Development. "Our digital projection technology continues to fuel exhibitor interest in the IMAX business, and we are delighted that this interest has resulted in a partnership with Taiwan's leading exhibitor."

IMAX's revolutionary digital projection system delivers The IMAX Experience(R) and helps drive profitability for studios, exhibitors and IMAX theatres by eliminating the need for film prints, increasing program flexibility and ultimately increasing the number of movies shown on IMAX screens. The system can run both IMAX and IMAX(R) 3D presentations.


    Upcoming IMAX releases include:

    2009
    ----
    The Dark Knight - Warner Bros. Pictures
    Under the Sea 3D - IMAX/Warner Bros. Pictures
    Watchmen - Warner Bros. Pictures/Paramount Pictures/Legendary Pictures
    Monsters vs. Aliens 3D - DreamWorks Animation
    Star Trek - Paramount Pictures
    Night at the Museum Battle of the Smithsonian - Twentieth Century Fox
    Transformers: Revenge of the Fallen - DreamWorks Pictures/Paramount
    Pictures
    Harry Potter and the Half-blood Prince (with scenes in IMAX 3D) - Warner
    Bros. Pictures
    A Christmas Carol - Walt Disney Studios
    Avatar 3D - Twentieth Century Fox

    2010
    ----
    Hubble 3D (working title) - IMAX/Warner Bros. Pictures
    How to Train Your Dragon 3D - DreamWorks Animation
    Shrek Goes Fourth 3D - DreamWorks Animation

    About VieShow

VieShow Cinemas was established in 1997, having brought the era of multiplex cinemas into Taiwan. VieShow Cinemas is the current market leader in Taiwan's exhibition industry, with 7 locations island-wide, accounting for 35% of Taiwan's total box office market share. Further to continuing market expansions and development of innovative services, VieShow Cinemas established the distribution company VieVision Picture in 2006 with the mission to provide more variety of films into Taiwan.

About IMAX Corporation

IMAX Corporation is one of the world's leading entertainment technology companies, specializing in immersive motion picture technologies. 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 movie presentations using proprietary IMAX, IMAX 3D, and IMAX DMR(R), technology. IMAX DMR is the Company's groundbreaking digital re-mastering 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 display crystal-clear images on the world's biggest screens, and the IMAX brand is recognized throughout the world for extraordinary and immersive entertainment experiences for consumers. As of September 30, 2008, there were 320 IMAX theatres operating in 42 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 and the Company's accounting, the performance of films, the signing of theatre system agreements, the viability of new technologies, businesses and products, 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, risks arising from potential material weaknesses in internal control over financial reporting and fluctuations in foreign currency and in the large format, general commercial exhibition and out-of-home entertainment markets. These factors and other risks and uncertainties are discussed in the Company's most recent Annual Report on Form 10-K and most recent Quarterly Reports on Form 10-Q.

SOURCE IMAX Corporation - 01/22/2009

CONTACT: Media: IMAX Corporation, New
York, Sarah Gormley, (212)
821-0155, sgormley@imax.com; Entertainment Media: Rogers &
Cowan, Los Angeles,
Jason Magner, (310) 854-8128,
jmagner@rogersandcowan.com;
Investors: IMAX Corporation - New York,
Heather Anthony, (212) 821-0121, hanthony@imax.com;
Business Media: Sloane & Company, New York, Whit Clay, (212) 446-1864,
wclay@sloanepr.com
(IMAX IMX.)

CO: IMAX Corporation