IMAX Signs International Joint Venture Deal with One of Japan's Largest Exhibitors



    Tokyu Recreation's 109 Cinemas Enters IMAX Business with Up to Four
    Joint Venture Locations in Japan

    IMAX(R) Digital Continues to Drive IMAX's Joint Venture Business

    TORONTO, July 17 /CNW/ - IMAX Corporation (NASDAQ:  IMAX; TSX:IMX) and
Tokyu Recreation, the owner of 109 Cinemas (10 is "To" and 9 is "kyu"), one of
Japan's largest exhibition chains, today announced a joint venture agreement
to install up to four IMAX(R) theatres in Japan. The agreement marks IMAX's
second international joint venture deal, as the Company aligns itself with top
exhibitors worldwide with its new IMAX(R) Digital theatre system. To date,
IMAX has signed contracts for more than 180 IMAX Digital theatre systems, with
approximately 50 expected to be installed by the end of 2008.
    The announcement follows a record-setting movie event in Japan, where
25,000 people, the largest IMAX audience ever for a single screening, enjoyed
the Japanese premiere of Speed Racer: The IMAX Experience on June 29 at the
Tokyo Dome. The Tokyo Dome, which is a traditional venue for concerts and
sporting events, was converted into a huge IMAX theatre for the event.
    Under the terms of the joint venture agreement, IMAX and Tokyu Recreation
will share the cost and profitability of the new theatres. The first theatre
is scheduled to be installed at the 109 Cinemas Kawasaki in the city of
Kawasaki in November of this year, followed by another in early 2009 at the
109 Cinemas Shobu in the city of Shobu. Each theatre will be equipped with
IMAX's new digital projection system. The third and fourth systems are subject
to mutual agreement on sites, projected rates of return and certain other
factors.
    "IMAX's new digital theatre system offers us the best of both worlds - we
can deliver an immersive cinematic experience that cannot be replicated at
home or in a conventional theatre, and we can enjoy the economical and
logistical benefits of a digital theatre system," said Hitoshi Sato, President
of Tokyu Recreation. "Over the past four decades, people in Japan have
recognized the IMAX brand as being synonymous with the world's most immersive
cinematic experience, and we are excited to become a part of that prestigious
recognition, as our locations transform into destinations for consumers who
want to see Hollywood's biggest movies in the most powerful format."
    "Exhibitor response to our IMAX Digital system has been extremely
positive in North America and now we're starting to see increasing enthusiasm
internationally," said IMAX's Co-Chairmen and Co-CEOs, Richard L. Gelfond and
Bradley J. Wechsler. "Japan is an important market for IMAX, and we believe
this partnership, combined with our new digital theatre system, will serve as
a catalyst for further expansion into additional international commercial
markets."
    The highly anticipated IMAX Digital projection 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. IMAX Digital theatres will be capable of presenting Hollywood movies
that have been digitally re-mastered into the unparalleled image and sound
quality of The IMAX Experience with IMAX DMR(R) technology in both IMAX and
IMAX(R) 3D, as well as original IMAX 3D documentary-style movies that are
entertaining and educational.
    The current IMAX film slate for the remainder of 2008, 2009 and 2010
includes:

    The Dark Knight - Warner Bros. Pictures - July 18, 2008
    Madagascar 2: Escape 2 Africa - DreamWorks Animation - November 7, 2008
    Harry Potter and the Half Blood Prince - Warner Bros. Pictures -
    November 21, 2008
    Under the Sea 3D - Warner Bros. Pictures - February, 2009
    Monsters vs. Aliens 3D - DreamWorks Animation - March, 2009
    Hubble 3D (working title) - Warner Bros. Pictures - February, 2010
    How to Train Your Dragon 3D - DreamWorks Animation - March, 2010
    Shrek Goes Fourth 3D - DreamWorks Animation - May, 2010

    About Tokyu Recreation 109 Cinemas

    Tokyu Recreation Co., Ltd. belongs to the Tokyu Group which is one of the
biggest enterprise groups. The main company of the group is Tokyu Corporation.
Tokyu Recreation is responsible for the entertainment business which plays an
important role in the group. Tokyu Recreation has more than 60-year experience
as an exhibitor and operates 15 cinema complexes such as "109 Cinemas" chain
as well as 9 first-run movie theatres in Japan. Besides the theatre business
as a core, it has two other businesses: Sports and Leisure Business to operate
bowling alleys and futsal facilities and Real-Estate Leasing Business such as
master-leasing of real estate. In regard to the theatre business, it keeps
opening new cinema complexes actively in major cities and areas in Japan.

    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
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. IMAX's renowned projectors and new digital systems display
crystal-clear images on the world's biggest screens. The IMAX brand is
recognized throughout the world for extraordinary and immersive entertainment
experiences for consumers. As of March 31, 2008, there were 298 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
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 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 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 the Company's Annual Report on Form 10-K for the year ended
December 31, 2007, as well as the Company's Quarterly Reports on Form 10-Q.





For further information:

For further information: Media: IMAX Corporation, New York, Sarah
Gormley, (212) 821-0155, sgormley@imax.com; Entertainment Media: Newman &
Company, Los Angeles, Al Newman, (310) 278-1560, asn@newman-co.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

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