Leading Spanish Exhibitor to Open Next IMAX Theatre in Popular European Resort City, Malaga, Spain

TORONTO, March 22 /PRNewswire-FirstCall/ - IMAX Corporation (NASDAQ: IMAX; TSX: IMX) and Yelmo Cineplex, a leading film exhibitor in Spain, and a joint venture between Loews Cineplex Entertainment and Yelmo Films, today announced that the exhibitor will unveil its second IMAX(R) theatre at the Yelmo Cineplex Plaza Mayor multiplex in Malaga, Spain in late April of this year. The theatre will feature IMAX(R) MPX(TM) technology and is the second of three multiplex-based locations. Yelmo Cineplex will open in Spain, as previously announced in January 2004. Its first IMAX theatre opened in Oviedo, Spain during June 2004, and the response from visitors that have experienced Hollywood blockbusters in IMAX's format there has been excellent.

"Introducing an IMAX theatre to our multiplex in Oviedo has significantly differentiated that location from all others in the area and the feedback we get from moviegoers is fantastic," said Ricardo Evole, President and CEO of Yelmo Cineplex. "We continue to be excited about the many benefits of being in the IMAX business and look forward to bringing the ultimate movie experience to Malaga."

"Yelmo Cineplex was one of the first exhibitors in the world to adopt our breakthrough IMAX MPX theatre system, and as they open additional IMAX theaters in Spain, they continue to advance their position as one of the leading commercial operators in the country," said IMAX Co-Chairmen and Co-CEOs Richard L. Gelfond and Bradley J. Wechsler. "Malaga is a major vacation destination for people from all over Europe, which bodes well for the success of the theatre, and should help drive demand for Hollywood movies in IMAX's format across the continent. We're very pleased to be working with Yelmo Cineplex to offer The IMAX Experience(R) to more moviegoers in Spain."

The IMAX MPX theatre system was specifically designed to enable exhibitors to more easily and cost effectively join the IMAX theatre network. The system requires less capital and has lower operating costs than previous IMAX theatre systems, and can be added to an existing multiplex as an economical new build or by retrofitting an existing stadium seating auditorium. Numerous commercial exhibitors around the world have adopted the theatre system as a way to drive additional box office revenues and differentiate their multiplexes from competitors, with agreements for 36 MPX systems already in place since its introduction in 2003.

About Yelmo Cineplex

Formed in 1998, Yelmo Cineplex is a 50/50 Joint Venture between Loews Cineplex International and Yelmo Films. Yelmo is the single leading exhibitor in Spain with 303 owned and operated screens in Spain. More information on the company can be found at www.yelmocineplex.com.

About IMAX Corporation

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(R) 3D, and IMAX DMR(R) 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 December 31, 2004, there were 248 IMAX theatres operating in more than 35 countries.

IMAX(R), IMAX DMR(R), IMAX(R) MPX(TM) and The IMAX Experience(R) are trademarks of IMAX Corporation. More information on the Company can be found at www.imax.com.

SOURCE IMAX Corporation

CONTACT: Media: IMAX Corporation, New York, Jason Rzepka, (212) 821-0180, jrzepka@imax.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; Media - Analysts: Yelmo Cineplex, Madrid, Pablo Nogueroles, 011-34-91-758-9600, pablo_nogueroles@yelmocpx.com; Entertainment Media: Newman & Company, Los Angeles, Al Newman, (310) 278-1560, asn@newman-co.com/ (IMX. IMAX)