CGI Family Event Film from Playtone Productions, Warner Bros. Pictures and DNA Productions to be Simultaneously Released to IMAX(R) Theatres Worldwide in Response to Strong Audience Appetite for The IMAX 3D Experience(R)

Project to be Led by Writer and Director of Jimmy Neutron: Boy Genius and Santa Vs. The Snowman 3D

LOS ANGELES, CA, July 21 /PRNewswire-FirstCall/ - IMAX Corporation, in association with Warner Bros. Pictures, Playtone Productions, its principals Tom Hanks and Gary Goetzman, and John A. Davis of DNA Productions, today announced that The Ant Bully, an animated CGI film from the director of the 2001 box office hit Jimmy Neutron: Boy Genius, will be released simultaneously in IMAX(R) 3D and conventional 2D format on August 4, 2006. The film will be digitally converted into IMAX 3D and feature proprietary IMAX DMR(R) (Digital Re-mastering) technology. The picture marks Playtone's third IMAX film project and Warner Bros. Pictures tenth film commitment to IMAX. Warner Bros. Pictures will be the exclusive distributor of The Ant Bully to IMAX(R) theatres worldwide.

"The Ant Bully will be our third adventure in IMAX 3D," noted Gary Goetzman, producer of The Ant Bully. "It adds unique dimension to the story and presentation."

"IMAX 3D is the most advanced three-dimensional moviegoing experience in the world. We've previously released, with great success, The Polar Express: An IMAX 3D Experience and NASCAR 3D: The IMAX Experience," said Dan Fellman, President of Domestic Distribution at Warner Bros. Pictures. "The Ant Bully, a film for the entire family, with outstanding CG animation, is perfectly suited for IMAX 3D. We look forward to offering audiences the experience of The Ant Bully on August 4, 2006."

"IMAX has been the world leader in cinematic 3D for more than a decade, and as we continue to closely partner with world-class organizations like Warner Bros. Pictures and Playtone Productions on groundbreaking 3D projects, we're reinforcing IMAX 3D as the gold standard," said IMAX Co-Chairmen and Co-CEOs Richard L. Gelfond and Bradley J. Wechsler. "The last IMAX 3D film we did with Warner Bros. Pictures and Tom Hanks grossed an average of $550,000 per screen, so we're obviously very optimistic about the potential The Ant Bully holds for the IMAX theatre network. We are also pleased to begin unveiling IMAX's 2006 film slate, and believe this visibility into our future programming will help bring more exhibitors into the IMAX business, as well as provide added incentive for our existing partners to open additional locations."

"Warner Bros. and Playtone have been fantastic partners, and we're very excited to expand our relationship with them, joining together again for The Ant Bully," added Greg Foster, Chairman and President of IMAX Filmed Entertainment. "The Ant Bully is based on a beloved book which teaches kids important life lessons in an entertaining way. We believe this film is well suited for both commercial and institutional theatres and looks incredible in IMAX 3D."

The Ant Bully is directed and adapted by John A. Davis, writer and director of Jimmy Neutron: Boy Genius, as well as Santa Vs. The Snowman 3D, which was released in IMAX 3D in November 2002. Tom Hanks, Gary Goetzman and John A. Davis produce, and Keith Alcorn executive produces. The Ant Bully is based on a book by John Nickle, which tells the tale of a young boy who floods an ant colony with his water-gun, and is magically shrunken down to insect size and sentenced to hard labor in the ruins. Before returning to half-pint stature, he comes to appreciate the selfless nature of the ants and learns a valuable lesson about tolerance and empathy. The film will be voiced by an all-star and Academy Award-winning cast, including Nicolas Cage, Julia Roberts Meryl Streep, Paul Giamatti, Lily Tomlin, Cheri Oteri, Alan Cumming, Regina King, Ricardo Montalban and newcomer Zach Tyler Eisen.

About IMAX Corporation

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Founded in 1967, IMAX Corporation (NASDAQ: IMAX; TSX: IMX) 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 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, 2005, there were 250 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 for the year ended December 31, 2004 and in the subsequent reports filed by the Company with the Securities and Exchange Commission.

SOURCE IMAX Corporation

CONTACT: Media: IMAX Corporation, New York, Romi Schutzer, (212) 821-0144, rschutzer@imax.com; Warner Bros. Pictures, Los Angeles, Stacy Ivers, (818) 954-6228, stacy.ivers@warnerbros.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