    IMAX(R)3D Production Underway in Papua, New Guinea, Will Explore Impact
    of Global Warming

    Picture Follows Box Office Hit 'Deep Sea 3D', Which Just Crossed the
    $60 Million Mark

LOS ANGELES, CA, Feb. 7 /PRNewswire-FirstCall/ - Warner Bros. Pictures Inc. and IMAX Corporation (Nasdaq: IMAX; TSX: IMX) today announced that the official title of their third original IMAX(R) 3D co-production will be Under the Sea 3D. Production began last month in Papua, New Guinea, where the film crew is photographing some of the most extraordinary marine wildlife ever captured on film.

Slated for release in February 2009, Under the Sea 3D (previous working title, 'Deep Sea-quel') will offer a uniquely inspirational and entertaining way to explore the impact that global climate change has had on ocean wilderness. Moviegoers will be able to experience face-to-face encounters with some of the most mysterious and stunning creatures of the sea. In IMAX 3D, the images literally leap off the screen and float around the theatre, putting the audience IN the movie.

"We're very excited about this film," said Alan Horn, President and Chief Operating Officer of Warner Bros. "In addition to bringing some of the most exotic underwater creatures to light for the first time, Under the Sea 3D will also thoughtfully explore the effects of global warming on our oceans and their wildlife. We're proud to be a part of this important production that will both fascinate and enlighten audiences."

"We are thrilled production is underway for Under the Sea 3D, and we are delighted to expand our original IMAX 3D library with another project from the talented filmmaking team behind Deep Sea 3D," said Dan Fellman, president, domestic distribution, Warner Bros. Pictures. "Moviegoers are continuing to buy tickets to Deep Sea 3D, demonstrating the strong appeal of this subject matter when combined with the immersive nature of IMAX's format."

Under the Sea 3D follows the 2006 box office hit Deep Sea 3D, which has grossed more than $60 million worldwide - with more than 40 percent of the film's total box office receipts coming from international IMAX locations. Deep Sea 3D continues to draw audiences after 100 weeks in release, demonstrating the strong legs and tremendous appeal that original IMAX 3D productions have become famous for throughout the exhibition industry.

"Deep Sea 3D continues to deliver a premium cinematic experience that keeps moviegoers returning to IMAX(R) theatres year after year, and we anticipate another hit with Under the Sea 3D," said Greg Foster, Chairman and President, IMAX Filmed Entertainment. "We are amazed by what the film crew has already encountered, and we're excited to once again work with our partners at Warner Brothers Pictures to share with audiences another original IMAX 3D adventure from one of cinema's most esteemed filmmaking teams."

Under the Sea 3D will be shot by award-winning Director/Cinematographer Howard Hall, produced by Toni Myers, executive produced by Graeme Ferguson, and produced for Howard Hall Productions by Michele Hall. In addition to last year's Deep Sea 3D, Hall, Ferguson and Myers were all part of the accomplished filmmaking team behind IMAX's first underwater 3D adventure, Into The Deep, which has grossed more than $70 million since its 1991 release.

"The dazzling colors and amazing animals we'll see filming from South Australia to the Indo-Pacific are made for the grand scale and intensity of IMAX 3D," said Toni Myers, the film's producer, editor and writer. "But these spectacular yet delicate ecosystems are threatened by climate change. It's vitally important to promote awareness of that, especially among the young people who will be the stewards of our planet's health and well-being."

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(R) 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(R). IMAX's renowned projectors and new digital systems display crystal-clear images on the world's biggest screens. The digital system being developed by IMAX is configured for an IMAX MPX-style auditorium, which is designed specifically to enable multiplex operators to more cost effectively enter into the IMAX theatre business. The IMAX brand is recognized throughout the world for extraordinary and immersive entertainment experiences for consumers. As of September 30, 2007, there were 296 IMAX theatres operating in 40 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 IMAX 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 financial reporting and accounting, 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 IMAX's Annual Report on Form 10-K/A for the year ended December 31, 2006, as well as IMAX's Quarterly Reports on Form 10-Q/A and Form 10Q.

SOURCE  IMAX Corporation
    -0-              02/07/2008
    /CONTACT: Media: IMAX Corporation, New York, Sarah Gormley, (212)
821-0155, sgormley@imax.com; Warner Bros. Pictures, Los Angeles, Andrea
Marozas, (818) 954-4849, andrea.marozas@warnerbros.com; Business Media: Sloane
& Company, New York, Whit Clay, (212) 446-1864, wclay@sloanepr.com; Investors:
Integrated Corporate Relations, Amanda Mullin, (203) 682-8243,
Amanda.Mullin@icrinc.com; Entertainment Media: Newman & Company, Los Angeles,
Al Newman, (310) 278-1560, asn@newman-co.com/
    (IMX. IMAX)

CO:  IMAX Corporation
ST:  Ontario, California
IN:  ENT FLM
SU:  PDT

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